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 The government claims the new minimum wage covers basic needs, but experts warn this calculation is outdated.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.

What was the percentage increase in the minimum wage as part of Cuba's economic reform?

• 11%

• 160%

• 525%

• 87%

What was the main concern of the Cuban people regarding the economic reform?

• Increase in tourism

• Rise in basic goods and electricity prices

• Decrease in foreign investments

• Reduction in public transport

What currency was eliminated in Cuba's recent economic changes?

• Cuban Peso (CUP)

• Euro

• Convertible Peso (CUC)

• US Dollar

What is the new exchange rate of the Cuban Peso (CUP) to the US Dollar?

• 87 CUP = 1 USD

• 1 CUP = 1 USD

• 24 CUP = 1 USD

• 17 CUP = 1 USD

What was the percentage decline in Cuba's GDP in 2020?

• 525%

• 5%

• 11%

• 160%