Cuba's Informal Currency Market Sees Dollar and Euro Surge to New Highs

The informal currency market in Cuba has seen another surge in the value of the U.S. dollar and euro, putting pressure on the country's struggling economy.

As of September 29, the U.S. dollar opened trading at 748 Cuban pesos (CUP), a five-peso increase from the previous day's close, while the euro jumped to 852 CUP, also marking a similar five-peso gain.

The current rates are driven by actual supply and demand, reflecting the true economic conditions faced by Cubans. The official exchange rates set by the Central Bank of Cuba remain substantially lower than informal market rates, with the dollar at 681 CUP and the euro at 775 CUP.

The concurrent rise of the dollar and euro on this Tuesday morning reinforces the upward trend seen in recent weeks, further straining the purchasing power of those earning in Cuban pesos.