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The floating rate of the Cuban government remained unchanged this Friday, December 19, compared to the previous day, as reported by the official outlet Cubadebate, citing data from the Central Bank of Cuba (BCC).
The US dollar remains at 410 Cuban pesos (CUP), the euro at 480.77 CUP, the Canadian dollar at 297.57 CUP, and the Russian ruble at 5.14 CUP. This marks the second day of implementation of the new exchange rate scheme announced by the BCC, which established a three-segment system with different rates: a fixed rate of 1x24 for essential state operations, another of 1x120 for mixed and exporting companies, and a floating rate for individuals and non-state management forms.
The new model was presented on Thursday by the President of the Central Bank, Juana Lilia Delgado, during a television appearance in which she explained that the measure “aims to reverse distortions and encourage a legal and transparent currency market.” Along the same lines, the Director of Macroeconomic Policies of the organization, Ian Pedro Carbonell, acknowledged that “perhaps it’s not what many expected, but it is what will allow the exchange market to function,” he stated to the official media. The announcement was part of the monetary reform that came into effect on December 18.
The Central Bank stated that the floating rate would be updated daily "according to the supply and demand conditions of the market." However, this Friday, the figure remained unchanged, despite informal rates also showing no significant movements.
In practice, most Cubans rely on the informal market to access foreign currency due to the scarcity of cash and the low purchasing power of the Cuban peso.
According to the independent observatory elTOQUE, the exchange rate of the dollar in the informal market remains at 440 CUP, the euro at 480 CUP, and the MLC at 320 CUP, figures that are practically identical to the official rates. The outlet itself details that offers range between 410 and 470 CUP per dollar, depending on the territory.
On social media, the post from Cubadebate regarding the new rates once again sparked hundreds of comments from users who mocked the similarities with the figures from the informal market and the lack of real access to the purchase of foreign currency. Many deemed the measure a "copy" or "official reissue" of the parallel market, pointing out that "after all the criticism of Toque, it ended up the same" or that "the toque is now state-controlled."
Other comments expressed dissatisfaction with the impact on personal income. "I officially earn 10 dollars a month," wrote one user, while another asked, "Where can I buy dollars at 410?" Criticism was also reiterated regarding the lack of cash in banks and the feeling that "they publish figures, but no one can buy."
The introduction of the floating system is part of the Macroeconomic Stabilization Program initiated by the Government, which according to the BCC aims to gradually move towards a potential currency unification. However, the measure has been met with skepticism from the population, which continues to face cash shortages, dollarized prices, and an average salary that barely exceeds 16 dollars per month at the new official exchange rate.
The informal exchange rate continues to be the practical reference for most Cubans, in a scenario where the state supply of foreign currency is minimal and banking operations remain restricted.
The lack of transparency from the Central Bank of Cuba and the absence of verifiable data regarding the actual availability of foreign currency increase public distrust towards the new system, which is perceived as an attempt by the regime to mask the economic crisis and reinforce its control over the currency exchange market.
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