Title: Cuban National Currency Continues to Depreciate Against the US Dollar in Informal Market
Subtitle: Unstoppable Depreciation Raises Concerns Among Millions of Cubans
Date: [Insert Date]
In the face of bewildering conditions, Cuba’s national currency continues to depreciate against the US dollar, surpassing the 200 CUP mark and showing no signs of stopping in the informal market. The devaluation against the dollar, euro, and MLC (Freely Convertible Currency) has left the majority of the population disheartened and questioning the rapid acceleration in recent days.
Speculations regarding the depreciating currency have emerged, with one Facebook user predicting it could reach 300 CUP by August. Independent media outlet, el TOQUE, daily reports the informal exchange rate at $220.00 CUP per US dollar, indicating an alarming increase of $2.00 pesos compared to the previous day.
Amidst a general crisis affecting numerous Cubans throughout the country, the US dollar continues to rise in price in the informal market. Surprisingly, the US banknote is currently only 5 pesos lower than the European currency, the Euro, which consistently maintains its position as the leading reference currency on the island.
Unfortunately, although Exchange Houses (CADECA) offer the dollar at 123.60 CUP and the euro at 140.37 CUP, these operations are severely limited in terms of quantities, and customers have to wait several days before completing their purchase.
As a result, the informal market dominates foreign currency exchange operations in Cuba. The Cuban government has yet to showcase any signs of reversing this concerning trend, with the national currency continuing to devalue day by day. This depreciation serves as a stark reminder of the deepening inflationary crisis the country is currently facing, further exacerbated by the ill-timed implementation of the Ordinance Task.
Despite uncertain times, the Cuban population remains wary of this financial turmoil, as they strive to cope with the relentless devaluation of their national currency.