After the opening of the session, the euro is trading at the opening at 27.42 Cuban pesos at the official exchange rate, which implied an increase of 3.69% compared to 26.45 Cuban pesos at the official exchange rate of the previous day.
With reference to the profitability of the last seven days, the euro registered an increase of 3.87%; but in year-on-year terms it still accumulates a decrease of 5.24%. Compared to previous days, chain two consecutive sessions of earnings. In the last week, volatility is significantly higher than that accumulated in the last year, so it shows greater changes than the general trend in value.
In the last year, the euro has reached a maximum of 28.62 Cuban pesos at the official exchange rate, while its lowest level has been 26.03 Cuban pesos at the official exchange rate. The euro is closer to its value than to the minimum.
The Cuban peso
The Cuban peso is the legal tender in Cuba and is used by the majority of the population that is divided into 100 units called cents.
As of January 1, 2021, the Cuban convertible peso ceased to exist as a legal tender, since it was the most accepted in the payment of obligations and although it still has legal value, it is not accepted in the payment of goods and services.
In 2002, the exchange rate was 21 Cuban pesos per convertible peso, but then it devalued to 26 Cuban pesos per convertible peso. As for the dollar, it is equivalent to 25 Cuban pesos and one Cuban convertible peso.
It was not until April 2005 that the government agreed to devaluate the Cuban peso with respect to the convertible by transferring it to 25 Cuban pesos per convertible peso and the latter remained at a 1:1 parity with respect to the dollar plus a 10% tax, so that for every dollar changed 12% of its value is lost.
This was the case until January 1, 2021, when the “Zero Day” of monetary unification was agreed, although for many the extinction of the convertible peso was seen as a devaluation, for others it was only a measure to catch up with the 24 Cuban pesos per dollar.
As a result, demand for foreign exchange also boosted a black exchange market in which one dollar was sold for every 100 Cuban convertible pesos.
Currently there are coins of 1, 2, 5 and 20 cents and 1, 3 and 5 pesos; while in banknotes there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.
Economically, the coronavirus pandemic has hit the nation as well as many others globally, which is why the government expects that in 2022 the country will have an increase in its Gross Domestic Product of only 4 percent, after a fall of 11% recorded in 2020, from which in 2021 it could not fully recover, as it was estimated at 2 percent.
It should be noted that 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 State itself.
Other factors such as inflation and the devaluation of the peso skyrocketed after the unification of its national currency was launched. This is also compounded by the non-payment of international creditors and the pressure by the United States government with the economic embargo that, according to the Cuban government, these measures have resulted in the loss of 9.15 million dollars.
Agencies
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