Cuba: Closing dollar rate today, May 7 from USD to CUP

On the last day American dollar Quoted from the conclusion 24 Cuban pesos at the official exchange rateWhich shows a change of 0.3% compared to the previous day’s data, when it ended at 23.93 official pesos.

Regarding the profitability of the past seven days,… American dollar represents an increase in 0.13%so it still maintains its increase for a year now 0.11%.

Comparing this data with the data of previous days, there are noticeable fluctuations in its price according to the data. Referring to last week’s fluctuations, they are less than the numbers achieved for last year (4.01%), so its price shows less changes than usual in recent dates.

At the end of 2023 Cuba He announced a series of measures that will be in effect In 2024. The most important of them are the rise in fuel prices and basic services, the reduction of subsidies, and the restrictions imposed on the private sector.

One of the measures that most affects the population is 25% increase To prices in homes that consume more electricity.

Expectations Communist government Al Jazeera estimates that the economy this year will witness growth of 2 percent.

The Cuban peso is the currency A legal currency in Cuba and used by the majority of the population, it is divided into 100 units called centavos.

As of January 1, 2021, it will… Cuban convertible peso As legal tender, because it was the most accepted in payment of obligations and although it still has legal value, it is not received in payment for products and services.

In 2002, the exchange rate was 21 Cuban pesos per convertible peso, but it was later devalued to 26 Cuban pesos per convertible peso. The dollar is equivalent to 25 Cuban pesos and one Cuban convertible peso.

It wasn’t until April 2005 when The government agreed to devalue the Cuban peso Regarding the convertible currency by changing it to 25 Cuban pesos for every convertible peso, the latter remained at the level of 1:1 with respect to the dollar plus a 10% tax, meaning that for every dollar exchanged, 12% of its value.

That’s how it was even January 1, 2021 when “Day Zero” was agreed upon. Monetary Consolidation Although for many the disappearance of the convertible peso was a devaluation of the currency, for others it was merely a catch-up measure of 24 Cuban pesos to every dollar.

As a result, the demand for foreign currencies also drove the black exchange market in which one dollar was sold for every 100 Cuban convertible pesos.

Currently there are coins of 1, 2, 5 and 20 centavos and 1, 3 and 5 pesos; While banknotes contain 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

On the economic front, the Minister of Economy himself, Alejandro Gil Fernández, realized this In 2022, the expected levels were not reached Due to the impossibility of achieving the expected income from exports.

Likewise, there has been a decline in tourism; Beside Inflation rises to 40%Which had repercussions on the rise in prices of the basket of goods and services. As the Minister explained, inflation is one of the effects of the unavailability of foreign currency.

On the other hand, according to the latest forecasts issued by the Economic Commission for Latin America and the Caribbean (ECLAC), after there was progress in 2022 in the wake of the crisis caused by the coronavirus pandemic, By 2023, it was expected that the rebound effect would decrease or be exhausted In recovery.