Cuba’s Informal Market Sees Dollar Stability, Euro Dip, and MLC Surge

The informal currency exchange market in Cuba showed mixed trends on Tuesday, October 6. The US dollar (USD) remained stable at 770 Cuban pesos (CUP), unchanged from the previous day but up 17 pesos from a week ago. This marks a 2.3% increase in the dollar’s value over the past week.

The euro (EUR) declined slightly to 865 CUP, down 7 pesos from the prior day. Despite this daily drop, the euro has risen from 855 CUP a week ago, maintaining a significant gap of 95 pesos above the dollar.

The freely convertible currency (MLC) saw the most notable movement, surging from 578 to approximately 603 CUP, an increase of 25 pesos. However, this rate should be viewed cautiously due to the low volume of transactions. In just one week, the MLC’s reference value has jumped from around 500 to over 600 CUP.

The official exchange rates set by the Central Bank of Cuba for Segment III remain lower than the informal market values, with a difference of 75 CUP per dollar and 86 CUP per euro. This persistent gap highlights the challenges of meeting foreign currency demand in Cuba’s official market.