Cuba and El Toque Clash Over Currency Exchange Rates
Amid a heated exchange, Cuba’s government and independent online news site El Toque have clashed over allegations of manipulating currency exchange rates to incite unrest on the island.
Raising Eyebrows with Controversial Rates
El Toque stirred controversy by publishing a Cuban peso rate for the U.S. dollar significantly higher than the government’s official levels, sparking outrage from President Miguel Diaz-Canel’s administration.
Accusations of Financial Terrorism
In response, Cuban state media accused El Toque of engaging in “financial terrorism,” asserting that the site’s currency tracker, widely used on the island, aims to destabilize the economy by distorting exchange rates.
Allegations of Foreign Influence
State-run media went further, alleging that El Toque is covertly funded by the United States to artificially inflate the peso’s value against the dollar, potentially inciting widespread protests in Cuba.
Challenges Amid Economic Turmoil
The currency dispute unfolds against a backdrop of Cuba’s peso plummeting in value, causing economic strain on the population already grappling with inflation, shortages, and a weakening economy.
Defending Currency Tracking
El Toque refutes these claims, defending its online exchange rate tracker as a legitimate tool based on artificial intelligence scanning online posts to determine market rates.
External Experts’ Perspectives
Independent economists have attributed the peso’s depreciation to a myriad of economic factors such as dwindling production, a growing fiscal deficit, and heightened demand for scarce dollars.
Pending Government Action
While promises of government intervention to stabilize the peso have been made, concrete measures remain pending, leaving Cubans uncertain about their economic future.
