Cuban Informal Currency Market Sees U.S. Dollar and Euro Surge

The unofficial currency market in Cuba is experiencing a surge in values for three major currencies. As of September 22, the U.S. dollar has risen to an average of 718 Cuban pesos, up from 715 CUP on Monday and significantly higher than its value last week at 698 CUP. The euro has also strengthened, reaching 821 CUP, a gain of 3 pesos from the previous day's rate.

The MLC, Cuba's Freely Convertible Currency, is trading at around 502 CUP, up by 5.5 pesos from Monday but lower than its value last week at 509 CUP. The current exchange rates mark significant discrepancies with the official rates set by the Central Bank of Cuba.

The gap between the official and informal exchange rates for the dollar is 48 pesos, while for the euro it's 53 pesos. This disparity has a direct impact on internal prices and the purchasing power of Cubans, who rely heavily on these unofficial markets due to persistent inflation and low state salaries.