Cuba's Informal Market Sees Dollar and Euro Surge Amid Ongoing Currency Shortages

The informal currency market in Cuba experienced significant fluctuations on August 31st. The US dollar (USD) closed the day at an average of 678 Cuban pesos (CUP), a 2-peso increase from the previous day and a 10-peso rise over the past week.

Meanwhile, the euro (EUR) rose to 769 CUP, marking a 4-peso gain compared to the previous day's average. This represents a 16.5-peso increase over the last week, with the euro exceeding the dollar by 91 pesos and solidifying its dominant position in the Cuban parallel market.

The MLC (Moneda Libremente Convertible), whose data is considered indicative due to low transaction volume, was quoted at around 479 CUP. This represents a 13-peso increase from the previous session and a 22.5-peso rise over the past week.

Despite these fluctuations, the official exchange rate of the Central Bank of Cuba (Segment III) remains significantly lower than the values in the informal market, with a gap of 44 pesos for the dollar and 34 pesos for the euro. This disparity reflects the structural currency shortages facing Cuba.