Cuban Currency Hits Record Low

CUBA – The Cuban peso plunged to a record low of 400 to the dollar on the informal market Monday, amid rising inflation, shortages, and deteriorating infrastructure that are stoking social tensions.

The currency has lost nearly 25% of its value this year, dropping from 305 to the dollar in January, according to Miami-based tracker El Toque.

President Miguel Díaz-Canel recently told the National Assembly that the government has “been forced to accept” partial dollarization, a policy critics say is widening inequality, while officials note that roughly 40% of Cubans still lack access to foreign currency.