Dollar Hits Record High in Cuba's Informal Market

The US Dollar (USD) has reached a new record high in Cuba's informal market, trading at 715 Cuban Pesos (CUP) on Monday. This marks a significant increase from just seven days ago, when the dollar was exchanged for 694 CUP, representing a gain of 21 pesos or roughly a 3% rise.

The upward pressure on the USD is attributed to economic instability and lack of confidence in the local currency, leading people to seek more stable foreign currencies. In comparison, the Freely Convertible Currency (MLC) has fallen by 19.50 pesos from 516 CUP, marking an approximate 3.8% decrease.

The informal market exchange rates show a significant disparity with the official rates set by the government. The dollar's gap is 46 pesos, and the euro's gap is 51 pesos, highlighting the difference between market-driven rates and government-set rates.