Dollar Hits One-Month High as Cuba's Informal Currency Market Surges
The informal currency market in Cuba saw significant fluctuations on Friday, October 2. The value of the U.S. dollar surged to its highest point in a month, trading at an average of 774 Cuban pesos (CUP). This represents a 6% increase from just seven days ago and a 44-peso climb over the past week.
The euro also reached its highest point in the last 30 days, valued at 875 CUP. In contrast to the dollar's rise, the MLC showed a more modest increase of 13.5 pesos from yesterday's rate, but low transaction volumes make this data less reliable.
The disparity between informal and official exchange rates persists, with the Central Bank of Cuba's (Segment III) rates remaining significantly lower than those in the parallel market. The gap between the two markets is substantial, standing at 81 pesos for the dollar and 97 pesos for the euro.