The euro was paid at 27.66 Cuban pesos at the time of opening, so it was up 4.79% compared to 26.40 Cuban pesos the previous day.
Taking into account last week's data, the euro increased by 4.51%. On the other hand, during the year it was still down 4.42%. Compared with the previous day, this day's change breaks two consecutive sessions with a negative trend.The volatility on the latest date is 41.76%, which is clearly higher than the annual volatility figure (11.84%), and represents an asset with a greater change than indicated by the general trend.
Last year, the euro was paid at a maximum of 28.62 Cuban pesos, and the lowest level was 26.03 Cuban pesos. The euro is closer to its value than the lowest.
Cuban pesos The Cuban peso
is a legal tender in Cuba and is divided into 100 units, called cents, and is used by the majority of the population.
As of January 1, 2021, the Cuban convertible peso was the most accepted in mandatory payments and still had legal value, but it did not exist as a legal tender because it was not received as payment for goods and services.
In 2002, the exchange rate was 21 Cuban pesos per convertible peso, but it was devalued to 26 Cuban pesos per convertible peso. The dollar was equivalent to 25 Cuban pesos and 1 Cuban convertible peso.
Until April 2005, the administration agreed to devalue the Cuban peso in relation to the convertible by transferring it to 25 Cuban pesos per convertible peso, while the latter maintained a 1:1 parity against the dollar and a 10% tax. This resulted in a loss of 12% of the value of all dollars.
Although the “zero day” of currency unification occurred until January 1, 2021, when it was agreed, for many, the disappearance of the convertible peso was considered a devaluation, but for others it was only a measure to catch up with 24 Cuban pesos per dollar.
As aresult, demand for foreign exchange also pushed the black market, where $1 was sold for every 100 Cuban convertible pesos.
Currently there are coins of 1, 2, 5, 20 cents and 1, 3 and 5 pesos. On banknotes there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.
Economically, because the coronavirus pandemic has hit many countries around the world, as well as many others, the government expects gross domestic product to grow by only 4% with an 11% drop recorded in 2020 after falling 11% in 2022 and then recovering as it was estimated at 2% completely in 2021.
Cuba is not part of international organizations such as the World Bank or the International Monetary Fund (IMF), so estimates of economic growth are made by the country itself.
Other factors, such as inflation and the devaluation of the peso, have skyrocketed after the start of the unification of national currencies. This is also exacerbated by the US government's pressure on the economic embargo, which, according to the Cuban government, caused losses of $9.15 million due to these measures.
Agencies
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