Cuban Parallel Market Sees Dollar and Euro Fluctuations Amid Economic Challenges

The Cuban parallel market is seeing fluctuations in exchange rates for major currencies. The U.S. dollar, a widely used currency in Cuba, has remained unchanged at 688 Cuban pesos (CUP) per dollar compared to yesterday's rate, but has increased by 5 CUP (+0.7%) over the past week from an average of 683 CUP seven days ago.

The euro has risen in value and is currently trading at 785 CUP per euro, with a buying price of 780 CUP and a selling price of 789 CUP. This marks an increase of 3.5 CUP compared to yesterday's rate.

According to the CiberCuba Exchange Rate index, which analyzes thousands of currency trading posts in Telegram and Facebook groups, the dollar has fluctuated between a low of 663 CUP and the current high of 688 CUP over the last 30 days. The euro has also seen significant fluctuations, ranging from 746 CUP to its current level.

The official exchange rate set by the Central Bank of Cuba (Segment III) remains significantly lower than the values in effect in the informal market, with a gap of 37 pesos for the dollar and 28 pesos for the euro. This discrepancy has been exacerbated by sustained inflation, low state salaries, and increasing partial dollarization of the economy.