On February 23, 2024, the U.S. Dollar and the Euro increased in value (310 and 315 (CUP)) against the Cuban Peso. This results in shrinking the value of the Peso by the day.[1]
Some Cubans painfully joked, “To infinity and beyond, go up, go up to the clouds.” Others joke that when the Cuban Government adopts its “great” economic package, the prices of these foreign currencies will accelerate upward.
According to a Cuban economist, Emilio Morales, the Government’s abolition of its adjustment plan is “a desperate action to avoid an imminent large-scale social outbreak, which would surely be joined by dissatisfied partisan militants and a large number of dissatisfied military personnel.”
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[1] ‘To infinity and beyond’: new records for the dollar and euro in the Cuban informal market, Diario de Cuba (Feb. 23, 2024).
