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Inflation in Cuba reaches 208% in the midst of a country in ruins

Inflation in Cuba reached 208% in the midst of a country in ruins, according to the measurement of the prestigious American economist Steve Hanke.

“In Cuba, the disastrous economic policies have left the country in ruins. Today, I measure inflation in the communist paradise at a punishing 208%/year,” the Johns Hopkins University professor said on Twitter on Wednesday.

Hanke’s note transcends after last week he said that the island ranked second on the list of countries with the highest inflation.

“Under the communist regime, economic collapse knows no bounds in Cuba. Cuba ranks second in this week’s inflation roundup. On September 22, I measured inflation in Cuba at a punishing 194%/year,” he said. on Twitter Hank.

According to the expert’s analysis, since January 2022 “the Cuban peso has lost 59.09% of its value against the US dollar, which places Cuba in second place on this week’s Currency List. The communist regime has destroyed the value of the Cuban peso,” he said.

Towards the end of August, Cuba ranked second with inflation of 135%, but in the September 15 measurement, despite having reached a record of 162%, Lebanon overtook it and dropped to third place.

On September 28, the country returned to second position and is only preceded by Zimbabwe, which has continued to lead the list with more than 400% inflation.

In the registry, Venezuela ranks as the fifth highest inflation, with 115%. To put an end to this situation and give stability to its economy, explained the specialist, Venezuela must dismantle the Central Bank and install a Monetary Board.

Months ago, Hanke said that “inflation rates like these make governments, even communist dictatorships, vulnerable.”

Also this Wednesday, Cuban economist Pedro Monreal noted on Twitter that “Cuba’s economic growth ‘deflated’ in the second quarter and three crucial activities – agriculture, industry, and electricity/gas/water- reported six consecutive quarters of year-on-year variations negative (each quarter compared to the same period of the previous year)”.

In the midst of the inefficiency of the Cuban government to control the economic crisis, the value of the national currency is increasingly low while foreign currencies continue to increase their price in the informal market.

The Cuban peso is one of the most depreciated currencies in the world, as shown by the data provided by the American academic.

In a constant increase in its value, the price of the dollar in Cuba this Wednesday remains at 200 Cuban pesos (CUP) in the informal market and at 123.60 CUP in the State Exchange Houses (CADECA).

The US dollar (USD) reached this week for the first time the exchange value of 1×200 CUP in the informal market, according to the exchange rate report published daily by El Toque.

This Wednesday, the dollar maintains that price, while the euro falls to 198 CUP, after having also reached 200 pesos on Tuesday.

The freely convertible currency (MLC) rises slightly in price compared to the previous day. Your change in the informal market is 1×196 CUP.

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José Martí
José Martí
Nacionalista cubano, poeta, filósofo, ensayista, periodista, traductor, profesor y editor.

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