Cuban Peso Slumps as Dollar and Euro Reach New Heights in Informal Market

The Cuban peso took another hit this weekend as the dollar and euro continued their ascent in the informal market. By Saturday evening, September 12th, the dollar had reached its highest point in the past month, closing at 693 Cuban pesos (CUP). The euro also rose to a new peak for the period, reaching 788 CUP.

The official exchange rate set by the Central Bank of Cuba remains far below the market rates. The gap between the official and informal rates has grown to 38 pesos for the dollar and 28 pesos for the euro.

The Cuban peso continues to struggle as inflation and low state salaries exacerbate the economic challenges facing Cubans. The rise in the dollar and euro is putting even more pressure on those who rely on the Cuban peso to meet their daily needs.