The dollar reaches 150 Cuban pesos on the unofficial foreign exchange market

The devaluation of the Cuban peso is progressing at an amazing pace to be placed in less than 24 hours on the informal market with Exchange rate of 150 CUP per US dollaran increase of two points relative to the previous measurement.

For the first time, since the 1990s, the dollar reached the value of 150 Cuban pesos, according to the reference price values ​​of our unofficial market representative. How far do you think it will go? ‘,” the independent media said on Saturday the touch on their social networks.

The value of the dollar in the informal market rose to the days of the so-called special period, the worst economic crisis in Cuba in the twentieth century after the collapse of the socialist camp and the disappearance of the Soviet Union.

only 24 hours agothe reference rate prepared by this method indicates that the value of the dollar in Cuba On the informal market to 148 Cuban pesoswhile in the official market of Casas de Cambio (CADECA), it was maintained and remained at 1×123.60 CUP.

For its part, the euro – which was also at 148 pesos on Friday – rose one point in the unofficial market to reach 149 pesos this Saturday. The exchange rate in the over-the-counter market for free convertible currency (MLC) also saw a rise of one point, which reached 148 kopecks this Saturday.

The unstoppable process of inflation plaguing the Cuban economy reached its point in the 1990s, when the country experienced the crisis known as the “Special Period”.

Even the wage increase in Cuba that was provided as part of “economic regulation” did not boost the purchasing power of Cubans, who saw their wages fall months after the government raised it by decree.

The initial exchange rate of 24 x 1 adopted by the Cuban authorities and their refusal to sell the dollar once it was determined, in addition to the inflation caused by scarcity and price hikes, led to a process of devaluation of the national currency, which was acquired by the government itself, which was recently inaugurated on a very limited basis Selling dollars at the official exchange rate 123.60 CUP.

Cuban independent media outlet the touch Every day he participates in his analysis of representative rates of the unofficial currency exchange market in Cuba. Representative rates of currency exchange in Cuba are calculated from an analysis of the average figures displayed by Cubans in advertisements for the purchase and sale of foreign currency on Cuban social networks and websites.

the touch He warns that “these are not tangible processes, but expressions of the ‘wish’ of the actors attending that market.” Devaluation of the national currency, which means devaluation, will have various effects on the Cuban economy, among which it is worth highlighting “the increase in the rate of inflation, due to the increase in the cost of imported goods and services when in the national currency and the deterioration of the real terms of trade”.

“How far will the dollar go? Well: to infinity and beyond ”, a Cuban user commented on the social networks of independent media. “Some ‘specialists’ said that the price of the US dollar will be $200 million for the month of December…it seems that they have failed. He added: #GraciasPorTodoMurillo #ElComunismoEsMiseria.”

“What they do with their ‘unofficial taxes’ is exaggerated in the face, in retaliation for the regime for what it did to journalists. Collecting $5 in hours is absurd, unbelievable and not indicative of professionalism. They were always poop,” said another user, who attributed the rapid increase reflected in the media. Media to revenge editors because of The regime’s repression of its journalists.

Another considered, “Everything is just guesswork, because the dollar is rising in hours without any basis,” while a third answered: “There are basics: too much demand and too little supply.”

In view of the controversy over the reference rate to independent media, and the comments of some who accused it of “inflating” values, a Cuban netizen suggested a Solomon decision: “Go to Cadeca and stop following. the touchHe said with obvious irony.

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