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realclearworld

Reports from Cuba: In the end, how much is my money worth?

By Anddy Sierra Alvarez in Translating Cuba:

In the End, How Much is My Money Worth?

The Cuban population has no idea of the real worth of a Cuban peso. So many private taxi drivers, like the pioneers of money devaluation–the state snack bars–never stop annoying people with measures outside any legal range.

If the government pays you 24 Cuban pesos (CUPs) for one Cuban convertible peso (CUC), and sells you each CUC for 25 CUPs, why do the State centers devalue the CUC to 23 Cuban pesos.

They do everything for their own benefit or to play along with the government. Every time you exchange one currency for another, they make money.

Monetary union will come at the time when the Cuban pesos has no value relative to the artificial CUC. For those who travel it seems to be a game of “Monopoly of Capital.” Will there be a Cuban currency exchange? Where a Cuban would have to worry about making arrangements for several currencies before leaving the country.

Buying CUCs to then look for someone to exchange the CUCs for dollars for the least loss possible. For many it’s a headache.

Modern slaves before the eyes of the world

The government looks for ways to avoid so many loses from the taxes and penalties on Cuba for dealing in dollars, along with strategies to recover them at the mercy of its citizens.

Limitations internationally exploit Cubans, a modern slavery, invisibly but tangible for those who suffer it.

Since the State knew what it can do with its pawns, it allowed the limited circulation of the dollar among its population. Only at that time, only a small group of people were authorized to handle foreign exchange: merchant seamen and embassy workers.

With the passage of time the Cuban pesos came to be even with the dollar. Then it came to be 120 Cuban pesos for one American dollar, always internally. And later it was maintained in a range of 20 to 30 pesos for one American dollar, until now.

Now, private drivers, administrators and State workers exchange convertible pesos for Cuban pesos, at rates that favor themselves, not as set by the government.

The issue is visible and many year for the monetary unification to avoid inconveniences and the loss of money to opportunists. Still, most question what value the Cuban pesos will have in the near future.

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