Dollar Declines Slightly as Euro Holds Steady in Informal Cuba Market

The informal currency market in Cuba closed on Monday, August 17, with some notable movements. The US dollar saw a slight decline to 663 Cuban pesos (CUP), down from its value seven days ago of 670 CUP. Meanwhile, the euro maintained its stability at 760 CUP but showed a loss compared to its value a week ago.

The MLC, a digital currency linked to bank accounts, experienced an increase in its indicative average value to 462 CUP, up from 423 CUP last Monday and 430 CUP 30 days ago. However, the source cautions that this rise should be interpreted with caution due to the lower volume of transactions.

The exchange rates for the dollar and euro continue to exceed those set by the Central Bank of Cuba (BCC) for Segment III, highlighting the persistence of an informal market where currencies reach higher values. The new official exchange scheme is still in effect, but it coexists with this informal market due to the scarcity of foreign currency and partial dollarization of the economy.

These fluctuations have significant implications for Cubans, who use these currencies as benchmarks for numerous products and services, particularly imports, affecting the cost of living. The CiberCuba Exchange Rate monitors the buying and selling announcements in Telegram and Facebook groups to provide a representative value that is updated multiple times a day.