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The American Dollar Hits Record High in Cuban Exchange Market, Approaching 400 Cuban Pesos

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The American Dollar Hits Record High in Cuban Exchange Market, Approaching 400 Cuban Pesos

The American dollar continues to climb in the Cuban exchange market, hitting a new record of 365 Cuban pesos on April 23. The euro and the Freely Convertible Currency remain stable, but the depreciation of the Cuban peso against foreign currencies is making it difficult for Cubans to purchase basic goods. The shortage of foreign currency, high demand, inflation, and government economic measures are all contributing to the rising prices. The Cuban government must take action to increase the supply of foreign currency and stimulate national production to reduce dependence on imports. The dollar is currently trading at 365 Cuban pesos, the euro at 370 Cuban pesos, and the MLC at 290 Cuban pesos.

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