In the 90's a dual currency was implemented in my country Cuba. There was no longer only the CUP (Cuban Peso), but also the CUC (Cuban Convertible Peso). The CUC was equivalent to the USD, and had a fixed exchange rate of 1 CUC = 24 CUP.
The vast majority of the population received their CUP salary and paid for basic products and services with it, while it was necessary to buy CUC to be able to access different services of higher quality, as well as imported products and equipment. For many years we survived with a dual currency and with different exchange rates, since the exchange rate was totally different for companies, 1x1, and this eventually made the economy could no longer withstand this pressure and the wear and tear was felt. The collapse was imminent.
For many years, the country's top management asked economists to try to solve that problem that affected both the macro level and the plate of food that I put in front of me every day at my table. It was a seemingly difficult problem, as it took them a very long time to announce that they would do so.
It turns out that in the middle of the Covid-19 pandemic, when it was not yet completely over, at the end of 2020, they decided to release the news that January 1, 2021 would be the day chosen for the return of monetary unification. It was the death of the CUC. All Cubans who had CUC in the bank would automatically change to CUP and they also gave months so that all those who wanted to change their CUC could do it without any difficulty.
But don't think that we finally had only one currency in the country. On the contrary. Now the CUC no longer existed, but the government saw the need to create another currency, which at that time had no physical backing, called MLC (Moneda Libremente Convertible). Several international currencies could be deposited in this card. So 1 MLC = 24 CUP in the bank. But it turns out that the bank had no liquidity to sell you the MLC, so an external market is created, where the price skyrockets, becoming worth 1 MLC = 200 CUP.
This is the reason why you see in some places that in Cuba the average salary is $4 000 CUP which is the equivalent of $166 USD in the ideal exchange rate, that of the bank. But the reality is that you have to buy the MLC in the street, in the black market. There the MLC is $200 CUP, so your average salary would be $4 000 CUP / $200 = $20 MLC, which is equivalent to $20 USD.
Important: Some figures have been rounded to make calculations easier, but basically this is the general idea.
To give you an idea, if I want to buy salads for dinner, I do it with the CUP I get paid for my monthly work. But if I want to buy, for example, a blender, a refrigerator, a television, a cell phone, a split, etc., I use my CUP. In addition, not only this equipment, but also perfumes, toiletries, toys, and other basic necessities are moving little by little to these stores and it is very difficult to find them in CUP.
Obviously this affects my economy and that of the whole country. It is very difficult to charge in CUP and have to buy basic products in MLC that have a much higher cost.
Let's take as a reference that I would like to buy this 43-inch Samsung TV. I search on Amazon to give you the idea and the price. This TV costs $355 USD. Here in Cuba for sure it will cost me a little more expensive, let's say about $400 USD.
Assuming that my salary is above the average in the country, and that it is $6 000 CUP (a high salary nowadays if you work for the state), by converting the CUP into MLC, I would be charging about $30 MLC monthly, that is, $30 USD monthly. With that money I have to survive the whole month and I might not be able to save even 10% of it. Assuming I don't spend any of my salary, I would have to spend 13 months saving to be able to buy the TV. That's right, 1 year and 1 month to be able to buy it. Logically, it is impossible for me.
A 1-bedroom apartment, in the outskirts of the city, costs about $6 000 USD. That is $1 200 000 CUP, which is equivalent to 200 months, which is the same as 16 years of work.
A Lada car costs at least $15 000 USD. This is $3 000 000 CUP, which is equivalent to 500 months, which is the same as 42 years of work.
How did we get to this point?
Cuba is a country that has been blockaded by the United States for more than 60 years. This makes it full of sanctions everywhere and makes it difficult to trade with other countries, as they fear retaliation and fines from the US. You can agree with the Cuban government or not, or with wanting to be Capitalist and not wanting Socialism, but you cannot deny that the USA, as they say "has us by the finger" and does not let us breathe. It is like having the strongest neighbor in your neighborhood, constantly making your life hell and not letting you talk to anyone else in the neighborhood. So things are more complex.
