Barely enough for a packet of detergent

The Cuban national currency continues to depreciate against the appreciation of the euro and dollar in the informal market.

The minimum wage on the island is increasingly inadequate, barely allowing even the purchase of a package of detergent. Let’s look at it in detail.

As we already said, this Wednesday the Cuban currency exchange market started with a rise in the euro. Daily rate per representative the touchThe European currency has experienced a new historical record, reaching a price of 340 Cuban pesos per unit.

Minimum wage in Cuba: barely enough for a package of detergent.

With this change, the Cubans’ minimum wage (2100 CUP) represents €6.18. And what can you buy with that amount in Cuban stores in MLC? Here are some articles:

– 1 liter Telus Sunflower Oil = $5.11 USD

– Seasoned Mixed Hash, 1 kg = $6.04 USD

– 500 grams smoked bacon = $5.43 USD

– Mikal Detergent Powder 910g = $6.24 USD

The reality facing Cubans is becoming increasingly worrying. A Study Cuban economist Pedro Monreal has revealed that the salaries of the “working elite” in Cuba, with an average of 6,281 CUP, are barely 3% above the cost of basic consumption. This means that even the highest paid workers in the country do not have enough income to meet their basic needs.

This analysis highlights the dire economic situation of Cubans, even those in jobs considered high-paying. The reality is that the average wage is not enough to cover the basic basket of goods and services, creating a deep purchasing power crisis.

And although the current rate of the euro and dollar in Cuba is only a representative sample of what happens in buying and selling groups outside the state, the truth is that the government cannot meet the huge demand for foreign currency in Cuba. population.

CADECA: The only legal way to obtain foreign currency with borders.

In Cuba, the only legal way to obtain foreign currency is through CADECA offices. At these offices, you can exchange 100 US dollars or its equivalent in MLC (freely convertible currency) for your identity card. The currency provided will be the currency available at the time of the operation.

The process to obtain MLC is completed through ticket application. The application will allow you to reserve an appointment for currency exchange at the CADECA office.

However, it is important to note that appointments can take months, making access to MLCs difficult for many Cubans, leaving the informal market as the only option.

The devaluation of the Cuban peso against the euro and dollar in the informal market is a reality that severely affects the island’s citizens. The minimum wage, which was already inadequate to meet basic needs, is now barely enough to buy a package of detergent.