EFE (via 14ymedio) Havana,15 January 2024 — The US dollar set a new record in Cuba on Monday by trading at 275 pesos on the informal foreign exchange market, which deepens the strong depreciation of the local currency since the economic reform of 2021.
This new maximum – recorded by the independent media El Toque – comes after the announcement, in mid-December, of a large macroeconomic adjustment program by the Cuban Government.
Among the measures announced, such as the 500% increase in the price of gasoline and diesel, is the implementation of a new official exchange rate
Among the measures announced, such as the increase of 500% in the price of gasoline and diesel, is the implementation of a new official exchange rate, which since 2021 stands at 24 pesos per dollar (1.045% lower than the informal rate) for companies and 120 for individuals (129% lower than on the black market).
A few days after Prime Minister Manuel Marrero announced the plan in Parliament, the informal rate registered a slight drop to reach 265 pesos per dollar. But in 2024 it has risen again to the levels prior to the announcement, until it broke the record this Monday.
The need to import 80% of what the country consumes