Alejandro Fonseca stood in line for several hours outside a bank in Havana hoping to withdraw Cuban pesos from an ATM
An ice cream street vendor shows his Cuban pesos in Havana, Cuba, Monday, April 20, 2024. An increasing number of Cubans are having to grapple with the country's shortage of cash. Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island. n pesos from an ATM, but when it was almost his turn, the cash ran out.
Long queues outside banks and ATM’s in the capital, Havana, and beyond start forming early in the day as people seek cash for routine transactions like buyingExperts say there are several reasons behind the shortage, all somehow related to Cuba's deep economic crisis, one of the worst in decades. This, Pérez says, is either because they don’t trust the local banks or simply because they need the Cuban pesos to convert into foreign currency.
For example, the official rate used by government industries and agencies is 24 pesos to the U.S. dollar, while for individuals, the rate is 120 pesos to the dollar. However, the dollar can fetch up to 350 Cuban pesos on the informal market.
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