Title: Informal Currency Exchange Rates in Cuba Reach Record Highs, Deepening Cuban Peso Devaluation
Subtitle: Euro and US dollar achieve new selling price records, exacerbating economic crisis
Date: [Current Date]
[City], [Country] – The Cuban informal market is witnessing an alarming surge in currency exchange rates, as the US dollar and the euro reached unprecedented selling prices, further devaluing the Cuban peso. According to reports from independent media outlet elTOQUE, the euro is now trading at 225.00 CUP, making it the strongest currency in the Cuban internal market. Simultaneously, the US dollar jumped to 218.00 CUP, marking a one-point increase from the previous day.
This representative rate, obtained from the median values listed in advertisements for currency purchase and sales on social networking groups and classified sites, highlights the overwhelming dominance of these foreign currencies over the Cuban economy. In comparison, the freely convertible currency remains relatively stable, currently pegged at 197.00 CUP, significantly lower than other currencies.
While the official Exchange Houses (CADECA) maintain their approved rate of selling the US dollar at 123.60 CUP, this centrally-controlled rate has been heavily criticized by economic experts. Similarly, the euro is officially priced at 130.81 CUP but continues to face excessive regulation and long wait times.
Economic experts are urgently urging the Central Bank of Cuba to implement measures to reverse this dire situation. Meanwhile, the population is growing increasingly frustrated with the government’s lack of action, as they struggle to afford basic goods while facing rapidly escalating prices.
It should be noted that these representative rates may not accurately reflect the situation across all Cuban territories. In certain areas, independent reports indicate that the value of the dollar is significantly higher, surpassing 200.00 CUP. Such disparities further compound the economic challenges faced by the Cuban population.
Worryingly, some forecasts indicate that before the end of the year, the Cuban peso may be so devalued that the prices of these foreign currencies could become unaffordable to the average citizen. As the crisis deepens, urgent steps are needed to mitigate the impact on the Cuban economy and the livelihoods of its people.