He euro paid at the beginning of the session 25.68 Cuban pesos at the official exchange ratewhich represented a change of 0.3% with respect to the value of the previous session, which was 25.61 official pesos.
Considering the last seven days, the euro accumulates a promotion of 0.13%%therefore in interannual terms it still maintains an increase in 1.16%.
Comparing this data with that of past days, with this data it interrupts the negative streak that it had in the previous two days. The volatility of the last seven days is 6.01%, which is a figure slightly lower than the annual volatility figure (6.07%), showing itself as a value with fewer variations than usual recently.
By the end of 2023 Cuba announced a series of measures that will be in force in 2024The most important of these are increases in fuel and basic services prices, cuts in subsidies and restrictions on 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 The island’s economy is expected to grow by 2 percent this year.
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 received 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 administration 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 was until the 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 pushed the black market for exchange, where one dollar was sold for every 100 Cuban convertible 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, acknowledged 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, according to the latest forecasts made by the Economic Commission for Latin America and the Caribbean (ECLAC), after there was progress in 2022 after the crisis caused by the coronavirus pandemic, By 2023, a decline or exhaustion of the rebound effect was expected in recovery.
