Currency prices in Cuba today: informal market sets the tone amid state shortages

The price of foreign currency in Cuba continues to set records on the informal market today, Saturday.

The lack of official supply by the Cuban State has turned the black market into the main reference for those who need access to foreign currencies, especially dollars (USD), euros (EUR) or MLC.

Currently, at dawn this Saturday, according to el Toque, the US dollar (USD) is quoted at 370.00 Cuban pesos (CUP) on the informal market, while the euro (EUR) reaches 385.00 CUP.

These figures reflect the country's worsening foreign currency shortage and its continued dependence on purchases and sales on the informal market.

State banks and Cadeca practically do not offer foreign currency for sale, leaving citizens with no alternative but to resort to unofficial channels for their transactions, especially when they need to purchase basic goods. 

MLC and Zelle: two alternative ways also dominated by the black market and the price of foreign currency in Cuba today

El MLC (Freely Convertible Currency), which was once presented as a solution for purchases in state stores, is now trading at 264.00 CUP, demonstrating its limited circulation.

Likewise, services like Zelle, used to send remittances from abroad, from the United States, are also exchanged at 370.00 CUP, just like the physical dollar.

This shows that even digital platforms are subject to the vagaries of the informal market.

Day to day life shows that the Cuban state financial system is failing to meet the real demand for foreign currency.

Given this situation, the informal market continues to consolidate its position as the only effective regulator of the value of foreign currencies on the island and the price of foreign currency in Cuba today. 

As long as the Cuban government does not implement profound reforms to guarantee a stable supply of foreign currency, the informal market will continue to be the true indicator of the national economy.

Official shortages will continue to fuel speculation and price increases, further deepening the country's economic crisis.