International By: efe
January 20, 2024 3:38 pm M.
The US dollar set a new all-time high in Cuba on Saturday, trading at 278 pesos (CUP) in the informal foreign exchange market, a sign of its rapid depreciation following the 2021 monetary reform.
(See: What ETFs are, what they are for and how you can trade bitcoin with them).
This new high recorded exceeds the price of five days ago, when it reached 275 CUP, according to the index prepared by the independent media El Toque, which has become a point of reference for the informal market.
The euro also recorded an increase and stood at 283, in line with that average.
The increases in both foreign currencies come after the Cuban government announced a broad macroeconomic adjustment program in mid-December.
(See: The good and bad the dollar’s decline has left Colombia in 2023.)
Cuba
EFE
Among the measures announced, such as the 500% increase in the price of petrol and diesel, there is the implementation of a new official exchange rate, which from 2021 stands at 24 CUP per dollar (1.045% lower than the rate informal) for companies and 120 CUP for individuals (129% less than on the black market).
(See: What’s behind the new gold price highs).
EFE
2024-01-20 18:36:49
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