The US dollar reached the value of 125 Cuban pesos on the black market just one week after the island government start buying money at a price of 110.40 pesos in the Exchange Houses, indicating that the population continues to favor informal channels to carry out these transactions.
The value of the dollar, published by the independent media The touch from the calculation of the median of the numbers written in ads for buying and selling currencies on social media groups and classified ads sitescontinues to grow and break records since inflation was unleashed on the island with the opening of shops Freely convertible currency (MLC).
According to the independent media, also the euro, which reached 129 Cuban pesos this Thursday in the informal marketexceeds the purchase rate set by the authorities, which is just over 119 Cuban pesos.
In a text published in DIARIO DE CUBA at the end of June, the economic analyst Rafaela Cruz predicted that, if the situation on the island continues as it is today, in a year the price of the dollar can reach 200 Cuban pesos.
Inflation in Cuba, characterized by the need for MLC or foreign exchange to get from plane tickets and household appliances to basic necessities such as foodwas exacerbated by the economic reforms applied at the beginning of 2021, which in particular limited the purchasing power of Cubans.
Another measure that affected the value of the Cuban peso was the ban on the sale of dollars at airports.the only place where the State offered this service for official exchange (1×24) until the middle of last year for those traveling abroad.
However, the Cuban authorities announced last week that they will start buying everything burden foreign currencyinclusive Dollars in cash, at an exchange rate higher than that initially set. For the sale, Cubans still have to wait.
“We are going to risk selling foreign currency to the population when there is buying and selling activity.”said the Minister of Economy of Cuba, Alejandro Gil, at the Round Table last week.
At the moment, individuals, workers and private entities, as well as foreigners and Cubans living or not living on the island, can sell foreign currency.
At the beginning of this year the Bloomberg companyspecialize in financial matters, rated the Cuban peso as the most depreciated currency in the world in the period between 1 January 2021 and 5 January 2022.
According to the comparative chart of the 15 most depreciated currencies on the planet, the Cuban currency has a depreciation of 95.83%.
The period analyzed by Bloomberg is exactly that applicable in Cuba of the Order Taskone of whose objectives, according to the authorities, would be to revalue the role of the Cuban peso.
However, the maelstrom of economic measures which included, among other things, monetary and exchange rate unification, the increase in the wage bill, the fiscal deficit and planned inflation, was a heralded economic failure that, instead of improving the lives of Cubans, plunged them into worse hardship.