Cuban Informal Currency Market Remains Stable Amid Inflation Pressures

The informal currency market in Cuba remains stable as of August 13, with unchanged rates for US dollars and euros. The dollar is valued at 665 Cuban pesos (CUP) in the informal market, with a buying rate of 660 CUP and a selling rate of 670 CUP.

The euro also saw no change, trading at 760 CUP, with a purchasing price of 750 CUP and a selling price of 770 CUP. The MLC, or freely convertible currency, averages 450 CUP, with buying at 439 CUP and selling at 461 CUP.

The official exchange rate from the Central Bank of Cuba is significantly lower than the rates prevailing in the informal market, reflecting a gap of around 41 pesos for the dollar and 40 pesos for the euro. Amid ongoing inflation and low state salaries, every fluctuation in the informal market directly impacts domestic prices and the purchasing power of Cubans.