A woman living in Cuba has gained viral attention on social media by sharing a video that highlights what she could purchase with $300, equivalent to about 109,000 Cuban pesos in the current informal exchange market. "I spent $300 on groceries while living in Cuba, which converts to 109,000 pesos in the national currency," explained user @sheyreyes03 in a TikTok video, where she showcases each item she managed to buy.
In the clip, she displays various household and food items, including a carton of eggs, two cans of condensed milk, four liters of oil, two floor cloths, a bottle of ketchup, a kilo of powdered milk, black and red beans, yogurt, sausages, chicken gizzards, ten pounds of beef, chicken breasts, a box of chicken, and ten pounds of ground meat. "Take a good look at what $300 can buy in Cuba. That's all I could afford," the young woman states while showing the items spread out on a table.
While it's unclear whether the products were purchased using MLC or in the informal peso market, the video starkly highlights the high food prices on the island amid rising inflation and increasingly diminished purchasing power for most Cubans.
The post has sparked numerous comments on social media, with many users expressing shock over how little can be bought with such a substantial amount for the average Cuban, whose monthly state salary is around 3,000 pesos (less than $10 at the informal exchange rate).
In a situation marked by shortages, partial market dollarization, and inadequate wages, videos like this have become a common avenue for exposing the severe economic crisis that the country is going through.
Understanding Cuba's Economic Struggles
Why is $300 not enough to buy more in Cuba?
The high cost of living, inflation, and limited availability of goods in Cuba mean that $300 does not stretch as far as it might in other countries. The partial dollarization of the market also contributes to higher prices.
What is the informal exchange market in Cuba?
The informal exchange market in Cuba refers to the unofficial buying and selling of foreign currencies, often at rates that differ significantly from the official government rates, reflecting the true demand and supply of currencies like the US dollar.
How do Cubans cope with the economic crisis?
Many Cubans rely on remittances from family abroad, engage in side businesses, or participate in the informal economy to make ends meet amid widespread economic difficulties.