July 24, 2024

Brighton Journal

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Cuba: The opening price of the dollar today, October 3, is USD to CUP

Cuba: The opening price of the dollar today, October 3, is USD to CUP
The price of the dollar on the streets of Kuna is higher than the official price. (Infobae)

He US dollar is quoted at the beginning of the operations in 24 Cuban pesos at the official exchange rateThis represents a decrease of 0.1% compared to the previous day’s value, which ended with 24.02 Cuban pesos at the official exchange rate.

If we consider the data for the last seven days, the US dollar A promotion accumulates 0.01%So there is still an increase on a year-on-year basis 0.05%.

Compared to previous days, there are significant fluctuations in the value of this property. The volatility over the past seven days is 1.4%, which is significantly lower than the annual volatility figure (4.78%), indicating a value with less recent volatility than expected.

Cuban peso 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, it is more accepted in payment of obligations and although it still has legal value, it is not accepted in payment of goods and services.

In 2002 the exchange rate was 21 Cuban pesos for every convertible peso, but then devalued until it reached 26 Cuban pesos for every convertible peso. In dollar terms, this is equivalent to 25 Cuban pesos and one convertible Cuban peso.

It wasn’t until April 2005 The government agreed to the devaluation of the Cuban peso With respect to the exchange rate of 25 Cuban pesos per convertible peso, the dollar was equal to 1:1 with a 10 percent tax, meaning that each dollar was exchanged at 12% of its value.

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It was like that till then January 1, 2021 was agreed upon as “Day Zero”. Monetary integration, while the disappearance of the convertible peso was seen as devaluation by many, was a move to capture 24 Cuban pesos to every dollar for others.

As a result, demand for foreign currency also pushed into the black currency market, where one dollar was sold for every 100 convertible Cuban pesos.

Currently there are coins of 1, 2, 5 and 20 centavos and 1, 3 and 5 pesos; The bills have denominations of 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

On the economic front, Economy Minister Alejandro Gil Fernandez acknowledged this. 2022 target not reached As expected revenue from exports could not be achieved.

Likewise, there was a decline in tourism; as well as Increase in inflation up to 40%, resulting in an increase in the prices of a basket of goods and services. As the minister clarified, inflation is the result of non-availability of foreign currency.

On the other hand, according to the latest projections by the Economic Commission for Latin America and the Caribbean (ECLAC), after an improvement in 2022 following the crisis caused by the coronavirus pandemic, By 2023, a decline or exhaustion of rebound effects is expected in recovery.

This year, only 1.3% growth is expected for the region Effect of restrictive monetary policiesHigher limits on fiscal expenditure, lower consumption and investment, ability to control inflation and so on.

to him The specific case of CubaECLAC expects growth of 1.8 percent, while local authorities predict they could reach three percent.

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