The parallel market exchange rate of the Cuban peso versus the greenback recently dropped to CUP200 per dollar, a level last seen in Oct. 2022, a report has said. Pavel Vidal, a former economist at the Cuban central bank, said the peso’s depreciation has caused the “impoverishment of the economy and families in dollar terms.”
Peso Down by More Than 20% in 2023
According to data provided by El Toque, the Cuban peso’s exchange rate on the parallel market recently matched an all-time low of 200 per dollar last seen in Oct. 2022. The peso’s latest plunge means the currency, which is officially pegged at CUP25:USD1, has now depreciated by over 20% in 2023 alone and by more than 50% in under 12 months.
As per a report, the peso’s latest plunge has further eroded the purchasing power of Cuban salaries which rarely exceed an equivalent of $25 or 5,000 pesos per month. The currency’s accelerated depreciation is coming at a time when the country’s leader, Miguel Diaz-Canel, has j
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