Cubans Rely on Independent News Site's Exchange Rate Tracker to Navigate Economic Crisis

In Havana, a phrase is widely printed on restaurant menus and displayed by shop owners: "exchange rate of the day." This daily rate is used to calculate prices for U.S. dollars or euros, which are frequently used instead of Cuban pesos given the country's ongoing economic crisis. However, the source of this exchange rate is often unknown, as the Cuban government has fixed the peso to the U.S. dollar, creating a discrepancy between the official rate and the actual market rate. This is where El Toque, an independent digital news site run by Cuban journalists in exile, steps in with its AI-powered exchange rate tracker, providing a vital service to Cubans navigating the country's volatile economic landscape.

Empowering Cubans with Real-Time Economic Insights

Tracking the Informal Currency Market

El Toque's exchange rate dashboard pulls data from informal digital marketplaces, such as private WhatsApp groups, Telegram channels, and Facebook Messenger chats, where Cubans regularly buy and sell foreign currencies. The team has custom-built scrapers to extract information about the buying and selling of currencies, including the rates, and then uses natural language processing (NLP) to analyze the data and calculate a representative exchange rate.

Challenging the Government's Monopoly on Economic Narratives

The lack of transparency and infrequency of official economic statistics in Cuba has created an information gap that El Toque's exchange rate tracker aims to fill. By providing real-time data on the informal currency market, the tool serves as a "thermometer of the economic crisis, inflation, lack of credibility, and failures of official economic policies," according to economist Pavel Vidal Alejandro, who has collaborated with El Toque.

Expanding Reach and Accessibility

Since launching its exchange rate dashboard in June 2021, El Toque has seen a significant increase in traffic, with the site topping 900,000 monthly users in May and June of 2022. The team has also launched a mobile app with a built-in exchange calculator, which has reached nearly 100,000 installations. By making the tool more accessible, El Toque is ensuring that Cubans have the information they need to make informed decisions in their daily lives and businesses.

Overcoming Challenges and Maintaining Transparency

El Toque's exchange rate tracker has faced challenges, including attempts by the Cuban government to discredit the tool and accusations of manipulation. However, the team has remained transparent about their methodology, publishing a list of the social media posts they capture and even co-authoring an academic paper to validate the economic theory behind the tool. By maintaining this level of transparency, El Toque has been able to maintain the trust of its users, who continue to rely on the tool despite the government's attacks.

Diversifying Revenue Streams and Expanding Partnerships

While El Toque's exchange rate tracker currently generates no direct revenue, the team is exploring monetization opportunities, such as offering API access to other services. However, they are mindful of the financial constraints of their primary audience, who may not be able to afford a paywall. To sustain the project, El Toque relies on grant funding from international journalism organizations, which they use to ensure that Cubans have access to this critical information for free.

Navigating the Challenges of a Transnational Newsroom

The increasingly hostile environment for independent journalists in Cuba has forced El Toque's team to operate from exile, with journalists residing in 10 different countries. This distance from their audience has made it challenging to maintain and expand the exchange rate tools, as they are unable to have direct conversations with users. The team has had to rely on anonymous surveys, API usage data, and mobile app analytics to gather user feedback and insights.Despite these challenges, El Toque's exchange rate tracker has become an indispensable tool for Cubans, providing them with the real-time information they need to navigate the country's economic crisis. By empowering Cubans with this data and challenging the government's monopoly on economic narratives, El Toque is playing a vital role in supporting the resilience and self-determination of the Cuban people.