Dollar Rises by Two Pesos in Cuba's Informal Market

The US dollar rose in Cuba's informal market on Tuesday, increasing by two pesos compared to the previous day. At 10:00 a.m. local time, one dollar was valued at 668 Cuban pesos (CUP), while the euro remained unchanged at 755 CUP. The MLC, however, stood at an indicative value of around 468 CUP due to low transaction volumes.

The dollar's rise marks the seventh consecutive day of upward trend in the informal market. In contrast, the official exchange rate of the Central Bank of Cuba (Segment III) remains significantly lower than the market rates, standing at 638 CUP per dollar and 744 CUP per euro.

Cubans continue to demand dollars for various reasons, including protecting their savings against the depreciation of the peso. The gap between official and informal exchange rates reflects the scarcity of foreign currency in state banking systems and the high demand among locals.