Cuba's Informal Currency Market Remains Calm Despite Official Rate Lag
The informal currency market in Cuba remains relatively calm on August 7, with stable exchange rates for the US dollar and euro. The dollar is quoted at 673 Cuban pesos (CUP), unchanged from the previous day and seven days ago, reflecting a notable stability in the US dollar. The demand for dollars remains high among Cubans looking to protect their savings against the depreciation of the peso.
The euro has seen a slight increase, with an exchange rate of 784 CUP, up one peso from the previous day. However, its monthly trend is distinctly upward, increasing by 33 pesos or 4.4% over the past month. The MLC, on the other hand, has declined by four pesos to around 446 CUP, with a limited volume of transactions.
The official exchange rate of the Central Bank of Cuba remains significantly below the values in the informal market, with a gap exceeding 55 pesos for the dollar and 71 pesos for the euro. The difference between the two markets reflects the continued reliance on the parallel market for foreign currency among Cubans.