Cuba's Informal Currency Market Sees Dollar and Euro Surge

The informal currency market in Cuba experienced a notable surge on Friday, July 24, as the dollar and euro rose in value. The US dollar ended the day with an average value of 674 Cuban pesos (CUP), up from 670 CUP the previous day and representing a 2% increase over the past week.

The euro, meanwhile, saw significant gains, rising to 785 CUP by the end of the day, up 7 CUP from the previous session. This marked a 0.9% increase compared to yesterday's rate, solidifying its status as the most expensive currency in Cuba's parallel market.

The MLC, or moneda libre convertible (convertible free money), experienced a minor dip since yesterday, trading at an indicative value of 470 CUP due to limited transaction volume. However, over the past week, it has risen 36 CUP from 434 CUP, an 8.3% increase.