Dollar Rises to 673 CUP in Cuba's Informal Market on July 24

The dollar rose in Cuba's informal market on Friday, July 24, according to CiberCuba's exchange rate index. At 10:00 a.m., local Cuban time, the US dollar was trading at around 673 Cuban pesos (CUP), up from 671 CUP the previous day. This marks an increase of nearly 2.7% in the past week, with the dollar averaging 655 pesos seven days ago.

The euro also showed stability on Friday, remaining unchanged at 778 CUP. However, over the past week, it has gained around 3%, trading at 755 CUP seven days ago. The MLC (Moneda Libremente Convertible), a currency used primarily in state-run businesses, traded at approximately 482 CUP, with a low volume of transactions reported.

The gap between the official and informal exchange rates remains significant, with the dollar and euro trading at 598 CUP and 680 CUP respectively at the Central Bank's Segment III. This is well below the values seen in the informal market, highlighting the disconnection between the formal economy and the reality faced by Cubans.