Dozens of Cubans gathered this Tuesday outside the official financial branches of Havana to buy dollars and euros on the first day of the reopening of the exchange market, which was closed for two years.
The Cuban population will be able to acquire up to 100 dollars a day or its equivalent in other convertible currencies such as: euros, Mexican pesos and pounds sterling.
With this decision, the Cuban dictatorship seeks to control the private currency market and steal the dollars that Cubans now manage without ties to the dictatorship. The high demand for foreign bills in order to emigrate, shot the price of the dollar well above the value that the dictatorship placed on the Cuban peso. The regime was never able to sell dollars at 24 pesos because it did not have a way to support that value, this triggered inflation in all areas of Cuban life.
This is the second attempt by the Cuban regime to stabilize the weakened exchange market in Havana, which began at the beginning of the month when the authorities announced that they would acquire foreign currency from individuals at a price similar to that of the black market, that is, 110.40 Cuban pesos. per dollar at that time.
However, the regime maintained the official rate of 24 Cuban pesos per dollar for the operations of state companies, the basis of the island’s economy. Yet another proof that the Cuban economy is in a deep crisis with no solution and that production on the socialist island is zero.
“I want them so I can buy jam for my grandchildren, I hope that everyone who can save something or struggle to acquire it can get a little foreign currency to solve problems,” said Maricela Prado, a 62-year-old state worker who was among the first to buy euros at an exchange house in the center of Havana. Something that the dictatorship has wanted to hide for the last two years; Cuban children do not have access to sweets in Cuban pesos and parents do not have a way to acquire dollars.
Since the beginning of 2021, when a monetary reform was initiated to eliminate dual currency, the authorities stopped selling dollars and other currencies to the population to line their pockets like every good communist does; enrich themselves with the pain of the people.
The officials reported then that the country did not have foreign currency to sell to the people in the context of a deep economic crisis derived from the mismanagement of the communist leadership and to which was added the null productivity of the national industry.
Although the official rate was set at 24 pesos per dollar at the beginning of 2021, since there was no offer, the US currency and other currencies began an escalation that reached 120 Cuban pesos per dollar on the black market at the beginning of this month.
“These are insufficient and partial measures and instead of leading to the solution of the economy’s problems, they prolong the serious crisis that has lasted more than three decades,” said the economist and professor at the Javeriana University of Cali, Mauricio de Miranda.
Cubans seek foreign currency to recharge debit cards that allow them to buy basic foods in specialized stores. Also to emigrate abroad especially to the USA trying to escape from the lack of freedoms
As foreign exchange on the black market became more expensive, the prices of food purchased in special stores and supplies brought from abroad increased, hitting the pockets of the population that has been mired in a food crisis for 63 years.
Last Monday, the deputy prime minister and head of Economy and the director of the Central Bank of Cuba reported on television that as of this Tuesday, 100 dollars per day per person would be sold in 37 authorized exchange houses at a rate of 123.60 pesos per person. dollar.
The officials explained that only the amount that the branch had collected the previous day would be sold, giving shifts to the population.