Dollar Hits 30-Day High at 683 CUP, Euro Rises to 773 CUP
The US dollar reached its highest value in 30 days on Thursday, September 3rd, closing at 683 Cuban pesos (CUP) in Cuba's informal currency market. This represents a five-peso increase from the previous day and marks a significant rise compared to seven days ago when the average exchange rate was 670 CUP.
The euro also saw an increase, ending the day at 773 CUP, which is three pesos above its value from the previous day. However, it's worth noting that the MLC's indicative value of 509 CUP is considered uncertain due to low transaction volume.
The disparity between official and informal exchange rates remains significant, with the dollar being 45 pesos above the official rate set by the Central Bank of Cuba for Segment III. The rise in foreign currencies has a substantial impact on Cubans who receive their income mainly in national currency, as it takes 13 more pesos to buy each dollar in the informal market compared to just one week ago.
The CiberCuba Exchange Rate is an index created through automated analysis of thousands of currency trading posts in Telegram and Facebook groups. It filters out atypical offers and spam messages, weighs transactions based on their age, and calculates representative values updated multiple times a day.