Title: American Dollar Sets New Record in Informal Cuban Market, Strengthening Currency Crisis
Subtitle: Cuban Peso Continues to Decline Amid Government Inaction
Date: [Insert Date]
The value of the American dollar in the informal Cuban market reached a new peak, soaring to 207.00 CUP on Tuesday, marking an increase of two points compared to the previous day. This steady rise in the dollar has contributed to the continuous weakening of the Cuban peso, as the banking authorities, serving the communist State, have failed to take any meaningful action to address the issue.
Simultaneously, the freely convertible currency (MLC) has also seen a surge in demand, with its price escalating to 193.00 CUP in the informal market. However, the euro remains the only currency unaffected by these fluctuations and retains its value at 215.00 CUP.
These exchange rate figures, obtained from the independent media source elTOQUE, are comprised of data collected from purchase/sale announcements posted on social networks and classified sites. While these rates continue to rise in the informal market, state exchange houses (CADECA) maintain relatively lower values due to government-imposed restrictions. As of today, the dollar is being traded at 123.60 CUP and the euro at 137.44 CUP in CADECA.
Experts argue that the ongoing currency crisis will persist until the government takes concrete measures to liberalize the exchange market and acknowledges the ineffectiveness of previous announcements. Despite supposedly beneficial measures introduced in recent years, prices have not seen any significant reduction.
The consequence of this upward trend in the value of the dollar, as well as other currencies, is a surge in prices for goods and services. Consequently, individuals are forced to allocate more funds to maintain their regular living standards, inevitably leading to increased impoverishment and diminished purchasing power.
Regrettably, the Cuban authorities have yet to acknowledge their errors in implementing an exchange market, including the negative repercussions of the Ordinance Task, which substantially devalued the Cuban peso since January 2021.
Unless swift and tangible actions are taken to address this currency crisis and alleviate the hardships faced by the Cuban population, the situation is expected to persist, deepening the economic woes of the nation.
Note: All exchange rate data sourced from CADECA and elTOQUE.