Cuba's Informal Market Sees Euro Soar Past Dollar

The informal market in Cuba closed on July 26, with mixed signals for currency values. The US dollar saw a slight decrease compared to the previous session, trading at an average of 673 Cuban pesos (CUP), while the euro continued its rise, reaching a new high.

The MLC also saw an increase, but its value should be considered indicative due to the low volume of transactions supporting it. The dollar has been on an upward trend over the week and month, with a 1.1% weekly increase and a 37.5 peso monthly gain from 635 CUP 30 days ago.

The euro's rise is more pronounced, with a 3.1% weekly increase and a 63.5 peso monthly gain from 725 CUP 30 days ago. The maximum value of the last 30 days was precisely at 789 CUP recorded today, surpassing the dollar by 116 pesos.

The gap between official exchange rates and those in the informal market remains significant, with the official rate for the dollar being 601 CUP per dollar and the euro being 684 CUP per euro. This lag is notable, especially given the ongoing inflation and partial dollarization of the economy.