Cuba's Informal Currency Market: Dollar Strengthens Amid Peso Depreciation

The informal currency market in Cuba closed on Monday, August 24, 2026, with the US dollar showing significant strength. The American currency gained an average of 2.5 Cuban pesos (CUP) from the previous day's value, reaching a rate of 668 CUP for buying and selling. Over the past week, the dollar has increased by 5 CUP from its value seven days ago, representing a rise of 0.8%. The euro, on the other hand, remained nearly unchanged at an average of 753 CUP.

The demand for dollars remains high among Cubans looking to safeguard their savings against the peso's depreciation. The official exchange rate set by the Central Bank of Cuba is significantly lower than the rates found in the informal market, reflecting the scarcity of foreign currency in the state banking system. This gap underscores the persistent shortage of currency and the high demand for dollars and euros among the population.

The Cuban peso's value has been fluctuating between a maximum of 674 CUP and a minimum of 663 CUP over the past month, with the dollar's upward trajectory having a direct impact on domestic prices and purchasing power. The MLC's data showed an indicative average value of 457 CUP, but due to low trading volume, this figure should be interpreted cautiously.