The dollar is back in the spotlight in Cuba, and not just because of good news. In the last few hours, its price on the informal market has soared to a new record. More details to follow. The American dollar exceeded 420 Cuban pesos (420.50 at dawn on September 16), while on digital platforms such as El Toque Constant fluctuations are being reported, keeping the population on alert. The euro remains at 475 Cuban pesos today.
While the Banco Cuban Central Bank maintains official rate at 120 CUP per dollar, the difference with the street rate now exceeds three times, a gap that generates uncertainty and discontent.
Voices on social media agree that demand is growing and supply is decreasing, which is pushing prices up.
“The dollar is getting more expensive every day, and the worst part is that no one knows how high it can go,” comments one user from Havana.
Others point out that the use of Zelle and digital transfers fuels a parallel loop that makes it nearly impossible to monitor the real value of currencies.
For many Cubans, the rise of the informal dollar means that the prices of food, appliances and basic goods in stores in MLC become even more inaccessible.
Families who depend on remittances are forced to pay more for each greenback, which reduces the purchasing power of those living on the island. “Sending money is no longer enough for basic necessities, because too much is lost in the conversion,” another Cuban woman complained on Facebook.
The outlook is also not encouraging for those who depend on tourism or private jobs linked to foreign currency.
The constant devaluation of the Cuban peso is causing inflation to skyrocket and savings in the national currency to rapidly lose value. Experts warn that without structural changes and confidence in the official currency, the black market will continue to dictate the Cuban economy.