Value of Cuban Peso keeps shrinking at an alarming rate

Exchange rates 25 March 2024

From our Bureau of Worthless Currencies from Tropical Socialist Utopias with some assistance from our Bureau of Socialist Approaches to Weight Loss

A couple of days ago, it was the exchange rate for the U.S. Dollar that attracted attention. Today it’s the Euro’s turn. No doubt about it, Castro, Inc.’s currency appears to be headed for a free fall vis-à-vis the Dollar and the Euro. Yet another great achievement of the so-called “Revolution.” The practical outcome of these exchange rates is devastating: At 338 CUP per Euro and 330 CUP per dollar, Cubans who receive the average monthly salary of 4,219 CUP are now earning only about 12 Euros or 12 Dollars per month.

Add inflation to the equation along with stagnant salaries and the result is brutally simple: Most Cubans who don’t receive remittances from “the diaspora” are facing starvation, and those who are lucky enough to get help from abroad are facing a steep drop in their caloric intake. It’s the socialist diet: much more effective way to lose weight than Ozempic.

Abridged and loosely translated from CiberCuba

The exchange value of the euro continues its unstoppable rise in Cuba, and for the second consecutive day, the average selling value of the European currency increases in the informal market, as reported on March 26th by elToque in the rate that daily informs about the currency exchange rates on the street.

The European currency rises to 338 pesos per unit, standing just two pesos below the threshold of 340 CUP.

This figure represents a new absolute record for the euro since elToque began documenting the representative value of the three reference currencies in the island’s informal market in 2019 and is clear evidence of the strong devaluation of the Cuban peso.

Meanwhile, the dollar and the freely convertible currency (MLC) maintain their values from the previous day: the US currency at 330 and the MLC at 275 CUP.

Regarding the behavior of the median values, in the last 24 hours, elToque marks stability in the average buying and selling values of the three reference currencies: 338 CUP for the euro, 330 for the dollar, and 275 for the Freely Convertible Currency.

The constant escalation of the informal exchange rate of currencies is a clear indicator of the serious economic situation in Cuba, where the regime continues to offer no viable solutions to halt the devaluation of the national currency and the crisis.

The reference rate from elToque is compiled after analyzing the buying and selling announcements of the three reference currencies published on social media and classified ad websites. Based on that result, a price is established to know the values of the main currencies circulating in the country.

However, it should be noted that the representative rate is formed from buying or selling announcements, meaning they are not finalized operations but rather express the desires of the actors participating in that market. Hence, the shared figures should be taken only as a reference.

Whole story HERE in Spanish

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