From our Bureau of Failed States and Worthless Currencies with some assistance from our Bureau of Socialist Diet Plans Guaranteed to Result in Severe Weight Loss
No surprise, of course. Castro, Inc.’s peso keeps shrinking in value as Cuba’s economy continues to tank. Add rampant inflation to this devaluing and what you get is a hellish vortex.
Cuban salaries remain unchanged in the face of these two factors, which means that Cubans are increasingly faced with unaffordable food.
Add food shortages to this situation and what you get is mass starvation on the horizon. Oh, but the tourists still have access to anything and everything they might want.
FYI: If you’re wondering what “MLC” stands for in the chart above, MLC stands for Moneda Libremente Convertible (Freely Convertible Money), which in essence means foreign currency. Although MLC can be EUR, USD, GBP, etc, it is treated as if it’s a currency itself. Bank cards are used for transactions in MLC. Many of the better stocked stores in Cuba only accept MLC.
Gracias por todo, Fidel. . .
Loosely translated from CiberCuba
It is not difficult for the US dollar to rise in price in the informal Cuban market and it continues to devalue the peso, a week after Parliament analyzed the national economic crisis and the official celebrations for the so-called Day of National Rebellion began.
This Thursday the US currency rose one point, compared to the previous day, and is sold at 223.00 CUP, although it is still far from the price of the euro in the informal market.
The European currency maintains its price of Wednesday, 230.00 CUP, although it continues to be the best quoted, according to information published by the independent media el TOQUE.
These numbers, called proxy rates, are derived from analyzing offer postings on social media and classifieds sites. Even so, they may have higher values in some areas of Cuba, as Internet users refer to in their comments.
Continue reading HERE in Spanish