The value of the dollar continues to fall in Cuba

The value of the US Dollar (USD) continues to depreciate albeit very slowly in the informal market. Thus, the downward trend continues in its price, which has fallen several units in recent weeks. This was reflected on Tuesday by the independent media El Toq, which provides an estimate based on an analysis of averages after reviewing currency buying and selling sites on websites and social networks every day.

According to a representative rate calculated by said media, the dollar is quoted at $168 pesos (CUP) in the Cuban informal market. It is at this level for the second day in a row after falling below $170 a peso on Sunday.

As for the official rate at the exchange house (CADECA), it continues at the rate of 1 x 123.60 CUP, as it has always been since the beginning of the sale of foreign currency by the Cuban government.

The freely convertible currency (MLC) continues to fall, with its price hovering around $164 a cup today, one peso lower than the day before.

For its part, the euro also fell, this time to $170 to the Cuban peso. In any case, the Old Continent’s currency continues to be the best-valued currency in the informal exchange market.

Crisis and exchange rate economics

The Cuban economy is still in crisis, and there doesn’t seem to be any progress in the short term in this regard. However, the important change in US immigration policy towards Cuba, the closing of borders and the so-called parole, affects the exchange rate in the informal market.

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It is no secret that a significant part of the purchased dollars was to go to Nicaragua to start the “route of volcanoes” to the border of the United States. Now it has less chance of success.

President Joe Biden and other senior US officials have made it clear that Cubans who try to immigrate illegally will be deported.

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