Cuba's Dollar Loses Ground in Informal Market Amid Weekly Decline

The informal currency market in Cuba started this Saturday, August 15, with the dollar experiencing a downward trend. According to CiberCuba's exchange rate index, which tracks transactions on Telegram and Facebook groups, the greenback is trading at 664 Cuban pesos (CUP), down from 665 CUP the previous day.

The weekly trend shows a more pronounced decline, with the dollar averaging 673 CUP seven days ago. This represents an 8.5 peso drop, or a 1.3% decrease. In contrast, compared to 30 days ago, when it was trading at 655 CUP, the dollar has risen by 9 pesos.

The euro remains stable, with an average value of 760 CUP, unchanged from the previous day. However, its weekly outlook shows a significant decline, down 22 pesos from seven days ago, or a 2.8% decrease. The MLC also remains unchanged at 457 CUP, but its weekly comparison shows a 7.5 peso increase from 449 CUP.

The gap between the official and informal exchange rates is substantial, with the dollar trading at 664 CUP in the informal market compared to 628 CUP on the official market. This difference of 36 pesos has significant implications for Cubans, who rely heavily on the informal market due to structural foreign exchange scarcity.