Cuban Informal Market Sees Stable Dollar Rates Amid Ongoing Peso Depreciation

The informal currency market in Cuba opened this Monday, August 3, with a mixed outlook. The US dollar remained stable, trading at 673 Cuban pesos (CUP), while the euro showed a slight increase to 787 CUP. The peso continues to depreciate against major currencies, with a monthly balance showing an increase of approximately 28 pesos in the value of the dollar.

The demand for dollars remains high among Cubans looking to protect their savings from inflation and currency fluctuations. In contrast, the MLC, or Monetary Limitation Certificate, saw its value rise by 6.5 pesos to 480 CUP, but with low trading volume, its representativeness is limited.

The exchange rate between the official Central Bank of Cuba (Segment III) and the informal market remains significant, with a gap of over 58 pesos for the dollar and 80 pesos for the euro. This discrepancy affects internal prices and purchasing power, highlighting the ongoing challenges faced by Cubans in managing their finances.