Euro Surges in Cuba's Informal Market as Dollar Holds Steady

The informal currency market in Cuba continues to be dominated by the euro and stable dollar. According to data from CiberCuba, the exchange rate for the U.S. dollar remained unchanged at 683 Cuban pesos (CUP) on Friday, September 4th. In contrast, the euro experienced a gain of 2.5 pesos, climbing to 775 CUP.

The dollar's stability is attributed to its widespread acceptance and use in Cuba, particularly among state-run businesses and foreign tourists. Meanwhile, the euro has been gaining strength due to increased demand from Cuban citizens seeking to access goods and services that are priced in euros. This trend reflects the growing partial dollarization of the Cuban economy.

The MLC, which is used by some state-run stores, saw a decline of 9.2% compared to the previous day's value. Its indicative value was reported at approximately 462 CUP. The disparity between official and informal exchange rates remains significant, with the dollar and euro trading at higher prices in the parallel market.