“If you do not have dollars, you are iodine”, the Cubans repeat once and for all, a month after the entry into force of a profound financial reform in their countries. This month is more coded than ever and is contributed in the black market to double the official tax.
Hasta finals of 2020 Cuba maintained a complex system of months that changed the 1st of this year. One of these is the CUC (Cuban Peso convertible), which for a long time has a parity of one to one with the dollar and disappears in a space of five months.
The CUC has 26 next year members with the Cuban national team (CUP) valued at 24 units per dollar.
A month after that the authorities launched a just adjusted agreement with “monetary reorganization”, which officially confirms the price of the dollar in 24 Cuban pesos, the currency market disappears in the black market.
In portals like Revolico, a competition site on the internet for sale and sale in Cuba, the informal dollar is set at 50 pesos.
“I do not believe that there are many countries in the world that have this level of over-evaluation of their currencies,” Pedro Monreal, an economist, tweeted.
In the middle of this adjusted color, Monreal alerts that “the informal task follows a devaluation, and a powder can be created for a new official devaluation”, in reference to the exchange rate of one by one that benefits the state-owned enterprises (85% of the economy).
In the dollar case
Faced with serious liquidity problems due to the recruitment of the United States block following the recent administration of Donald Trump, the governing body has in the finals of 2019 a partial dollarization of the economy to power divide divisions.
Since then, Cubans have been able to acquire in markets a wide range of dollar products, which are scarce in the rest of the tithe of the country. These establishments can only pay with a bank card in dollars, which are usually deposited by relatives or friends of the foreigner.
The need for ten Cubans to join these markets in order to access products, many times the need for first, has accelerated the demand for the division of estates.
The dollar commences to include, among other things, tourism, which represents the mayor’s ingress of divisions in the country, disminuyera a cause of the pandemic.
Antes, Washington has applied to restrict travelers who want to visit Cuba.
“To unify the task at the sovereign level that it is, it creates the possibility of operating a subterranean market, in which the foreign division divides a price that greatly amplifies the type of official exchange”, doubled to AFP the economist Maurice De Miranda, de la Universidad Javeriana de Cali.
During the economic crisis that Cuba witnessed in the 1990s, generated by the fall of the Soviet Communist bloc, a dollar is worth up to 150 cubic pounds.
How much will it cost this time? “It is very difficult to estimate whether you should read the value of the dollar”, because “depending on what level and level are recovering the levels of country divisions of the country”, advised De Miranda.
“White card for the black market”
Buying dollars is a lot that many Cuban people can afford, even if, as part of justice, the governing body is pursuing a wage reform that has reduced the minimum wage by up to 2,100 Cuban people (87 dollars in the official exchange for 42 informals).
The shocking reality with the monetary system that impedes divisions’ banks and cash registers is divided into divisions, and only allows the sale of $ 300 to people living in the country.
Additionally, De Miranda affirms that “it is not possible to have a monetary order when the Central Bank of the country can offer the foreign exchange to the type of exchange officially established”.
“It’s a white card for the black market”, sentence.
This “super-cepo” exchange, as defined by Monreal, does not give Cubans another option to purchase the dollars in the informal market, which in addition to being illegal, recognizes its price.
“This difference is important for teenagers who incorporate the price of their product”, illustrates economist Ricardo Torres, of the University of Habana.
As a result, a service that normally costs 24 Cuban pesos will cost you up to four more in a bar.