Dollar and Euro Surge in Cuba's Informal Market, Widening Gap with Official Rates
The Cuban informal market is seeing significant increases in the value of both the US dollar and the euro, according to reports on September 26. The dollar rose to 733 Cuban pesos (CUP), its highest point in 30 days, while the euro strengthened to 840 CUP, also reaching a new high for the month.
The MLC, which is used primarily by state-run businesses and has limited circulation, was trading at around 489 CUP, down from 498 CUP the previous day. The US dollar has been steadily rising in recent weeks, increasing by 25 pesos (3.5%) over the past seven days.
The gap between the official exchange rate set by the Central Bank of Cuba and the informal market is widening, with the dollar trading at a 52-peso premium to the official rate and the euro at a 64-peso premium. This disparity reflects the ongoing issues with inflation, low state wages, and partial dollarization in Cuba.
The CiberCuba Exchange Rate index, which tracks currency trading posts on Telegram and Facebook groups, has been updated several times a day to reflect the dynamic exchange rates in the informal market.