Dollar and Euro Rise as Cuban Peso Loses Ground in Informal Market
The Cuban peso continues to lose ground in the informal market, while the dollar and euro gain value. At the closing of this Saturday's trading session at 8:00 PM local time, the U.S. dollar was quoted at 738 Cuban pesos (CUP), an increase of 5 pesos from the previous session and a 4% rise over the last week.
The demand for dollars remains high among Cubans looking to protect their savings against the depreciation of the peso. The euro also rose, reaching its highest level in the last month with a value of around 840 CUP, surpassing the dollar by 102 pesos and solidifying its dominant position in the market.
The MLC (Moneda Libremente Convertible), Cuba's local currency, lost ground, closing at around 485 CUP, down from 492 CUP the previous day. However, it is essential to note that this value should be taken as a guideline due to limited data and low transaction volume.