How did the dollar and other international currencies start in Cuba in 2024?

Cuba announces intervention of the informal currency market in February

HAVANA, Jan 2. Let no one be taken by surprise if dollars, MLC and euros start in a busy year in 2024.
The previous 12 months were a celebration for international currencies on the island and for the MLC, which constantly rose in price, and now, there are many signs that the informal market will remain active and “hot.”

This January 1, the USD was quoted at 265 Cuban pesos according to the non-state media El Toque, while the MLC was paid at 242 and the Euro reigned, with a value of 270 pesos.

The numbers above point to some stability following the decline in the MLC price on December 31. This downward trend has been notable for just over a week, the moment of maximum value of international currencies and also of the Cuban virtual currency during December.

The MLC, which reached a value of 250 pesos between December 15 and 24, is now trading at 8 pesos less, while the dollar and the euro also fell, but not as much.

The described trend began shortly after the statements of Cuban Prime Minister Manuel Marrero Cruz, announcing changes in the official dollar rate in Cuba.

Marrero did not specify what the new value would be and it is difficult to presume whether the government’s idea is to increase or decrease it since the last time the State took action on the matter and propped up the dollar at 120 pesos, in the informal market international currencies were They fired rapidly and the effect was the complete opposite of what the country’s authorities were looking for.

During his speech before the National Assembly of People’s Power, Marrero attacked non-state media that record exchange rates in the informal market, considering that it was from a “foreign country and a computer” that the exchange rate that governs the country is projected. the country.

“In addition, this exchange rate is speculative and is taken as a reference to set all the abusive prices that are today at the national level,” he said.

Previously, the Granma newspaper had published a text ensuring that the informal currency rate “does not represent the reality of the island’s economy.” However, this is the rate that Cubans use for their transactions.

The government believes that inflation and high exchange rates on the island are partly the fault of these media. Consequently, the Minister of Economy, Alejandro Gil, recently assured that the informal currency market is “one of the main distortions facing the economy,” and that it must be “ordered.”