Cuba’s national currency continues to devalue once morest the rise of the euro and the dollar in the informal market.
The minimum wage on the island is becoming less and less, barely allowing the purchase of a package of detergent. Let’s see it in detail.
As we already said, this Wednesday the Cuban currency exchange market dawns with the euro on the rise. According to the representative daily rate of The touchthe European currency has experienced a new historical record, reaching a price of 340 Cuban pesos per unit.
Minimum wage in Cuba: barely enough for a package of detergent.
With this change, the minimum wage of Cubans (2100 CUP) represents €6.18. And what can you buy with that amount in the Cuban stores in MLC? Here are some articles:
– 1 L of Tellus Sunflower Oil = $5.11 USD
– Seasoned mixed picadillo, 1 kg = $6.04 USD
– 500 g of smoked bacon = $5.43 USD
– Mical detergent powder 910 g = $6.24 USD
The reality of Cubans is increasingly distressing. A study by Cuban economist Pedro Monreal reveals that the salary of the “working elite” in Cuba, with an average of 6,281 CUP, barely exceeds the cost of basic consumption by 3%. This means that even the highest-paid workers in the country do not have enough income to cover their basic needs.
This analysis highlights the serious economic situation faced by Cubans, even those with jobs considered high-paying. The reality is that the average salary is not enough to cover the basic basket of goods and services, which generates a deep purchasing power crisis.
And although the current rate of the euro and the dollar in Cuba is only a representative sample of what happens in the buying and selling groups, outside the State, the truth is that the government cannot meet the great demand for foreign currency in Cuba. the population.
CADECA: the only legal way to acquire foreign currency, with limitations.
In Cuba, the only legal way to acquire foreign currency is through the CADECA offices. In these offices, you can exchange up to 100 US dollars or the equivalent in MLC (Freely Convertible Currency) for your identity card. The currency that will be provided will be the one available at the time of carrying out the operation.
To acquire MLC, the process is done through the Ticket application. The application will allow you to reserve an appointment to exchange currency at a CADECA office.
However, it is important to keep in mind that appointments can take months, making access to the MLC difficult for many Cubans, leaving the informal market as the only option.
The devaluation of the Cuban peso once morest the euro and the dollar in the informal market is a reality that hits the island’s citizens hard. The minimum wage, which was already insufficient to cover basic needs, is now barely enough to buy a package of detergent.
#barely #packet #detergent
