Cuban Reggaeton Star’s Viral Song Captures Nation’s Disbelief Over New Exchange Rate
A new song by popular Cuban artist The Cream is resonating deeply with citizens grappling with the island nation’s latest economic policy shift – a “floating” exchange rate introduced by the Central Bank of Cuba (BCC) on December 18. The artist, Luis Alberto Vicet Vives, uses humor and sharp social commentary in the viral video to express the widespread confusion and frustration surrounding the measure.
The BCC’s decision to implement a flexible exchange rate, alongside existing rates of 1×24 CUP for government services and 1×120 CUP for entities with external income, has been met with skepticism and ridicule. The new rate, initially set at 410 Cuban pesos (CUP) per dollar and 481.42 CUP per euro, quickly approached the informal market rate of around 440 CUP, a development many see as an implicit acknowledgment of the previously discredited black market.
The Cream’s video begins with the artist reacting to the news on his phone, expressing bewilderment. “What is this? Look at this, look at what they let these people out. As much as they criticized the toque, and now they are putting the dollar at almost the same price as the toque,” he says, referencing the informal exchange market. “First the dollar at 24, then the dollar at 120, and now a flexible rate. I don’t understand anything.”
He then launches into a song detailing the perceived futility of the new system. “They say there’s a new measure in the bank called the floating rate to look for dollars and quite a lot of them. We’re back to the old days again. Where inflation is going, there’s no solution with the floating rate. And the dollar is rising, nobody can bear it. The situation is very desperate,” he sings.
The artist’s critique centers on the practical realities of the new policy. “You sell all your dollars to the bank, but the bank doesn’t sell you any. And when the bank sets the street price, when they sell it to me, the street price doubles. It doubles because there’s a shortage of dollars, because you control all the cash. You’ve already opened Pandora’s Box, the dollar will continue to rise, it will rise for hours,” he adds.
The song’s release has coincided with a surge of satirical responses on Cuban social media. Independent media outlet El Toque kicked off the online commentary with a meme depicting the BCC as Darth Vader from Star Wars, declaring “I am your father!” – a pointed reference to the government’s belated acceptance of the informal market.
Another outlet, El Pelotazo, satirized the BCC by posting memes showing the cartoon character Mr. Bean copying and pasting, suggesting the bank is simply replicating ideas previously proposed by independent media. Official spokespeople have also become targets of online mockery, particularly Humberto López, who previously criticized El Toque before the BCC adopted similar exchange rates.
The Habanero Memes account shared an image featuring Susely Morfa, a prominent figure, with the caption: “Who will go by the flexible exchange rate that the bank will publish?” The response, convincingly attributed to Morfa, is a simple: “Nobody!”
Despite assurances from the central bank that the rate will fluctuate according to supply and demand and be published daily, many Cubans view the measure as largely cosmetic. The lack of institutional credibility and limited access to foreign exchange fuel the perception that the “floating” rate is unlikely to deliver meaningful economic relief.
The Cream concludes his video with a sentiment shared by many: “My darling, look at this. It says here that it is a variable rate. The ones who are going to waver here are us. Variable rate, what nonsense.”
In the face of economic uncertainty, the Cuban people are turning to satire and music as outlets for their frustration, demonstrating that laughter, for now, remains the country’s strongest currency.
