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The value of the dollar in the Cuban black market shoots up a week after the start of the purchase by the State

The American dollar reached the value of 125 Cuban pesos on the black market just one week after the Island Government start buying currency at a price of 110.40 pesos in the Exchange Houses, which indicates that the population continues to favor informal channels to carry out these transactions.

The value of the dollar, published 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 sitescontinues to grow and break records since inflation was unleashed on the Island with the opening of stores in Freely Convertible Currency (MLC).

According to the independent media, also the euro, which reached 129 Cuban pesos this Thursday in the informal marketexceeds the purchase rate established by the authorities, which is just over 119 Cuban pesos.

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 in Cuba, marked by the need for MLC or foreign exchange 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 for official exchange (1×24) until the middle of last year for those traveling abroad.

However, the Cuban authorities announced last week that they would start buying all the foreign currenciesincluding Dollars in cash, at an exchange rate higher than that initially established. For the sale, Cubans still have to wait.

“We are going to venture into the sale of foreign currency to the population when there are purchase and sale operations”said last week at the Round Table the Minister of Economy of Cuba, Alejandro Gil.

At the moment, individuals, workers and private entities, as well as foreigners and Cubans residing or not on the Island, can sell foreign currency.

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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