Then they blame the Socialist system, which is not without errors, like everything else, but I would like to see my country without this blockade that does so much damage. Let us live in peace. If they want to prove that the Blockade is not the cause of our ailments, let them remove it, and that's the end of the excuse.
Because of all this, the only way that many Cubans have been able to get by is through the world of cryptocurrencies. I am very grateful to everyone who has supported me during my journey since I started in 2018. I have found wonderful people who have supported me from minute 1. Thank you all. I have my goals well defined, and I work based on them day after day. Achieving stability and stable income in the world of cryptocurrencies is something that is really complex, but if you work well and with constancy everything is possible.
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Unificación monetaria: ¿Fue la mejor de las decisiones?
En los años 90 se implementa en mi país Cuba, una doble moneda. Ya no solamente existiría el CUP (Peso Cubano), sino que se le incremento el llamado CUC (Peso Cubano Convertible). El CUC era equivalente al USD, y tenía una tasa de cambio fija de 1 CUC = 24 CUP.
La inmensa mayoría de la población cobra su salario CUP y pagaba con el los productos y servicios básicos, mientras que era necesario comprar CUC para poder acceder a diferentes servicios de mayor calidad, así como a productos y equipos importados. Durante muchos años sobrevivimos con una doble moneda y con diferentes tasas de cambio, ya que a las empresas el cambio era totalmente diferente, de 1x1 y esto a la larga hace que la economía no pueda aguantar más esta presión y se sienta el desgaste. El quiebre era inminente.
Durante muchos años la máxima dirección del país les pidió a los economistas tratar de resolver aquel problema que afectaba tanto a nivel macro, como al plato de comida que me pongo al frente todos los días en mi mesa. Era un problema al parecer difícil, ya que tardaron muchísimo tiempo en anunciar que lo harían.
Resulta que en plena pandemia de Covid-19, cuando aún no se había terminado del todo, a finales del año 2020, deciden sacar la noticia que el día 1ro de enero de 2021 sería el día elegido para volver la unificación monetaria. Era la muerte del CUC. Todo aquel cubano que tuviera CUC en el banco, este pasaría automáticamente a CUP y además dieron meses para que todos aquellos que quisieran cambiar sus CUC lo pudieran hacer sin mayor dificultad.
Pero no creas que por fin teníamos una sola moneda el país. Todo lo contrario. Ahora el CUC ya no existía, pero el gobierno se vio en la necesidad de crear otra moneda, y que en ese momento no tenía respaldo físico, llamada MLC (Moneda Libremente Convertible). En esta tarjeta se podrían depositar varias monedas internacionales. Entonces 1 MLC = 24 CUP en el banco. Pero resulta que el banco no tenía liquidez para venderte los MLC, por lo que se crea un mercado externo, donde el precio se dispara, llegando a valer 1 MLC = 200 CUP.
Esta es la razón por la cual miras en algunos lados que en Cuba el salario medio es de $4 000 CUP que es el equivalente a $166 USD en el cambio ideal, el del banco. Pero la realidad es que tienes que comprar los MLC en la calle, en el mercado negro. Allí el MLC te sale en $200 CUP, por lo que tu salario medio sería de $4 000 CUP / $200 = $20 MLC, lo que es equivalente a $20 USD.
Importante: Algunas cifras se han redondeado para facilitar los cálculos, pero básicamente es la idea general.
Para que tengas una idea, si quiero comprar las ensaladas para la cena, lo hago mediante los CUP que me pagan por mi trabajo mensual. Pero si quiero comprar por ejemplo una batidora, un refrigerador, un televisor, un celular, un Split, etc. Además, no solamente estos equipos, ya también hasta perfumes, aseo, juguetes, y otros productos de primera necesidad se están mudando poco a poco para esas tiendas y es muy difícil encontrarlos en CUP.
