Dollar Surges to Record High in Cuba's Informal Market

The US dollar has broken record highs in Cuba's informal market, reaching a new high of 722 Cuban pesos (CUP) on Wednesday. This surge marks a swift climb from below 700 CUP just a week ago, highlighting the volatile nature of the currency's trajectory.

According to recent trends, the dollar has been steadily increasing in value, with significant gains over the past month. Just a week ago, it stood at 698 CUP, and by Friday morning, it had risen to 703 CUP. The upward momentum continued last Saturday as the dollar climbed to 708 CUP, hitting another peak.

The official exchange rate set by the Central Bank of Cuba (Segment III) remains lower, at 673 CUP per dollar, highlighting a gap of over 49 pesos for the dollar between official and informal markets. The euro has also shown significant movement, standing at 825 CUP with a buying rate of 820 CUP and a selling rate of 829 CUP.