Dollar: closing price today February 15 in Cuba

He American dollar was listed at the close of 24 Cuban pesos at the official exchange ratewhich implied a variation of 0.11% compared to the 23.97 Cuban pesos at the official exchange rate of the previous day.

Looking at last week’s data, the American dollar gets a promotion from 0.2%so that last year it still maintains an increase in the 0.11%.

Compared to previous days, it added two consecutive positive sessions. Volatility for the past seven days has shown a significantly lower balance than the volatility shown in last year’s data, so we can say that it is experiencing a period of greater stability lately.

Overview of the Cuban Peso

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.

Since 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 accepted in the payment of products and services.

In 2002, the exchange rate was 21 Cuban pesos for each convertible peso, but it was then devalued until it reached 26 Cuban pesos for one convertible peso. As for the dollar, it is equivalent to 25 Cuban pesos and one convertible Cuban peso.

It was not until April 2005 that the administration accepted the devaluation of the Cuban peso against the convertible by changing it to 25 Cuban pesos per convertible peso and the latter remained at parity of 1: 1 against the dollar plus a tax of 10 percent, with this, we have that for each dollar changed, 12% of its value.

It was like that until January 1, 2021, the date on which “Day Zero” was agreed of monetary unification, if for many the extinction of the convertible peso was perceived as a devaluation, for others it was only a measure to catch up with the 24 Cuban pesos for one dollar.

Consequently, the demand for foreign currencies also pushed the black exchange market where one dollar was sold for 100 convertible Cuban pesos.

Currently there are coins of 1, 2, 5 and 20 cents and 1, 3 and 5 pesos; while in the banknotes there are 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1000 pesos.

On the economic level, the Minister of Economy himself, Alejandro Gil Fernández, acknowledged that in 2022 the projected levels were not reached due to the impossibility of achieving expected export revenues.

Likewise, there has been a decrease in tourism; as well as an increase in inflation of up to 40%, which resulted in a rise in the prices of the basket of goods and services. As the Minister pointed out, 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 (Cepal), after progress was made in 2022 after the crisis caused by 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, because result of restrictive monetary policiesgreater limitations on budget spending, lower levels of consumption and investment, weak ability to contain inflation and more.

For him special case of CubaECLAC expects growth of 1.8% while local authorities expect it to reach 3%.