He American dollar was paid at closing to 24 Cuban pesos at the official exchange rateso that it implied a change of 0.08% compared to the 23.98 official pesos of the previous day.
In relation to the last seven days, the American dollar It has accumulated slight changes; although for a year now it still has a rise of 0.11%.
As for the changes of this day with respect to previous days, it has accumulated three consecutive sessions in positive figures. The volatility regarding the last week is lower than the data achieved for the last year (3.69%), showing itself as a value with less variations than the general trend indicates in recent dates.
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 currency 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, when it was changed to 25 Cuban pesos per convertible peso and the latter was left at a parity of 1:1 with respect to the dollar plus a 10 percent tax, with this it is clear that for each dollar changed, 12% of its value is lost.
That’s how it was until January 1, 2021 when “Day Zero” was agreed of monetary unification, although for many the disappearance of the convertible peso was seen as a devaluation, for others it was only a measure to catch up with the 24 Cuban pesos for each dollar.
As a result, the demand for foreign currency also fueled a black market exchange 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 there are bills of 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.
Economically, the Minister of Economy himself, Alejandro Gil Fernández, acknowledged that in 2022 the projected levels were not reached due to the impossibility of achieving the expected income from exports.
There was also 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, according to the latest forecasts made by the Economic Commission for Latin America and the Caribbean (ECLAC), after there was progress in 2022 following the crisis due to the coronavirus pandemic, By 2023, a decline or exhaustion of the rebound effect was expected in recovery.
