The
US dollar is trading at 25 Cuban pesos at the time of opening, which is an increase of 23.93 compared to the 4.47% Cuban peso the previous day.
When compared to previous dates, this value cuts off the flat streak we had in the previous two days.The volatility for the last 7 days is noticeably higher than the data obtained last year (12.57%), which shows a greater change than the usual value trend.
In theannual photo, the US dollar was up to 25 Cuban pesos and the lowest level was 23.80 Cuban pesos.
Cuban pesos that aresuffocated 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 government agreed to devalue Cuban pesos in relation to convertibles by transferring them to 25 Cuban pesos per convertible peso, while the latter maintained a 1:1 parity against the dollar and a 10% tax. Therefore, 12% has been changed for all dollars.The value is lost.
Although the “zero day” of currency unification occurred until January 1, 2021, when it was agreed, for many, the extinction 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 worldwide, as well as many others, the government expects gross domestic product to be only 4% with an 11% drop recorded in 2020 after falling 11% in 2022 and then recovering because it is estimated at 2% entirely 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 national currency unification. In addition, according to the Cuban government, the non-payment of international creditors and the pressure on the economic blockade by the US government caused losses of $9.15 million.
Agencies
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