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The recent opening of the supermarket at 3rd and 70 in Havana has sparked controversy due to its policy of accepting only cash payments in US dollars or through cards linked to foreign currency accounts.
The growing demand for dollars to make purchases in these stores has put pressure on the informal currency market, where the US dollar has seen a significant rise in exchange rates over the last 24 hours.
According to data from the independent site elTOQUE, the US dollar (USD) has risen from 315 to 320 Cuban pesos (CUP), while the euro (EUR) has increased from 320 to 325 CUP.
This increase in exchange rates directly impacts Cuban citizens, who are facing difficulties accessing foreign currencies essential for purchasing basic goods.
Moreover, sudden changes in exchange rates erode the purchasing power of remittances sent from abroad, on which many Cuban families rely.
Evolution of the exchange rate
The supermarket at 3rd and 70, part of the Gran Muthu Habana Hotel, offers a wide variety of domestic and foreign products, including food, beverages, personal care items, and appliances.
However, the prices of these products are high; for example, a 500-gram panettone is sold for 15.20 dollars, an amount that exceeds the average monthly salary in Cuban pesos.
The opening of this supermarket has intensified the debate on the dollarization of the Cuban economy and the resulting social inequalities.
The persistent devaluation of the Cuban peso and the lack of confidence in the national currency have driven more people to seek refuge in foreign currencies, exacerbating the economic crisis in the country.
Experts warn that this trend could continue unless effective economic measures are implemented to stabilize the national currency.
Frequently Asked Questions about the Impact of the New Supermarket on Cuba's Currency Market
Why has the opening of the supermarket at 3rd and 70 caused the dollar price to skyrocket in Cuba?
The new supermarket only accepts cash dollars or cards linked to foreign currency accounts, which has increased the demand for dollars in the informal market, leading to a rise in its exchange rates. This phenomenon has driven the dollar from 315 to 320 Cuban pesos in just one day.
What are the consequences of partial dollarization on the Cuban economy?
Partial dollarization has intensified the demand for foreign currency, worsening economic inequalities in Cuba. Policies that prioritize sales in dollars leave the majority of the population without access to basic products, as their salaries are paid in Cuban pesos, a currency that is continually devaluing.
How does the increase in the dollar price affect remittances sent to Cuba?
The devaluation of the Cuban peso erodes the purchasing power of remittances, as families receive fewer pesos for the same amount of dollars sent from abroad. This further complicates the acquisition of goods and services in an increasingly dollarized economy.
What products does the new supermarket at 3rd and 70 offer and what are its prices like?
The supermarket offers a variety of national and international products, including food, beverages, toiletries, and appliances. However, the prices are high; for example, a 500-gram panettone costs $15.20, which exceeds the average monthly salary in Cuban pesos.
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