Cuban Foreign Exchange Market Sees Mixed Movements on August 5

The foreign exchange market in Cuba opened on Wednesday, August 5, with mixed movements. The euro rose by 1.5 pesos to 785 Cuban pesos (CUP), while the dollar remained unchanged at 673 CUP. The MLC, however, showed a decline of about 452 pesos compared to yesterday's price.

The exchange rate summary shows that the dollar is trading at 673 CUP in the informal market, with a buy price of 670 CUP and a sell price of 675 CUP. This is unchanged from the previous day, and also mirrors the rate seven days ago.

However, when looking back thirty days, the dollar has fluctuated between a low of 655 CUP and a high of 675 CUP. The euro, on the other hand, opened at 785 CUP with a buying rate of 780 CUP and a selling rate of 790 CUP.

The gap between the official and informal exchange rates reflects the ongoing shortage of foreign currency in the state banking system and the high demand for dollars and euros by the population. The Central Bank of Cuba's official exchange rate is 615 CUP per dollar and 709 CUP per euro, which remains significantly below the values that prevail in everyday practice.