Dollar Climbs to New High in Cuba's Informal Market

The informal currency market in Cuba has seen significant fluctuations, with the dollar and euro experiencing increases. As of September 12th, the U.S. dollar closed at 693 Cuban pesos (CUP), a one-peso increase from the previous day's close. In contrast, the euro reached 788 CUP, up by three pesos compared to the previous session.

The dollar has been steadily rising over the past week, with a 10-peso gain from 683 CUP, reflecting a 1.5% increase. On a monthly scale, the dollar has gained approximately 27.5 pesos in the last 30 days. The euro, meanwhile, has increased by 10.5 pesos from 777 CUP over the past week, representing a 1.4% uptick.

The Central Bank of Cuba's official exchange rate (Segment III) for the dollar is 655 CUP, and for the euro, 760 CUP, significantly lower than those in the informal currency market. The gap between official and informal rates stands at 38 pesos for the dollar and 28 pesos for the euro.

The fluctuations in the informal market directly impact domestic prices and the purchasing power of Cubans, particularly with ongoing inflation and low government salaries.