Peso Plummets: Cuban Currency in Crisis, Down Over 20% in 2023

By Lola Coin Jun 26, 202366Views

The Cuban peso has experienced a significant decline in value, reaching an all-time low of 200 per dollar, causing it to depreciate by over 20% in 2023 and more than 50% in less than a year. This decline has negatively impacted the purchasing power of Cuban salaries, which rarely exceed $25 or 5,000 pesos per month. The depreciation is occurring at a time when the country’s leader, Miguel Diaz-Canel, is advocating for an alternative to the U.S. dollar along with other world leaders. Pavel Vidal, a former economist at the Cuban central bank, believes that the peso’s depreciation has led to increased impoverishment among the population. Despite some market reforms, Vidal argues that they have not been successful in boosting domestic production or controlling inflation. Cuban officials, including President Diaz-Canel, attribute the country’s economic woes to U.S. sanctions imposed in the 1960s.

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