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The final value of the dollar in Cuba this September 23 from USD to CUP

The final value of the dollar in Cuba this September 23 from USD to CUP

The dollar price on the streets of Cuna exceeds the official price.  (Infobae)
The dollar price on the streets of Cuna exceeds the official price. (Infobae)

The IS American dollars mentioned closing at 24 Cuban Pesos at the official exchange ratewhich gave a change of 0.05% compared to the 23.99 Cuban pesos at the official exchange rate of the previous session.

As for the profitability of the last seven days, the American dollars annotate the ; Despite that, in year-on-year terms, it still keeps increasing 0.1%. Regarding the changes of this day in relation to the previous days, he chained four dates in a row with green color. As for last week’s volatility, it was 11.2%, which is clearly lower than the yearly volatility figure (25.37%), so in this last stage it is showing less changes than what was shown in the trend general.

the Cuban peso

The currency is the Cuban peso legal tender in Cuba and is used by the majority of the population which is divided into 100 units called cents.

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 per convertible Peso, but later devalued to 26 Cuban Pesos per convertible Peso. As for the dollar, it is equal to 25 Cuban pesos and one Cuban convertible peso.

It wasn’t until April 2005 when the administration agreed to the devaluation of the Cuban peso in relation to the convertible changing it to 25 Cuban pesos per convertible peso and the latter remained at 1:1 parity in relation to the dollar plus a 10 percent tax, with this, each dollar changed, 12% for its value.

It was like that until January 1, 2021 when “Day Zero” was agreed upon. For monetary union, although many saw the cancellation of the convertible peso as a devaluation, for others it was just a measure to catch up with the 24 Cuban pesos per dollar.

As a result, the demand for foreign currency encouraged a black exchange market where 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; and in bills there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

Economically, the coronavirus pandemic It has hit the nation as well as many others in the world, therefore, the government expects that this country 2022 will increase its Gross Domestic Product by only 4 percent, after a fall of 11% registered in 2020 and in 2021 he. It was not possible to fully recover, as estimated at 2 percent.

It should be noted that Cuba is not part of international organizations such as the World Bank or the International Monetary Fund (IMF), so the estimates of economic growth are made by the State itself.

Other factors such as inflation and the devaluation of the Peso came up after the adoption of its national currency. In addition to this, there is the non-payment to international creditors and the pressure from the Conradh na Gaeilge government United States of America with the economic blockade According to the Cuban administration, these measures caused a loss of 9.15 million dollars.

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