The State has just announced a new exchange rate for the dollar and other currencies, so
we are going to see in this video what those exchange rates are and what is
likely to happen in Cuba in the coming months. I am going to make this video
as short as possible and without technicalities so that it can be perfectly understood.
Yes, the State has set new exchange rates for some foreign currencies.
The most interesting thing is that he is going to start buying dollars; Basically, what they are going to
do is go back to the business from which they had retired. They are not going to sell MLC, they are not going to sell
dollars, for the moment, and in good Cuban, when you say "for the moment", you already know what that means...
An important detail is that they are not going to accept dollars for the cards either . in MLC. New
exchange rate: 120 pesos per dollar, but that is not what they are going to pay you, they are going to pay you 110.119 pesos for
one euro, 5.67 for one Mexican peso, and so on, what you see in this table. These
are exchange rates that are going to be variable, they are going to change, they are not going to be fixed all the time.
Consequences of this: inflation just around the corner. When you think they are going to do something that
will benefit people, they always surprise you and do the opposite. Basically, what
the State has done has been to reintroduce itself into the market to compete for those currencies that
the private sector obtained. It can almost be said that in Cuba there are three exchange rates: the official one of 1 for 24, the
black market one, where the dollar cost 115 pesos and the euro 125, and the other, the one that taxi drivers and
rental houses mostly paid him . foreigners when they came with the currency. Now these are going
to have to pay more, because when the State offers to buy foreign currency at a higher price,
the foreigner, for reasons of economy, and for a matter of trust, is going to go change
to the *cadeca as soon as they enter by airport. So, taxi drivers cannot pay 90 pesos (*cadeca = exchange houses)
as they were doing until now for one dollar, for one euro, they have to pay more than 110, likewise
with rental houses and restaurants, and in Consequently, when they go to sell, they will
sell more expensively. So the price of foreign currency in the informal market is going to rise and
everything must also rise in price, because as you know, the Cuban peso
is practically useless here. With higher inflation, life becomes more difficult for those who earn in
national currency, the average Cuban. The exodus may increase, although now leaving Cuba
will become more expensive, for those people who bought coins to leave Cuba, it will cost more.
What would have been...
I think that an intelligent measure, and perhaps you share this opinion with me, would be
that they would have put the dollar at perhaps 80 to, in some way, take advantage of that confidence that
foreigners have in banks and entities state. It is always much more
risky for a foreigner to change on the street, even if it is with their host. They will always prefer to change in a
bank, but when there is a big difference in what they get on one side and what they get on the other,
they will go to whoever pays the best. But if the exchange rate had been relatively
close to what it is now, a little less, this would have forced the black market to
also lower prices, pay less and this would have made the opposite of
what I just said happen, everything was going to come down in price, life was going to be a little, a little
more affordable, the economy was going to be a little more made up. But unfortunately, it is not so.
Who benefits from this?
Who benefits from this measure? The State, only the State. Even so, it is going to be
difficult because now taxi drivers and rental houses, etc., are going to pay even more,
for dollars, for euros, so it will still be difficult for them to capture the
amount of dollars that they want to capture. The effect is already beginning to be seen, in what I had been
walking down the street in only half an hour, almost everything I am going to talk about was about this
measure, negative things, nonconformity and in social networks the
result is already beginning to be seen: euro at 140, dollar at 125 and 130, so nothing, let me know in the comments
what you think of what you just heard in this video, what you think of this measure.
I will be very attentive to read all your opinions. See you in a next video.