The unstoppable rise of inflation in Cuba set another record for the price of the US dollar in the Cuban informal market, rising three points in less than 24 hours and place this Sunday at 190 Cuban pesos.
This Saturday, the dollar reached 187 CUP after a rise of two points compared to the estimated price of the previous day (Friday), when 185 Cuban pesos were enough to buy a dollar on the black market for foreign exchange.
In just 48 hours, the US currency increased its exchange value by five pesos, according to the Representative Rate of the Informal Foreign Exchange Market in Cuba prepared daily by the independent media The touch. Five days ago, on September 20, Cubans bought the dollar at 180 pesos.
The rise of 10 pesos in the price of the dollar in less than a week is illustrative of the meteoric drop in the purchasing power of the Cuban currency and the rapid deterioration of the purchasing power of Cubans, which has been falling at a frenetic pace that does nothing but increase uncertainty and anguish among the population.
While this is happening, the state Exchange Houses maintain the rate of 1 dollar x 123.60 CUP, set by the government when it decided to open the official exchange market to the purchase of foreign currency, a measure that has only triggered the value of these in the informal market, in addition to generating discomfort in the population due to the restrictions associated with the sale of foreign currency in the CADECAs.
“The economic collapse knows no limits in the communist paradise of Cuba. Cuba ranks third in this week’s inflation summary,” said the prestigious US economist last Sunday. Steve H. Hankefrom Johns Hopkins University, warning on Twitter that Cuba is among the three countries with the highest inflation in the world.
This Sunday, the rise of three points was also verified in the case of the European currency (Euro), which reached 188 CUP, while the freely convertible currency (MLC) rose only one point compared to the day before, standing at 186. CUP.
The informal sale prices of this September 25 constitute a new record for the aforementioned foreign currencies in Cuba.
The independent media The touch reports every day the representative rates of the informal foreign exchange market in Cuba. The data is obtained after the analysis of the median of the prices published in advertisements for the sale of foreign currencies on social networks and classified sites in Cuba.
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