Dollar, Euro, MLC exchange rates reach record highs near 300 pesos in Cuba, some predict an increase to 500

From our Bureau of Worthless Socialist Currencies with some assistance from our Bureau of Miserable Wretches Caught in Dismal Situations

Cubans are paid ridiculously low salaries in Pesos. So, the rapid increase in exchange rates is making the Peso ever more worthless. This spells doom for the vast majority of Cubans for many obvious reasons, the three most significant being: 1. The rampant inflation that makes all goods more expensive. 2. The fact that salaries are not keeping up with inflation. 3. Dolllar/Euro/MLC stores are the only ones on the island that sell essential goods that are not available in Peso stores. And . . . of course, this means that Cubans with relatives in the diaspora need to keep asking for ever higher amounts of Dollars and Euros to be sent to them.

The math is as simple as it is frightening. At the current rates (rounded up to 300, an increase that will probably happen this week), it takes 30 Cuban Pesos to purchase a single Dollar or Euro.

The average salary in Cuba is around 4,000 CUP per month. This means that the average income for Cubans is now only $167 Dollars /155 Euros per month, or $2,004 Dollars/1,860 Euros per year. Add rampant inflation to the equation and what you have an an absolute nightmare.  

Try buying any essential goods on such a salary. A quick sweep through two online Dollar/Euro stores that send goods to Cuba (Supermarket 23 and MallHabana) have posted the following prices

Food; Can of tuna $18; 4.4 lbs ham $24; 2 lbs cheese: $10; 750ml Tanqueray gin $43 (yes, gin is essential)

Appliances: rice cooker $57; pressure cooker $95; blender $63; toaster $50; pedestal fan $83 (yes, electric fans are as essential as gin in Cuba).

Vamos bien!

Abridged from World Nation News

Dollar, euro and Freely Convertible Currency (MLC), the three reference currencies in the Cuban informal currency market, woke up this Tuesday with new record sales figures, which proves the magnitude of the economic disaster and the inexorable abyss into which the Cuban peso continues to sink.

The euro rose to 297 CUPtwo pesos more than the previous day and dangerously close to 300 CUP.

It is only five pesos away from the European currency the US dollar, which increased to 295 pesos.

The average sale of MLC, which reaches 258 CUP, three pesos more than the previous dayas revealed by the daily rate of independent media elToquewhich records the oscillations in the informal price of the country’s currencies.

“Save the bullets, we’re going to 500”an Internet user reacted on Twitter to announce another day of rising reference currencies.

The new record sales figures in the informal market in euros and dollars take place in the midst of a critical economic context, marked by the recent dismissal of Alejandro Gil as minister of economy.

1 thought on “Dollar, Euro, MLC exchange rates reach record highs near 300 pesos in Cuba, some predict an increase to 500”

  1. Oh, there’s another problem, a BIG one. Everyone does NOT get “diaspora” money, which is especially the case among black Cubans, so what are they supposed to do if they can’t get hard currency?

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