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Inflation in Cuba does not stop: the dollar and the euro reach 130 pesos in the informal market

The price of the dollar and the euro reached 130 Cuban pesos this Saturday in the island’s informal marketwhile the Freely Convertible Currency (MLC) reached 131, according to the rate published daily by the independent media The touch.

Despite the beginning of the purchase of foreign currency announced by the Cuban Government at the beginning of August, the price of coins has not stopped climbing on the island’s black marketwhich is still the most used by citizens to access them.

The State, which currently buys the dollar at a price of 110.40 Cuban pesos in the Exchange Houses and the euro at just over 119 pesos, has failed to contain inflation and ad that the beginning of the sale of foreign currency to the population still has to wait.

The value of the coins, published daily by the independent media The touch from the calculation of the median of the numbers written in ads for buying and selling currencies on social media groups and classifieds sites, corresponds to several of the offers found by DIARIO DE CUBA on sites such as the Revolico portal.

In a text published at the end of June in DIARIO DE CUBA, the economic analyst Rafaela Cruz predicted that, if the situation on the Island continues as it is today, in a year the price of the dollar could reach 200 Cuban pesos.

Inflation, marked by the need for MLC or foreign currency to get from plane tickets and household appliances to basic necessities such as foodwas aggravated by the economic reforms applied at the beginning of 2021, which notably limited the purchasing power of Cubans.

Another measure that affected the value of the Cuban peso was the ban on the sale of dollars at airports.the only place where the State offered this service at the official exchange rate (1×24) until the middle of last year for those traveling abroad.

At the beginning of this year the Bloomberg companyspecialized in financial matters, rated the Cuban peso as the most depreciated currency in the world in the period between January 1, 2021 and January 5, 2022.

According to the comparative graph of the 15 most depreciated currencies on the planet, the Cuban currency has a 95.83% depreciation.

The period analyzed by Bloomberg is precisely that of application in Cuba of the Ordering Taskone of whose purposes, according to the authorities, would be to revalue the role of the Cuban peso.

However, the maelstrom of economic measures that involved monetary and exchange rate unification, the increase in the wage bill, the fiscal deficit, and planned inflation, among others, were an announced economic failure that instead of improving the lives of Cubans has plunged them into worse privations.

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