The Central Bank of Cuba (BCC) implemented on Tuesday the largest daily increase in its exchange rate since the establishment of the "exchange segments" system, in an attempt to align more closely with the actual value of currencies in the market.
The official dollar rose from 419 to 426 Cuban pesos (CUP), an increase of 7 pesos, while the official euro climbed from 485.87 to 496.12 CUP, a rise of 10.25 pesos.
However, the adjustment doesn’t change the overall picture. The informal market continues to impose its own rules: there the dollar remains at 490 CUP and the euro at 530 CUP, according to the data published this Tuesday by elTOQUE.
The gap between the two exchange rates remains vast: 64 pesos in the case of the dollar and 34 in the case of the euro, confirming that the so-called "floating rate" of the BCC only floats on paper.
The highest leap... but still not enough
Tuesday's increase is the sharpest since the Cuban regime launched its new monetary scheme in December, a measure that promised to reflect the "supply and demand of the market" but has, until now, shown a slow, controlled movement with no practical impact.
Economists consulted by CiberCuba agree that this new increase aims to signal adjustments in response to pressures from the informal market and public criticism, but without taking on the political costs of a deeper devaluation.
Two economic worlds
While the Central Bank publishes its "current rate for daily operations," Cubans continue to buy foreign currency on the streets at much higher prices.
The gap between official figures and the real economy not only reflects a monetary discrepancy but also a structural loss of trust.
Today's leap is, at the same time, an implicit acknowledgment: the BCC does not set the dollar's price; it merely pursues it.
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