Dollar and Euro Surge to New Highs in Cuban Informal Market
The Cuban peso continues to weaken against major currencies in the informal market, with the US dollar and euro experiencing significant gains. As of Tuesday, September 22, the US dollar has reached an average value of 718 Cuban pesos (CUP), representing a 3-peso increase from the previous day's closing rate of 715 CUP.
The dollar has also seen a notable rise in its value over the past week and month. In just seven days, it has risen by 20 pesos to reach its current level, while over the last month, it has increased by 54 pesos from around 664 CUP.
Meanwhile, the euro has gained ground as well, reaching a value of 821 CUP, which is 3 pesos above the previous day's rate. On a weekly basis, the euro has appreciated by 26 pesos since last week's closing rate of 795 CUP, and it has risen by 70.5 pesos over the past month from 750 CUP.
The difference between the official exchange rates set by the Central Bank of Cuba (Segment III) and the informal market remains substantial, with a gap of 48 pesos for the dollar and 53 pesos for the euro. The official rate has seen some adjustments in recent weeks, but it still fails to meet the real demand for foreign currency among the population.