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Euro Surges in the Informal Currency Market of Cuba

The Euro rose again this Sunday in the black currency market in Cuba, reflecting the volatility of the informal exchange rate and the uncertainty of Cubans regarding the economic measures undertaken by the government of Miguel Diaz-Canel.

If the day before there were no changes in the prices of the main currencies, this Sunday the median supply of dollars on Cubans’ social networks indicated that the European currency rose one point compared to the previous day, standing at 356 Cuban pesos (CUP).

Exchange rate today 04/14/2024 – 3:00 am in Cuba:

Dollar exchange rate USD a CUP according to TOUCH: 350 CUP

Euro exchange rate EUR a CUP according to TOUCH: 356 CUP

Exchange rate of MLC a CUP according to TOUCH: 285 CUP

The dollar did not change and maintained its price at 350 CUP reached on Friday while the freely convertible currency (MLC) also maintained its informal price at 285 CUP.

Although discreet, this Sunday’s change reinforces a trend of continuous devaluation of Cubans’ salaries throughout this year.

With days remaining until the end of the first quarter of 2024, the exchange rate in Cuba has risen around 33%, reflecting a precipitous drop in purchasing power thanks to the failed macroeconomic and monetary stabilization policies undertaken by the regime.

Called by propaganda as “correction of distortions”, the “package” of measures implemented do not go beyond the increase in the price of products such as gasoline, tobacco, alcohol, electricity rates and transportation, among others.

With the minimum wage established at 2,100 CUP, Cubans in this salary range have seen their payments reduced to less than six euros per month.

Compare the above with the data from the Living Conditions Survey (July 2021) of Spain, which considers those people who survive on less than 535 euros per month to be in a situation of “severe poverty.”

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