The American currency reached 400 Cuban pesos on Tuesday, a record in the informal market since the rates are monitored independently.
Madrid, Spain.- The US dollar reached this August 12 the record of 400 Cuban pesos in the informal market, according to the records of the representative rate of the informal market (TRIM) prepared by the independent means The touch. It is the first time that the American currency reaches that value since this indicator is officially measured, which collects and processes the contributions published on social networks and sale platforms.
This new milestone occurs in a context of currency scarcity, a limited national production and a high demand for foreign currency for consumption, savings and non -state imports. Next to the dollar rise, other currencies also record high values: the Euro is around 450 pesos and the Canadian dollar exceeds 272.
Not even in the “special period” of the 90s, when the dollar came to quote around 150 pesos in the parallel market, a similar level had been reached. The current crisis is also marked by a persistent inflation —Al 14.37 % year -on -year in July, according to the National Office of Statistics and Information (ONEI) – and the absence of exchange reforms that stabilize the value of the weight.
The economist Pedro Monreal has warned about the presence of stagflation in Cuba, that is, the combination of economic stagnation and inflation, and stressed that the recent increase in food prices reverts the moderation that had been observed at the beginning of the year.
The price of 400 pesos for the dollar not only reflects the accelerated loss of purchasing power of the Cuban weight, but also the growing weight of the informal market as a real reference for transactions on the island, in front of an official market with rates far away from reality.
