The new informal market rates confirm the sustained loss of value of the Cuban peso and aggravate the economic impact on the population.
MADRID, Spain.- The price of the dollar in Cuba’s informal market rose again this October 10, reaching 455 Cuban pesos (CUP) per unit, according to data published by The Touch. This is an increase of five pesos compared to the previous day, which widens the gap with the official rate established by the Government.
The same source reported that the euro also experienced an increase, standing at 511 CUP, while the Freely Convertible Currency (MLC) remains stable at 210 CUP, unchanged since the end of September.
In addition to the representative rates, the platform disseminated the ranges of offers detected in the market:
- EUR: between 440.00 and 545.00 CUP
- USD: between 415.00 and 480.00 CUP
- MLC: between 190.00 and 230.00 CUP
These figures confirm the volatility of the informal market and reflect the geographical and temporal dispersion in the purchase and sale of currencies. While in some parts of the country the dollar can be obtained at relatively lower prices, in other areas it far exceeds the average published values.
The publication of The Touch It also included rates of other currencies such as the pound sterling (468.75 CUP), the Canadian dollar (304 CUP) and the Mexican peso (22.97 CUP), as well as a reference to the cryptocurrency market, which has gained space among those looking for alternatives to circumvent state restrictions.
This new increase in the dollar adds to a sustained trend of devaluation of the Cuban peso, which in July was trading around 370 CUP per dollar. In just three months, the national currency has lost more than 80 pesos against the US currency.
The escalation occurs while the authorities have announced, without concrete details, the intention to establish a floating exchange system to reduce the gap between official rates and those of the informal market. So far, however, no public steps have been taken toward implementing that measure.
In practice, the difference between the state contribution and that of the informal market deepens the economic inequality: Those who receive remittances in foreign currencies have much greater purchasing power than those who receive remittances in national currency. Meanwhile, the prices of basic goods and services remain tied to the value of currencies, aggravating the pressure on the population.
