Cuba's Informal Market Stabilizes as Dollar and Euro Remain Unchanged

The informal currency market in Cuba has closed its activities for Friday, July 31, without significant changes. The US dollar and euro have maintained their stability, with no variations compared to the previous session.

The MLC experienced a slight decline, but its exchange rate should be taken as indicative due to the low volume of transactions supporting it.

According to the CiberCuba Exchange Rate, which is based on an analysis of thousands of buying and selling posts in Telegram and Facebook groups, the dollar closed at 673 Cuban pesos (CUP) and the euro at 785 CUP. The MLC closed around 471 CUP, with a decline of 3 pesos compared to the previous day.

The gap between the official exchange rate set by the Central Bank of Cuba and the informal rates remains significant, with the dollar trading at 62 pesos above the official rate and the euro at 81 pesos above. The demand for dollars remains high among Cubans looking to protect their savings against the depreciation of the peso.