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Cuba achieved a historic economic recovery in early 2021, with news of the monetary system
After 62 years of the Cuban revolution, the country begins with reforms starting in 2021 that have a great impact on the local economy. The anniversary of the Revolution of January 1, 1959 was marked as the ‘Zero Day’ of the monetary system in the history of Cuba.
Starting this Friday, the first day of 2021, Cuban Pesos
Henceforth, the country’s single currency. $ 1 equals 24 Cuban pesos. There is the Cuban convertible, which was equivalent to the US dollar and was also operational.
With the integration of the exchange system, Cuba
It increases the prices of food, services, basic goods, as well as wages and pensions. In short, it is a kind of new currency, in which everything has a new value. According to analysts, Economic recovery
It is the largest since the 1990s.
The measures come at a difficult time for the island, which faces an economic crisis due to epidemics and sanctions imposed by the government. Donald trump
. According to the Cuban government, the economy declined 11% in 2020. The epidemic in the United States, and resulted in a sharp drop in tourism – and the crisis in Venezuela complicated the situation in Cuba, which faced severe currency valuations.
The Cuban people fear that the changes imposed by the economic reforms will make their lives more difficult, with insufficient to compensate for the increase in the prices of food and basic foods due to the increase in salaries and pensions. The state media themselves acknowledge that the measures are likely to be effective and may complicate matters in the short term, requiring abandonment and action.
