They discuss exchange rates on social networks

The recent economic measures announced by the Cuban government to be implemented in the first quarter of 2024 have sparked intense debate on social networks. Focuses on many comments A possible rise in the informal exchange rate of the dollar.

A post in the Facebook group “MLC or USD Info” has received nearly 500 reactions saying “Now, the dollar in Cuba is on the free ballot.”

Alfonso Pascual, one of the users who commented publicationConcerns were expressed about price gouging and black market dynamics.

“There are people who still don’t understand that this is a game of ‘kill the one who doesn’t kill you.’ The state raises prices based on the black market and the black market raises prices based on demand and short supply. Everything will increase in price here and every day they will become more outrageous,” he said.

Other members of the group, Osmeidis Peña and Jaime Dominguez, questioned the idea of ​​a dollar drop and pointed out that gasoline would also be sold mostly in USD. And another person “predicted” it too The dollar may reach 300 Cuban pesos this year.

Dollar rate in Cuba

This January 12, 2024, representative rate of El Toque placed USD exchange in Cuba 270 Cuban pesos. However, in the same Facebook group, the US dollar is selling at high prices (275 and 280) and many members are discussing that it will continue to rise once the provisions to sell fuel in USD come into effect.

Prime Minister Manuel Marrero Cruz, after denying that dollarization of the economy would be implemented in Cuba, declared before parliament that in order to move toward a non-dollarized economy, a “partial dollarization” must be undergone.

In July 2022, the Minister of Economy and Planning, Alejandro Gil Fernandez, announced the decision to establish an exchange market to sell foreign currency in cash to the population, claiming that “the unofficial market cannot continue to thrive.”

However, he surprised most Cubans by saying that he would not be able to go to market at the official exchange rate of 1×24, as he would need a level of currency that would force him to abandon other priorities. economy

At the time, dollars were exchanged on the street for about 110 pesos to CUP. The Cuban government established a fixed exchange rate with respect to the US dollar of 120.00 CUP to 1.00 USD.

The main source of buying foreign currency in Cuba is the informal market. From Exchange House (CADECA) they have admitted that Legal sale The decline in tourism and the low foreign currency earnings of Cuban-Americans with family on the island have led to declines on the island.