The Central Bank of Cuba's recent declaration about implementing a "floating" exchange rate has once again thrust El Toque, an independent media outlet, into the spotlight of public discourse. For years, El Toque has been a key reference for the informal currency exchange market on the island.
Shortly after the televised address by the Central Bank's president, El Toque responded with a mix of irony and skepticism. "Eight minutes of reading and acting, and as usual... we wait for tomorrow," the outlet posted in one of its initial comments, summarizing that the multiple exchange rates would continue "temporarily," with the new floating rate being published daily alongside the rules governing the currency market. "We'll see you tomorrow too," they added.
Before the official announcement, El Toque had shared its Representative Exchange Rate for the Informal Currency Market by regions, with some provinces seeing rates surpass 440 pesos per dollar. The outlet invited its followers to guess the official rate, highlighting the anticipation surrounding the government's decision.
Hours later, after the official information was released, El Toque published a meme dripping with irony: "After today's attacks on El Toque's site and the competition between Donald Trump's speeches and the Central Bank of Cuba's president tonight... Now it all makes sense. We're lost!" This tone resonated with an audience accustomed to reading between the lines of economic announcements.
A more direct response came soon after when El Toque posted an image featuring just one number: "410." Official media had confirmed this would be the official U.S. dollar rate for December 18, which many saw as an implicit validation of the values consistently reported by the independent outlet.
On social media, the official announcement sparked a flurry of comments filled with irony, confusion, and discontent. Many users questioned why, after weeks of official criticism of the informal market and El Toque, the government ended up announcing an exchange rate "almost identical," while others wondered if it would actually be possible to buy or sell currency at banks. There were also numerous reactions pointing out the contradiction between the new exchange rate and state salaries, now worth just a few dollars per month.
As the Central Bank insists that the floating rate aims to "restore the purchasing power of the national currency" and move towards future currency unification, the reactions from El Toque and thousands of Cubans make it clear that uncertainty remains.
For many, beyond the announced number, the lingering question is how this measure will impact everyday life in a country where the Cuban peso continues to lose value against a progressively dollarized economy.
Understanding Cuba's New Floating Exchange Rate
What is the significance of the floating exchange rate announced by the Central Bank of Cuba?
The floating exchange rate aims to restore the purchasing power of the national currency and pave the way for future currency unification. However, there is skepticism about its effectiveness and impact on the Cuban economy.
How has El Toque reacted to the government's exchange rate announcement?
El Toque responded with irony and skepticism, highlighting the irony in the official rate being close to what they had been reporting, and questioning the practical implications of the new policy.
What are the public's concerns regarding the new exchange rate?
The public is concerned about the practicality of exchanging currency at banks, the similarity between the official and informal rates, and the contradiction with state salaries, which are now worth very little in dollars.