After the stock market open American dollar paid in today’s session to 24 Cuban pesos at the official exchange ratewhich implied a change of 0.06% with respect to the figure of the previous session, when it stood at 23.98 Cuban pesos at the official exchange rate.
In reference to the profitability of the last seven days, the American dollar note of ; but for a year it still maintains a decrease in 0.03%.
Comparing this data with that of previous days, add three consecutive sessions of earnings. The volatility figure is clearly lower than the data obtained for the last year (24.23%), presenting itself as a value with fewer variations than normal in recent days.
Cuban Peso Overview
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 Cuban convertible peso.
It was not until April 2005 when the government 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.
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