Cuba's Informal Market Sees Mixed Performance Amid Inflation and Low Wages

The informal market in Cuba closed on Friday, September 4th, with mixed performance among the main currencies. The US dollar ended the day unchanged compared to the previous session, while the euro gained ground and rose to 775 Cuban pesos.

Over the past week, the greenback has risen by 10 pesos, moving from 673 CUP seven days ago to its current level of 683 CUP, representing an increase of 1.5%. The dollar's upward trend in recent days has been driven by sustained inflation and low state wages in Cuba.

The euro also showed a clear upward trend over the past week, increasing from 758 CUP seven days ago to its current level of 775 CUP, which represents a gain of 17.5 pesos during that period (+2.3%). However, compared to 30 days ago, when it was at 785 CUP, the euro has experienced a decline of 10 pesos (-1.3%), although this comparison may be influenced by methodological adjustments to the index.

The official exchange rate set by the Central Bank of Cuba (Segment III) remains far below the values that prevail in everyday practice in the informal currency market, with a gap of 45 pesos for the dollar and 33 pesos for the euro.