U.S. Dollar climbs to new record high of 333 Cuban pesos

From our Bureau of Worthless Currencies from Latrine American Socialist Totalitarian Hellholes

For Cubans who have access to dollars from the “diaspora” avoiding starvation has become a bit more difficult as the exchange rate for the U.S. dollar continues to climb higher with no signs of slowing or stopping. Add inflation to the equation, and the sad fact is that food and everything else keeps getting more expensive while salaries remain flat. Stay tuned. This situation is bound to worsen.

From Breaking Latest News

The price of the US dollar in Cuba’s informal market has hit a new high, reaching $330.00 Cuban pesos (CUP) for each USD. This increase aligns with the upward trend that the dollar and euro have been experiencing in recent days, posing challenges for the Cuban population already struggling with economic difficulties.

According to the daily exchange rate shared by El Toque, the US dollar saw a 2 CUP increase in the last few hours, reaching $330.00 CUP, just slightly below the euro which stands at around $335.00 CUP. This discrepancy between the two currencies does not necessarily reflect international exchange rates, as the informal Cuban market operates independently of global currency trends.

In comparison, the Freely Convertible Currency (MLC) is holding steady around $275.00 CUP, maintaining a significant gap with the euro and US dollar. The rise in the dollar’s price is linked to various factors such as foreign currency scarcity, trade restrictions, and US economic sanctions. Additionally, the growing migration trend in Cuba has fueled demand for dollars and euros, further strengthening their value against the Cuban peso.

The depreciation of the Cuban peso against the dollar has far-reaching consequences for the economy, impacting citizens’ purchasing power and living costs. While Cuban authorities have expressed concern and proposed measures to address this issue, controlling the informal currency market remains a challenge.

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