The US Dollar Breaks a New Record in Cuba

[El Presidente]

 

HAVANA TIMES – The US dollar set a new record in Cuba on Monday by trading at 275 pesos on the informal foreign exchange market, which deepens the strong depreciation of the local currency since the economic reform of 2021.

CONTINUED

[SCgarman]

Time to double cigar prices again to make up for monetary depreciation...🙄

[NSXCIGAR]

3 years, 1,100% inflation, 367% inflation per year. 

Still way below Weimar Germany's inflation rate of about 400,000%. 

[Corylax18]

5 hours ago, El Presidente said:

HAVANA TIMES – The US dollar set a new record in Cuba on Monday by trading at 275 pesos on the informal foreign exchange market, which deepens the strong depreciation of the local currency since the economic reform of 2021.

CONTINUED

And its rapidly on its way to 300, or more. I wouldn't be surprised if it hit 300 before Easter. The typical "High Season" for travel has been anything but, so far.

No tourists means no supply of foreign currency, which puts upward pressure on the rate. 

[Marco_011t556]

Need roll faster and export…

[Cigar Surgeon]

On 1/16/2024 at 2:25 PM, NSXCIGAR said:

Still way below Weimar Germany's inflation rate of about 400,000%. 

Remind me again ... how did that turn out in the end? 😱

  

On 1/16/2024 at 4:59 PM, Corylax18 said:

And its rapidly on its way to 300, or more. I wouldn't be surprised if it hit 300 before Easter. The typical "High Season" for travel has been anything but, so far.

No tourists means no supply of foreign currency, which puts upward pressure on the rate. 

Meanwhile Canadian tourists to Varadero:  https://www.cbc.ca/news/canada/calgary/vacationers-complaints-cuba-resort-1.7084515

[avitus]

11 minutes ago, Cigar Surgeon said:

Meanwhile Canadian tourists to Varadero:  https://www.cbc.ca/news/canada/calgary/vacationers-complaints-cuba-resort-1.7084515

You get what you pay for. Right now it cost below $835CAD/$620USD for the 7 days all inclusive including flight from Toronto and transfer to the hotel.

If you want your fridge stocked with alcohol every day go to the brand new Melia Internacional for $1,289CAD/$960USD, problem solved.

[Corylax18]

3 hours ago, Cigar Surgeon said:

Remind me again ... how did that turn out in the end? 😱

  

Meanwhile Canadian tourists to Varadero:  https://www.cbc.ca/news/canada/calgary/vacationers-complaints-cuba-resort-1.7084515

Yikes, 4.5 stars, huh? Haha I've heard people say to subtract 2 stars (the article says 1.5) compared to other countries. But I've seen 2 star hotels in far better shape than that place. I've never been to Varadero, but I have stayed in a couple Cuban hotels, none have been this bad. One still used actual keys though, I loved that. 

3 hours ago, avitus said:

You get what you pay for. Right now it cost below $835CAD/$620USD for the 7 days all inclusive including flight from Toronto and transfer to the hotel.

If you want your fridge stocked with alcohol every day go to the brand new Melia Internacional for $1,289CAD/$960USD, problem solved.

That is a crazy cheap price, so I do agree with you, to an extent. However, I stayed at an all inclusive on the western tip of the island that was only $40 bucks a night. It had a toilet seat and 2 comfy mattresses. The food was horrible, but pretty much on par with the food at most government run hotels/restaurants.  

[NSXCIGAR]

On 1/16/2024 at 3:59 PM, Corylax18 said:

And its rapidly on its way to 300, or more. I wouldn't be surprised if it hit 300 before Easter.

I'll be there next week and I'm already being told 290-ish, so forget Easter. 

[Corylax18]

10 hours ago, NSXCIGAR said:

I'll be there next week and I'm already being told 290-ish, so forget Easter. 

Wow. Great for us, but horrible for regular Cubans. El Toque has already moved their rate up to 278, in three days. At that pace it will hit 300 hundred before the middle of February.