Dollar Stays Steady as Euro Falters in Cuba's Informal Currency Market

The informal currency market in Cuba has opened for the day on Thursday, August 6, with mixed results. The U.S. dollar remains stable at approximately 673 Cuban pesos (CUP), while the euro experiences a slight decline to around 783 CUP compared to the previous day's rate.

The MLC shows a minor drop, but limited data suggests its rate should be viewed as indicative. The informal market rates are significantly higher than the official exchange rate from the Central Bank of Cuba (Segment III), which remains at 618 CUP per dollar and 714 CUP per euro.

Despite the fluctuations in the informal market, the U.S. dollar has demonstrated remarkable stability over the past month, with a range between 655 CUP and 675 CUP. The euro, on the other hand, has risen by 19 pesos over the same period but still lags behind the dollar in average value.

The MLC's limited circulation due to its lack of physical form and restricted use in state-run stores is a notable aspect of Cuba's informal currency market.