VOICED : Cubanos preocupados por la reforma económica en la isla

Cuba has initiated an economic reform that includes a 525% increase in the minimum wage, raising it from $17 to $87. However, this is accompanied by a 160% rise in prices, causing concern among residents about the cost of basic goods and electricity. The reform also involves the elimination of the convertible peso, leaving the Cuban peso (CUP) as the sole currency, with an exchange rate of 24 CUP to a dollar. This change has led to confusion among the public. The government claims the new minimum wage covers basic needs, but experts warn this calculation is outdated. Analysts fear the reforms could lead to higher-than-expected inflation and do not account for the reliance on foreign remittances. These changes follow a significant GDP decline in 2020 due to the pandemic and increased U.S. sanctions.

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