The US dollar reached a new historical record in Cuba this Saturday, trading at 278 pesos (CUP) in the informal exchange market. This marks a rapid depreciation of the currency following the 2021 monetary reform. The euro also experienced a rise, standing at 283 pesos. These increases come after the announcement of a large macroeconomic adjustment program by the Cuban Government in mid-December. Among the measures announced is the implementation of a new official exchange rate, which stands at 24 CUP per dollar for companies and 120 CUP for individuals. This official rate is significantly lower than the informal market rate.
The Rapid Depreciation of the US Dollar in Cuba: A Historical Record
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