The price of the dollar in the informal market in Cuba has reached a new record high, causing concern among residents and economists alike. The Cuban currency is facing a rapid devaluation, with the euro also on the rise and close to hitting 400 pesos.
According to CiberCuba, there are 13 reasons that explain why the dollar continues to rise in Cuba. From economic instability to political uncertainty, various factors are contributing to the currency’s skyrocketing value in the island nation.
The situation is so dire that elTOUCH reports that all currencies are experiencing a surge in Cuba today, with the euro set to hit a new milestone. Cuban Directory warns that this abrupt rise in currency in the informal market could spell even greater instability for the country’s economy.
Infobae highlights the opening value of the euro in Cuba on April 29th as a cause for concern. With no signs of the currency’s climb slowing down, Cuban residents are left wondering how this will impact their daily lives and the future of the country’s financial stability.