Cuban Dollar Soars to 780 CUP as Euro Reaches 878 CUP in Informal Market

The informal currency market in Cuba concluded its session on Friday, October 2, with the US dollar and euro experiencing significant gains. The US dollar closed at 780 Cuban Peso (CUP), a rise of 9.5 CUP from the previous day's close of 770 CUP. This represents an increase of 47 CUP over the past week, or 6.4% compared to seven days ago when it was trading at 733 CUP.

The euro also fared well, closing at 878 CUP after increasing by eight CUP from the previous day's close. Over the past week, the euro has risen by 42.5 CUP or 5.1% compared to its value of 836 CUP seven days ago.

Despite the official exchange rate set by the Central Bank of Cuba remaining significantly lower at 693 CUP for the dollar and 778 CUP for the euro, the gap between the official rates and the informal market values continues to widen. The unofficial rates are driven by a context of structural currency shortages, sustained inflation, low state salaries, and increasing partial dollarization of the economy.

The exchange rate index created by CiberCuba reflects the automated analysis of thousands of currency exchange posts in Telegram and Facebook groups, disregarding atypical offers and spam messages. The index provides a representative value updated several times a day, indicating that the dollar has reached its peak for the last 30 days at 780 CUP.