Dollar and Euro Surge in Cuban Informal Market

The Cuban peso continues to lose ground against the dollar and euro in the informal market. The U.S. dollar is trading at 785 Cuban pesos, a 5.5 peso increase from the previous day, while the euro stands at 885 Cuban pesos, up 7 pesos from yesterday. This marks the highest point for both currencies in the last 30 days.

The Cuban peso has been losing value against major cash currencies due to sustained inflation, low state wages, and increasing dollarization of the economy. The official exchange rate, set by the Central Bank of Cuba, remains far below the informal market values, with a gap exceeding 90 pesos between the two for the U.S. dollar.

The MLC (Moneda Libremente Convertible) has shown a notable decline in value over the last week and month, but its rate is considered provisional due to low transaction volumes.