Cuba's Informal Currency Market Surges as Dollar and Euro Rise

The informal currency market in Cuba is experiencing a surge this Monday, with both the US dollar and euro seeing increases in value. According to CiberCuba Exchange Rate, an index of the Cuban informal market, the USD is trading at 678 Cuban pesos (CUP), up from 675 CUP the previous day. The euro has also seen an increase, valued at 765 CUP, a rise of 2 pesos.

The freely convertible currency (MLC) saw a decline in value, dropping to 464 CUP. This marks a 4.5 peso decrease compared to the previous day's rate of 468 CUP. The MLC is only accepted at state-run stores, limiting its circulation and use compared to cash currencies.

The gap between the informal market and official exchange rates remains significant, with the dollar trading at 44 pesos higher than the official rate and the euro trading at 30 pesos higher. This disparity reflects the scarcity of foreign currency in Cuba and the real purchasing power required by individuals.