Inflation continues to run rampant in Cuba and the devaluation of the Cuban peso does not stop, while the minimum wage on the island falls below six dollars a month, according to the informal currency exchange. How to survive with so little?
In a few months of 2024, the depreciation of the national currency is the “daily bread”, losing more than 90 pesos in value against strong currencies such as the euro and the US dollar. The first, that of the European zone, was already being sold and bought TODAY at around 360 pesos on average, while the dollar still continued to grow in value, with an exchange of 352 pesos.
A recent report from Diario de Cuba stated that the minimum wage in Cuba has fallen to less than six dollars, an alarming figure that reflects the serious economic crisis facing the country. This situation, a result of the runaway inflation that has hit the island since 2021, has significantly eroded the purchasing power of Cuban workers.
Minimum wage in Cuba: what to do with so little?
In December 2023, one dollar was equivalent to 265 Cuban pesos. However, in just three months and 12 days, the national currency has depreciated by more than 90 pesos, reaching its current level. This abrupt drop in the value of the peso has caused a drastic reduction in the purchasing power of salaries, which has made it impossible for many Cubans to cover their basic needs.
With a minimum wage of 2,100 Cuban pesos, Cubans can no longer buy even a carton of eggs, which is around 3,000 pesos, while a minimum pension in Cuba is worth a bottle of oil. No matter how you look at it, no one knows how to survive with so little in Cuba.
The current situation is unsustainable for the Cuban population, which faces growing poverty and shortages of basic products. Urgent action is required from the government to address the economic crisis and protect the well-being of citizens.
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