The US dollar rose again to 100 Cuban pesos after several days in which it had stabilized below that value, according to El Toque’s monitoring of the informal foreign exchange market rate on the island.
That independent media estimated the price of the dollar for this June 5 at 100 pesos, while the euro climbed to 115 pesos and the Freely Convertible Currency (MLC) at 110 pesos for sale.
The dollar had reached 100 pesos in the informal market on January 22, but the currencies had been on a downward trend since mid-May in which the dollar was selling at an average of 98 CUP and was buying at 90.
The average trading value of the Freely Convertible Currency (MLC) and the euro had also fallen, although they maintained very similar figures. The MLC was selling at 107 and the euro at 110.
The Cuban dictatorship suspended the sale of dollars last year on the grounds of a supposed lack of liquidity, which directed all its commercialization to the informal market, where citizens must expose themselves to transactions without all legal guarantees.
The figures at first glance show a timid revaluation of the Cuban peso, which some attribute to the announcement of a relaxation of US sanctions. on the island and to the fact that the Cuban regime will sell foreign currency at an exchange rate higher than the official one and below the informal one. .
The representative rate of currencies could reach a balance of 82 CUP per USD in 2022, according to the most recent calculations by economist Pedro Monreal.
Utilizando el método de “equilibrio de stock”, en 2021 la tasa de “equilibrio” del peso cubano en 2022 pudiera ser de 82 CUP por USD y en 2021 pudo haber sido de 254 CUP por USD https://t.co/pLkYlZcZxQ— Pedro Monreal (@pmmonreal) June 1, 2022
However, the economist Elías Amor affirms that “nothing is going to happen to alter the current scenario that is witnessing a continuous depreciation of the national currency, while the authorities remain undaunted, without undertaking the necessary measures to support the peso.”
“It should be noted that this was what happened at the beginning of the Ordering Task, when it was decided to convert the CUC to the CUP and set a fixed exchange rate for the peso,” he explained.