Cuba's Informal Market Sees US Dollar and Euro Surge
The informal market in Cuba closed out this Friday with increases in both the US dollar and euro. The US dollar ended at an average value of 706 Cuban pesos (CUP), a 3 peso increase from Thursday's rate, while the euro reached its highest point in the last 30 days at 805 CUP, surpassing the dollar by 99 pesos.
The upward trend continues to pressure the purchasing power of Cubans. The dollar has risen 43 pesos compared to 30 days ago, an increase of 6.5%, and is trading at its highest point in a month. The euro, meanwhile, has accumulated a rise of 54.5 pesos (7.3%) over the same period.
The official exchange rate set by the Central Bank of Cuba remains well below the values seen in the informal market. The gap between the two rates reached 39 pesos for the dollar and 40 pesos for the euro, exacerbating the pressure on Cuban households.