The time has changed in Cuba, but what has not changed are the increasing records of the price of the euro and the dollar in Cuba for these weekend days in March. How do currencies appear TODAY, Sunday, in the informal exchange market on the island? We inform you below.
This March 10, Cuba wakes up with a new escalation in the price of the dollar and the euro in the informal market. The euro is quoted at 325 Cuban pesos, while the dollar is bought and sold at 320. The MLC remains stable at 270 pesos.
The upward trend in this black currency market continues, according to the media The touch, and it is predicted that these currencies will soon reach 400 pesos. The devaluation of the Cuban peso against foreign currencies is worsening, without the government of Miguel Díaz-Canel taking measures to stop this escalation.
Although they announced months ago that they would intervene in the informal Cuban currency market, the reality is that between the economic crisis with “packages” and corruption of ministers, including, plus the fuel crisis, the government in power has done little to improve this situation.
Euro, dollar and MLC in Cuba this March 10
The informal currency market in Cuba is experiencing an unprecedented escalation. The euro, the US dollar and the Freely Convertible Currency (MLC) are quoted at values much higher than the official exchange rate set by the Central Bank of Cuba (BCC).
This disparity between the official and informal markets deepens the economic crisis facing the island, creating a complex scenario for Cuban citizens who need access to foreign currency to cover their basic needs or carry out international transactions.
The shortage of foreign currency in the country, as a result of the limited national production capacity and the high dependence on imports, generates strong pressure on the demand for foreign currencies. Added to this is an inefficient government monetary policy that has failed to contain the devaluation of the Cuban peso against international currencies.
This perfect storm creates a complex scenario for Cuban citizens who need access to foreign currency to cover their basic needs.
