The 300… the saga of the euro, the dollar and the MLCs

The 300… the saga of the euro, the dollar and the MLCs

HAVANA, Feb. 6th. If the 2007 film “300” directed by Zack Snyder was successful, about the 300 Spartans who faced endless Persian hordes, even more so is the saga of euros, dollars, and MLC in Cuba, which was filmed about three years ago and since then makes headlines almost weekly.

The rise in international currencies and also in the freely convertible currency has been continuous, to the point of doubling its value in about a year. Now, the euro has crossed the virtual barrier of 300 pesos, and its closest competitor, the US dollar, is already at 295.

These average values were presented this Tuesday by the non-state media El Toque, which follows the variations of the informal currency market on the island daily.

It is also one of the most drastic increases in their prices, since just two weeks ago they cost less than 285 pesos. In the week of January 19, the euro was selling at 282 pesos on average, the dollar reached 276 and the MLC remained stable at 250.

The measures related to the increase in prices of fuel, gas, electricity and other products and services such as transportation, in addition to the launch of new cards in USD, acted as a catalyst for the increase in the value of international currencies. in the informal market.

On more than one occasion, those interviewed pointed to December as the deadline for the euro or the dollar to reach 300 Cuban pesos, but it had to wait a bit more.

A seller with whom our media has contacted on more than one occasion, now pointed out that beyond this increase to 300, in the informal market there is a certain insecurity, associated with waiting for the new official value that the Government will put on dollars. that are processed in state banks and financial institutions.

Alejandro Gil, Minister of Economy and Planning until a few days ago, indicated in mid-January that the informal currency market represents a distortion; while the Cuban Prime Minister, Manuel Marrero Cruz, has already said several times that a change in the official dollar rate in Cuba is coming. However, none specified the exact date for the change, nor the new official exchange value.

Now the question that many are asking is whether the currencies will reach 350 or even 400 pesos, while for many the real question is “When will they do it?”
In any case, with the stores in MLC and with a good part of the population without access to foreign currency, each peso is one more step on the ladder of inequality on the island, and the higher you go, the more the fall will hurt.