Cuban peso falls to historic low of 500 per dollar on informal market
Washington's oil siege on Cuba has generated intense uncertainty on the island, which was already in a deep economic crisis for six years with shortages of basic goods.
TL;DR
- The Cuban peso hit a record low of 500 per US dollar on the informal market.
- The peso has depreciated 15% against the dollar year-to-date.
- US oil sanctions have increased uncertainty in Cuba's already struggling economy.
- The informal market rate is widely used and referenced by independent economists.
- Official exchange rates have been adjusted multiple times since 2021, but a gap remains with the informal market.
- The independent media outlet El Toque, which publishes the reference rate, has faced pressure from Cuban authorities.