Cuba's Informal Currency Market Sees Steady Growth Amid Economic Pressures

The informal currency market in Cuba is experiencing significant increases in value for three key currencies: the U.S. dollar, euro, and MLC (Freely Convertible Currency). The U.S. dollar has seen steady growth over the past week, with a current value of 694 Cuban pesos (CUP), compared to 693 CUP from the previous day.

The dollar's rise is notable, having increased from 664 CUP just one month ago and reaching its highest level in the last 30 days. The euro has also seen gains, opening at 793 CUP on Monday, five pesos above the 788 CUP from Sunday. This represents a significant increase of 18 pesos over the past week.

The most notable movement was that of the MLC, which rose to about 482 CUP on Monday, up from the 464 CUP recorded the previous day, an increase of nearly 60 pesos above its value from a week ago. These developments come as Cuba faces ongoing pressure due to shortages of foreign currency, low wages, and rising living costs.