Cuban Informal Market Exchange Rates Spike Amid Inflation and Currency Scarcity
The Cuban informal market has seen fluctuations in exchange rates for the US dollar and euro as of Monday, August 31. The US dollar is quoted at 678 Cuban pesos (CUP) in the informal market, representing a 1.8% increase from its value seven days ago.
This marks the highest rate since the last month, with the dollar fluctuating between 663 CUP and 678 CUP. In comparison, the official exchange rate of the Central Bank of Cuba (Segment III) is set at 634 CUP per dollar, which remains significantly below the informal market values.
The euro also saw an increase in the informal market, quoted at 765 CUP, representing a 1.3% gain from its value seven days ago. The MLC, or Freely Convertible Currency, is set at 464 CUP but has limited data due to restricted circulation and usage.