Euro reaches 290 pesos

[El Presidente]

 

During the hours of applying for the package in Cuba, the euro reaches 290 pesos

 

She reached 290 Cuban pesos (CUP) this Saturday, the highest number ever seen on the island. This is just a preview of what may happen when, starting February 1, the government applies the increase in the price of gasoline and the dollarization of its marketing, which is the star measure of its announced economic package.

According to independent media At the recently published representative exchange rate, the US dollar traded at 284 CUP, another record. The increase of the euro in relation to the exchange rate on Friday was three pesos, while the dollar increased by two. MLC stays at 250 CUP for days, according to the instrument itself for measuring the value of these currencies in Cuba.

 

The CUP was exchanged at 265 per dollar on December 31. That means that in the 27 days of January, it decreased by 19 pesos. To use a margin of comparison, in January 2023, each unit of US currency was worth 160 pesos, each euro was worth 165, and the MLC was worth 157, marking a historical record since then.

The above is just a symptom of the collapse of the Cuban economy, the increase in the price of consumer goods, and the free fall of the purchasing power of the island’s inhabitants.

On January 16, to measure the rate of depreciation of world currencies, academic Steve Hanke pegged CUP with a fall of 37.09% since January 2023. This is considering the already exceeded exchange rate of 275 pesos for one dollar. At that time, the Cuban peso was the 12th-lowest value of money on the planet, the Johns Hopkins University economist showed.

The above happened after the regime announced the application of a large economic package that mainly consists of raising the prices of services such as transportation or electricity. The measure that raises the greatest uncertainty is, however, the increase in the price of gasoline and diesel and the dollarization of their sale.

Inflation in Cuba, according to official figures, closed 2023 with an annual increase of 34.34% in the formal market. This is mainly due to the increase in prices of restaurants, transportation, and food, reports the state of the National Office of Statistics and Information (ONEI).

The consumer price index (CPI) also increased by 3.39% in December compared to the previous month. By category, year-on-year growth in restaurants and hotels (47.18%) stood out, followed by transportation (37.52%) and food and non-alcoholic beverages (36.36%), traditionally the most inflationary.

Although the package does not begin until next February 1, its effects are already felt in the pockets of Cubans: the price of food and the fees charged by transporters have increased, said the Cubans on the island. They will continue it.

 

[NSXCIGAR]

The Cubans are getting ready to be bent over and take the large package. 

[Corylax18]

I have a feeling they could republish this article just about everyday for the foreseeable future. Just change the numbers to the new record. 

On 1/27/2024 at 4:15 PM, VeguerosMAN said:

Perhaps the Cuban government is trying to replace pesos with dollar, like Argentina. Looks like they want to bring more investors to the island.

Their stated goal is the exact opposite of that. They want to suck as much hard foreign currency out of the people's hands as possible. So that the government and military can "invest" it in keeping their own standards of living as high as possible. They tried first by eliminating the CUC. That didn't work. Then they tried an artificial adjustment in the CUP exchange rate. That didn't work. Then they tried sucking hard currency out of the economy with the MLC. That didn't work. Now they are trying this new USD denominated Credit card. It wont work. 

Its like watching a cat play piano. No matter how much practice they have, they simply don't have the ability or mental capacity to run a functioning economy. Nobody in a position to make any real change got there because they are smart or good at what they do. They got there because they where the best parrots in the jungle. Repeating what they where supposed to repeat, when they where supposed to repeat it. 

https://www.firstpost.com/world/dollar-detox-time-to-ditch-the-dollar-says-cuban-president-12678672.html

[Corylax18]

2 hours ago, VeguerosMAN said:

Looks like history might repeat itself in Cuba and over throw the government. Didn't Batista try to bring foreign investors and money into the island just like what they are doing right now and eventually got overthrown by Fidel? 

It's a bit more complicated than that. But generally, yes. However, the Castros have pacified the current citizens to a level that never happened under Batista. Raul and the rest of the few remaining revolutionaries have to die before any meaningful change will even start happening in Cuba. Batista was a bad person, who was financed by the mob. However regular Cubans got a much bigger piece of the pie at that time and the mob built many of the hotels that the Cuban government (but not the citizens) still profit from today. Under Batista the country functioned at a basic level at least. Like Fidel, Batista had the military on his side and was legitimately elected to the presidency once. Both of them went sideways from there. I HIGHLY recommend you read "Havana Nocturne" by TJ English, its a very, very good depiction of what happened in the 40s and 50s in Cuba. Its only 8 bucks on Amazon right now and its worth every penny of that. 

https://www.amazon.com/s?k=havana+nocturne&hvadid=262855670368&hvdev=c&hvlocphy=9028794&hvnetw=g&hvqmt=e&hvrand=3262775690195141887&hvtargid=kwd-301734679375&hydadcr=22534_10353871&tag=googhydr-20&ref=pd_sl_63w6k47j9y_e

[Corylax18]

14 minutes ago, VeguerosMAN said:

Look at Vegas, Mob City.  It's thriving.

Vegas hasn't been "Mobbed up" for Decades. Its all corporate now. There are really only two Casino operating companies on the strip and one land lord, who doesn't even pay taxes. MGM Resorts and Caesars Gaming operate all the strip casinos except for 4 (Resorts World, Fountain Blue, Wynn/Encore and the Casino Royale) and Vici properties owns all of the Casinos they operate(Except for the Cosmopolitan, its owned by Panda Express) and they lease the operations to the gaming companies. There are some tribal and smaller owners downtown and through out the rest of the valley, but they just own the small "locals" casinos. 

https://en.wikipedia.org/wiki/Vici_Properties

[porkchop]

2 hours ago, Corylax18 said:

I HIGHLY recommend you read "Havana Nocturne" by TJ English, its a very, very good depiction of what happened in the 40s and 50s in Cuba. Its only 8 bucks on Amazon right now and its worth every penny of that. 

https://www.amazon.com/s?k=havana+nocturne&hvadid=262855670368&hvdev=c&hvlocphy=9028794&hvnetw=g&hvqmt=e&hvrand=3262775690195141887&hvtargid=kwd-301734679375&hydadcr=22534_10353871&tag=googhydr-20&ref=pd_sl_63w6k47j9y_e

Really enjoy TJ English. Read The Westies in a few days. 

[Corylax18]

29 minutes ago, porkchop said:

Really enjoy TJ English. Read The Westies in a few days. 

I recently purchased, but haven't had the chance to read "The Corporation", its about the "Cuban Underworld" in south Florida. From what I've heard, its a less sensationalized and broader story along the lines of Scarface. I just finished "Close but No Cigar" by Stephan Purvis. That was a real eye opener. 

https://www.amazon.com/dp/0062568957/ref=pe_386300_440135490_TE_simp_item_image

[El Presidente]

49 minutes ago, VeguerosMAN said:

Is it possible that JFK and his brother were assassinated by the Mob because he didn't take action against the Castro regime? They invested a lot of money in Cuba and lost it ALL when Castro took over. The mafia contributed a lot of campaign money for the Kennedys. After all, JFK's father was in the mob and made fortune in the prohibition era. 

You need to warn members before such posts. It gives us time to prepare and put on our aluminum foil hats 

[El Presidente]

8 hours ago, Corylax18 said:

 

Its like watching a cat play piano. No matter how much practice they have, they are simply don't have the ability or mental capacity to run a functioning economy. Nobody in a position to make any real change got their because they are smart or good at what they do. They got their because they where the best parrots in the jungle. Repeating what they where supposed to repeat, when they where supposed to repeat it. 

 

Great post