Cuba’s Battle for Foreign Currency

By Xel2 (El Toque)

HAVANA TIMES – We woke up on Sunday and the value of the US dollar and MLC (on magnetic cards) stands at 140 Cuban pesos (CUP), another clear example of the speculation of the Cuban economy.

When on August 3, 2022, Finance Minister Alejandro Gil announced that the state would buy USD at 120 CUP (instead of 24 x 1), several economists and citizens predicted the ensuing economic debacle; but few imagined such a resounding and rapid rise in the exchange rate on the informal market.

Today, less than 20 days later, those who earn their wages in pesos have seen their purchasing power further reduced, since the very few products offered by the State are found in stores in MLC (with prices in USD). And they have to buy the MLC at 140! Moreover, they must circumvent the possible punishment for selling and buying foreign currency in the informal market, as warned during the same roundtable show on August 3.

Here we continue to use our art to speak more about the immediate reality of our country.

Have a good Sunday.

Wimar Verdecia Fuentes

Hurry up, catch them Motica, they’re running away with pensions! The informal foreign exchange market.
Hi George, how old are you?
The Central Bank of Cuba
I buy euros and dollars privately. Cuba advances, and it hurts (the enemy)!

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