Tracking the daily update of the dollar price in the informal Cuba market
As a result of the economic sanctions imposed by the United States, the Cuban economy has been faced with various challenges, including a scarcity of foreign currency. The Cuban government has tried to counter this by implementing measures such as a two-currency system and increasing restrictions on the purchase and sale of foreign currency. However, these measures have led to a thriving informal market for foreign currency, particularly for the US dollar. In this article, we will explore the daily update of the dollar price in the informal market in Cuba.
Introduction
It is no secret that the Cuban economy heavily relies on imports, which require foreign currency. This has created a high demand for foreign currency in the country. However, the formal exchange rate set by the government is significantly lower than the rate on the informal market. As such, many citizens turn to the informal market to buy foreign currency, especially the US dollar.
Body
Currently, there are various sources for tracking the daily update of the dollar price in the informal market. One such source is the Cubanet news site, which provides daily updates on the dollar price. According to this source, the dollar price has been steadily increasing over the past few months. For instance, on June 1, 2021, the dollar was selling for approximately 70 Cuban pesos on the informal market. As of August 1, 2021, the price had increased to around 80 Cuban pesos.
It is worth noting that prices on the informal market are subject to sudden changes and can vary significantly depending on the location and the seller. This is because the sellers on the informal market are not subject to the same regulations and restrictions as those in the formal market. As such, the daily update of the dollar price on the informal market can be very volatile.
Moreover, the high demand for dollars on the informal market has led to the emergence of various illegal practices, such as counterfeit currency and scams. Therefore, people looking to purchase dollars on the informal market should exercise caution and verify the authenticity of the currency.
Conclusion
In summary, the daily update of the dollar price in the informal market in Cuba is an essential aspect to consider for anyone planning to buy or sell foreign currency. The increasing demand for dollars on the informal market has led to a volatile environment where prices can fluctuate significantly. Moreover, illegal practices such as counterfeit currency and scams are prevalent on the informal market. Therefore, it is crucial to exercise caution when buying or selling foreign currency on the informal market.
