Dollar and Euro Soar in Cuba's Informal Market

The informal currency exchange market in Cuba has seen significant increases in the U.S. dollar and euro, according to the CiberCuba Exchange Rate index. The dollar rose by five Cuban pesos (CUP) compared to the previous day, reaching an average value of 733 CUP with buying at 730 CUP and selling at 735 CUP.

The dollar has been steadily rising over the past week, climbing from 706 CUP on September 18, representing a 27 peso increase or 3.8% rise. In comparison, the euro saw a more modest increase of six pesos, rising to an average value of 836 CUP with buying at 835 CUP and selling at 836 CUP.

The demand for dollars and euros remains high among Cubans seeking to protect their savings against the devaluation of the peso or fund imports and emigration projects. The gap between the official exchange rates set by the Central Bank of Cuba and the informal market rates persists, with the dollar rate at 678 CUP and euro rate at 771 CUP.