The price of the dollar and the MLC drops

The price of the dollar and the MLC drops

HAVANA, June 11 This Tuesday two of the three reference currencies in the Cuban informal market dawn with a drop in average sales prices.The dollar fell five pesos and dropped from 390 to 385 CUP, according to the values ​​recorded at seven in the morning (Cuban local time) on June 11.

Although the US currency was only five pesos away from equaling its sales record, the 395 it reached at the beginning of May, the dollar takes a step back in a new chapter of the exchange rate instability that has characterized recent weeks.

In another section of the “roller coaster” of currencies in Cuba, the Freely Convertible Currency (MLC) also fell today, in its case from 310 to 300, ten pesos less than the previous day.

The euro remains stable this Tuesday, valued at 400 CUP.

The new slowdown in currencies in Cuba takes place after a calm Monday day, in which none of the three reference currencies fell or rose, after five days of dizzying increase in which euros, dollars and MLC recovered and even surpassed in In the case of the virtual currency, its values ​​before the May drop.

The volatility of the Cuban informal currency market in recent weeks has once again confirmed the drift of the Cuban economy, as well as citizens’ uncertainty regarding the possible course of events and the growing hole in their pockets that this implies.

Exchange rate today 06/11/2024 – 7:10 a.m. in Cuba:

Exchange rate from USD to CUP according to elTOQUE: 385 CUP.

Euro exchange rate EUR to CUP according to elTOQUE: 400 CUP.

Exchange rate from MLC to CUP according to elTOQUE: 300 CUP.

Alternative exchange rate from other platforms:

Dollar (USD) exchange rate: Buy 345 CUP, Sell 387 CUP.

Euro (EUR) exchange rate: Buy 364 CUP, Sell 398 CUP.

MLC exchange rate: Buy 298 CUP, Sell 304 CUP.

The informal Cuba exchange rate offered here is not officially recognized or endorsed by any financial or government entity.

Equivalences of each available banknote from euros and US dollars to Cuban pesos (CUP)

United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this Tuesday, June 11.

1 USD: 385 CUP.

Euros (EUR) to Cuban Pesos (CUP)

1 EUR: 400.

And what is the Cuban government doing in the meantime? Nothing.

Neither the new Minister of Economy nor other authorities on the island have spoken publicly, neither about the marked decline in the price of currencies in the second half of May, nor now about the accelerated resurrection of trading values.

Where movement has been perceived is on social networks, where numerous MSMEs have created the war on elToque.

In this context, last Friday the independent media announced that it has strengthened controls to calculate the representative rate in the face of growing suspicion of attempts to inflate or collapse values ​​with false advertisements.

The independent media alluded to a campaign by “government actors associated with State Security and with propaganda spokesmen of the Communist Party” who since April have tried to delegitimize that media and the methodology they use to calculate the rate.

Campaign to which – as they pointed out – “private sector actors have joined who ensure that they have the ability to coordinate to promote the appreciation of the Cuban peso.”

ElToque said it had “evidence of actions aimed at flooding virtual currency trading spaces with false offers in order to influence the algorithm” used to calculate the rate.

The independent media says that from the beginning they have been “transparent” and that they know the limitations of their method, limitations that are fundamentally in the fact that they do not know which of the purchase and sale announcements they document end up coming to fruition.

However, they defend that the calculated rate reflects the central movements of the informal market, although they admit that “it is a speculative market by nature.”

“Neither the informal exchange market nor a service that makes it visible is the cause of the problems; in any case, they reflect the imbalances and inflation that affect the Cuban economy.

The solution is in the hands of the State and those who govern the country, who are the only ones with the institutional capacity to implement the economic-fiscal and monetary policy in the form of a macroeconomic stabilization program that includes structural reforms,” ​​they concluded.