Cuba: opening quote of the euro today September 26 from EUR to CUP
Today the euro It is negotiated at the beginning of the day today 25.42 Cuban pesos at the official exchange rateso that it implied a change of 0.47% if compared to the 25.31 Cuban pesos at the official exchange rate of the previous day.
In the last seven days, the euro marks a decrease in 0.58% and in the last year it still maintains a decrease in 1.7%.
Compared to past days, it puts a stop to two consecutive sessions with a flat trend. The volatility figure is lower than the numbers achieved for the last year (8.62%), which indicates that in this last phase it is trending less variations than expected.
The Cuban peso is the currency Legal tender in Cuba and used by the majority of the population, it is divided into 100 units called centavos.
As of January 1, 2021, the cuban convertible peso as legal tender, since it was the most accepted in the payment of obligations and although it still has legal value, it is not received in the payment of products and services.
In 2002 the exchange rate was 21 Cuban pesos for each convertible peso, but later it was devalued until it reached 26 Cuban pesos per convertible peso. As for the dollar, it is equivalent to 25 Cuban pesos and one convertible Cuban peso.
It was not until April 2005 when The government agreed to the devaluation of the Cuban peso with respect to the convertible by changing it to 25 Cuban pesos per convertible peso and the latter remained at parity of 1:1 with respect to the dollar plus a 10 percent tax, this means that for each dollar exchanged, 12% of its value.
That's how it was until January 1, 2021 when “Day Zero” was agreed of monetary unification, although for many the disappearance of the convertible peso was seen as a devaluation, for others it was just a measure to catch up with the 24 Cuban pesos for each dollar.
Consequently, the demand for foreign currency also pushed the black exchange market in which one dollar was sold for every 100 convertible Cuban pesos.
Currently there are coins of 1, 2, 5 and 20 centavos and 1, 3 and 5 pesos; while in bills there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.
On the economic front, the Minister of Economy himself, Alejandro Gil Fernández, recognized that in 2022 the projected levels were not reached due to the impossibility of achieving the expected income from exports.
Likewise, there was a decrease in tourism; as well as an increase in inflation of up to 40%, which had repercussions in an increase in the prices of the basket of goods and services. As the minister clarified, inflation is an effect of the lack of availability of foreign currency.
On the other hand, according to the latest forecasts made by the Economic Commission for Latin America and the Caribbean (ECLAC), after there was progress in 2022 following the crisis due to the coronavirus pandemic, By 2023, a decline or exhaustion of the rebound effect is expected in recovery.
For this year, only 1.3% growth is expected for the region, as result of restrictive monetary policiesgreater limitations in fiscal spending, lower levels of consumption and investment, little ability to contain inflation and more.
For him specific case of CubaECLAC expects there to be a growth of 1.8 percent while local authorities predict that they can achieve three percent.
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