Cuba's Informal Currency Market Sees Dollar Stabilize, Euro Surge

The informal currency market in Cuba continues to fluctuate, reflecting the ongoing economic challenges faced by the country. At the close of Thursday, September 10, the US dollar ended the day unchanged from the previous session at 688 Cuban pesos (CUP). This marks a new high for the dollar over the past month, with a gain of 22.5 pesos compared to its value 30 days ago.

The euro, on the other hand, rose by 6 pesos to close at 784 CUP, solidifying its dominant position in the Cuban parallel market. Over the last week, the euro has gained 11 pesos from its value seven days ago, an increase of 1.4%. In contrast, the MLC (Moneda Libre de Cuba) reference value was noted as 474 CUP, but this data is considered scarce and should be interpreted with caution.

The official exchange rate set by the Central Bank of Cuba remains significantly below the informal market rates, with a gap of over 37 pesos for the dollar and 26 pesos for the euro. This disparity reflects the sustained inflation, low state salaries, and increasing partial dollarization of the economy, which directly impacts internal prices and the purchasing power of Cubans.

The Exchange Rate of CiberCuba is an index created from automated analysis of currency buying and selling posts in Telegram and Facebook groups. The calculation eliminates atypical offers and spam messages, weights each transaction according to its age, and consolidates a representative value updated several times a day.