In the last session the American dollar was listed at closing at 24 Cuban pesos at the official exchange rateso that it represented a change of 0.05% compared to the price of 23.99 Cuban pesos at the official exchange rate of the previous day.
Regarding the last week, the American dollar note of ; On the contrary, in year-on-year terms, it still maintains a rise in the 0.09%.
In relation to past dates, he accumulated four consecutive days of positive numbers. The volatility of the last seven days presented a notoriously lower behavior than the volatility shown by the figures of the last year, which shows that we can say that it is going through a period of greater stability in recent dates.
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 Cuban convertible peso.
It was not until April 2005 when the administration agreed to the devaluation of the Cuban peso with respect to the convertible when passing 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, with this it is had that for each dollar changed, 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 only a measure to catch up with the 24 Cuban pesos for each dollar.
Consequently, the demand for foreign currency also pushed the black exchange market in which one dollar was sold for every 100 convertible Cuban pesos.
Currently there are coins of 1, 2, 5 and 20 cents and 1, 3 and 5 pesos; while in bills there are 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 reaching the expected income from exports.
Similarly, there was a decrease in tourism; as well as an increase in inflation of up to 40%, which brought repercussions in a rise 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 (Cepal) at the end of last year, by 2023 a setback or exhaustion of the rebound effect is expected in recovery.
For this year, only 1.3% growth is expected for the region, as result of restrictive monetary policiesgreater limitations on fiscal spending, lower levels of consumption and investment, little capacity to contain inflation and more.
For him specific case of CubaECLAC expects growth of 1.8 percent while local authorities anticipate that they can achieve three percent.
