Dollar Surges in Cuba's Informal Market
The US dollar has surged in value on Cuba's informal market, rising to 673 Cuban pesos (CUP) as of this Friday. This marks a 10-peso increase from just one week ago, when it traded at 663 CUP.
The dollar's gain comes despite the Central Bank of Cuba maintaining its official exchange rate for Segment III at 634 CUP per dollar. The disparity between the two rates is now 39 pesos in favor of the informal market.
The euro, on the other hand, has seen a slight decrease to 758 CUP this Friday, while the MLC (Freely Convertible Currency) has increased to 469 CUP. However, its value remains highly volatile, fluctuating between 408 and 529 CUP over the past month.
The rise of the dollar is putting additional pressure on the Cuban peso, which has seen its official exchange rate increase from 605 to 634 CUP in just a month.