Cuban Peso Under Pressure as Informal Currency Market Surges
The Cuban peso continues to face significant pressure as the informal currency market in Cuba witnesses another surge in exchange rates. The US dollar is nearing the 700 CUP threshold, reaching a new high of 698 CUP on Tuesday, with buying offers around 695 pesos and selling offers close to 700.
The euro has also reached a new monthly peak, trading at 795 CUP, with buying offers around 790 and selling offers near 799 pesos. This represents a significant increase from last week's rate of about 778 CUP and a cumulative rise of 37 pesos over the past 30 days.
The MLC (Freely Convertible Currency) has experienced a dramatic surge, although it remains the reference with limited available data. Its indicative value is around 509 CUP, with a substantial gap between buying offers near 459 pesos and selling offers around 559. On Monday, the MLC was approximately 482 CUP, indicating a surge of about 27 pesos in a single day.