Evidentemente esto afecta mi economía y la de todo el país. Es muy difícil cobrar en CUP y tener que adquirir productos de básicos en MLC que tiene un costo muy superior.
Pongamos como referencia que quisiera comprarme este televisor Samsung de 43 pulgadas. Busco en Amazon para que tengan la idea y el precio. Este televisor cuesta $355 USD. Aquí en Cuba de seguro me costara un poco mas caro, digamos unos $400 USD.
Suponiendo que mi salario este por encima de la media en el país, y que sea de $6 000 CUP (un salario alto actualmente si trabajas para el estado), al convertir los CUP en MLC, estaría cobrando mensual unos $30 MLC, es decir, $30 USD mensuales. Con ese dinero tengo que sobrevivir el mes completo y quizás no logre ahorrar ni un 10% del mismo. Suponiendo que no gaste nada del mi salario, tendría que pasar 13 meses ahorrando para poder comprarme el televisor. Así es, 1 año y 1 mes para poder comprármelo. Lógicamente, me es imposible.
Un apartamento de 1 cuarto, en las periferias de la ciudad, cuesta unos $6 000 USD. Esto es $1 200 000 CUP, lo que equivale a 200 meses, que es lo mismo que 16 años de trabajo.
Un carro de marca Lada, su precio mínimo es de $15 000 USD. Esto es $2 000 000 CUP, lo que equivale a 333 meses, que es lo mismo que 28 años de trabajo.
¿Cómo llegamos a este punto?
Cuba es un país bloqueado por los EEUU desde hace más de 60 años. Esto hace que estés lleno de sanciones por todos lados y que tenga dificultades para poder comerciar con otros países, ya que estos temen represalias y multas por parte de los EEUU. Puedes estar de acuerdo con el gobierno de Cuba o no, o con querer ser Capitalista y no querer el Socialismo, pero no puedes negar que los EEUU, como se dice vulgarmente “nos tiene puesto del dedo” y no nos deja respirar. Es como tener al vecino más fuerte de tu barrio, constantemente haciendo de tu vida un infierno y no te deja conversar con más nadie en el barrio. Así las cosas, son más complejas.
Después le echan la culpa al sistema Socialista, que no deja de tener errores, como todo, pero me gustaría ver a mi país sin ese Bloqueo que tanto daño hace. Que nos dejen vivir en paz. Si quieren demostrar que el Bloqueo no es la causa de nuestras dolencias, que lo quiten, y se acabó la excusa.
Debido a todo esto, la única forma que hemos tenido muchísimos cubanos de poder salir un poco a flote, es mediante el mundo de las criptomonedas. Yo estoy muy agradecido con todos los que me han apoyado durante mi camino desde el 2018 que comencé. He encontrado personas maravillosas que me han apoyado desde el minuto 1. Gracias a todos. Tengo mis metas bien definidas, y trabajo en base a ellas día tras día. Conseguir la estabilidad e ingresos estables en el mundo de las criptomonedas es algo que es realmente complejo, pero si se trabaja bien y con constancia todo el posible.
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They did the unification at last 5 years later and in the worst moment. The political and economic desitions of the cuban totalitarist goverment are historically nefast.
It is real that the embargo of USA afect, but the main problem is that Cuba goverment does not pay his debts. For that reason even China want the payment in front and don't give Cuba much credit benefits.
The other problem that prevent us having a better view of the Cuban real economy is the lack of transparency and information of the Cuban Goverment about foreing investments and exportantions incomings.
Everything has become complicated. If Trump wins the next elections and tightens the nut more, we are going to eat stone.
I don't think Trump won, but if things don't change inside, no matter what happend with embargo we are screw anyway.
Imagine with actual situation goverment keep investing in build hotels (that will remain emptys) than invest in agriculture.
As I told you, everything is very complicated. Opinions we have of all types and colors. Right here at home we are very few and we all have a different opinion about what to buy, what to eat today, what we do with the money we have, etc. Imagine running an entire country. I just hope that things improve and that to finish off this year no hurricane comes. Cross your fingers.