14ymedio, Havana, February 10, 2024 — The dollar reached the barrier of 300 Cuban pesos this Saturday and was on par with the euro in the informal currency market, according to the independent media El Toque. The accelerated degradation of the national currency is due to the increase in uncertainty created by the swings of the paquetazo [a ’package’ of economic reforms] and the Government’s inability to modify the economic model that is leading the country to disaster.
The increase suggests a greater demand for the dollar than for the euro among Cubans, despite the fact that the European currency is quoted at 1.08 dollars in international financial markets.
The collapse of the peso occurs less than two weeks after the dismissal of the Minister of Economy, Alejandro Gil, and the announcement of an imminent “intervention” of the informal market about which he did not offer details.
However, after Gil’s departure and the suspension of part of the measures included in the paquetazo, the regime’s financial “macrostabilization” plan came to nothing and the “distortions” that the minister attributed to the informal exchange market remain in force.
Another aspect of the problem is the instability of the remittances that Cubans residing abroad send to their relatives on the Island
Another aspect of the probl
