Opening value of the euro in Cuba this June 7 from EUR to CUP

Opening value of the euro in Cuba this June 7 from EUR to CUP
Opening value of the euro in Cuba this June 7 from EUR to CUP

The euro in Cuba reached a record price this year in the country’s informal market. (Infobae)

He euro is paid at the beginning of operations to 25.97 Cuban pesos at the official exchange ratewhich represented a decrease of 0.41% compared to the value of the previous day, when it was quoted at 26.08 official pesos.

In relation to the profitability of the last week, the euro registers a decrease in 0.28%%; On the contrary, in the last year it still maintains an increase in 2.45%.

Compared to previous dates, it has had three consecutive downhill sessions. Regarding the volatility of the last few days, it presents a lower balance than the volatility shown in the figures for the last year, so in this last phase it is trending less variations than the general trend indicates.

At the end of 2023 Cuba announced a series of measures that will be in force in 2024. Among the most important are the increase in the prices of fuel and basic services, cuts in subsidies and restrictions for the private sector.

One of the measures that most affects the population is the 25% increase to the prices in homes that consume more electricity.

The forecasts of communist government of the island estimate that this year the economy will have a growth of 2 percent.

The Cuban peso is the currency Legal tender in Cuba and used by the majority of the population, it is divided into 100 units called centavos.

As of January 1, 2021, the cuban convertible peso as 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 products and services.

In 2002 the exchange rate was 21 Cuban pesos for each convertible peso, but later it was devalued until it reached 26 Cuban pesos per convertible peso. As for the dollar, it is equivalent to 25 Cuban pesos and one convertible Cuban peso.

It was not until April 2005 when The government agreed to the devaluation of the Cuban peso with respect to the convertible by changing it to 25 Cuban pesos per convertible peso and the latter remained at parity of 1:1 with respect to the dollar plus a 10 percent tax, this means that for each dollar exchanged, 12% of its value.

That’s how it was until January 1, 2021 when “Day Zero” was agreed of monetary unification, although for many the extinction of the convertible peso was seen as a devaluation, for others it was just a measure to catch up with the 24 Cuban pesos for each dollar.

Consequently, the demand for foreign currency also fueled a black market exchange in which one dollar was sold for every 100 convertible Cuban pesos.

Currently there are coins of 1, 2, 5 and 20 centavos and 1, 3 and 5 pesos; while in bills there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

On the economic front, the Minister of Economy himself, Alejandro Gil Fernández, recognized that in 2022 the projected levels were not reached due to the impossibility of achieving the expected income from exports.

Likewise, there was a decrease in tourism; as well as an increase in inflation of up to 40%, which had repercussions in an increase in the prices of the basket of goods and services. As the minister clarified, inflation is an effect of the lack of availability of foreign currency.

On the other hand, the latest forecast made by the Economic Commission for Latin America and the Caribbean (ECLAC) at the end of last year, By 2023, a decline or exhaustion of the rebound effect was expected in recovery.

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