Dollar Slumps in Cuba's Informal Market Amid Ongoing Currency Scarcity

The informal currency market in Cuba saw fluctuations on Monday, August 17. The US dollar dipped to 663 Cuban pesos (CUP), a decrease of nearly 1% from last week's rate of 670 CUP.

The euro remained steady at 760 CUP for the day but showed a slight decline from its previous week's value of 773 CUP, representing a loss of 13 pesos or around 1.7%.

Meanwhile, the MLC (a digital reference tied to bank accounts) saw an increase of 9% compared to last week, reaching an indicative average value of 462 CUP.

The disparity between official and informal exchange rates persists, with the dollar's gap at around 35 pesos and the euro's at 33 pesos. This highlights the ongoing scarcity of foreign currency in Cuba and the partial dollarization of its economy.