The value of major foreign currencies, such as the dollar in Cuba, in the Cuban informal market continues to rise today, October 7, reflecting the deep instability of the Cuban peso (CUP). According to rates published today by the independent media outlet elTOQUE, at dawn this Tuesday, the US dollar (USD) is trading at 450 CUP, the euro (EUR) reaches 505 CUP and the Canadian dollar (CAD) reaches 306 CUP.
These figures represent sustained increases compared to previous weeks and demonstrate an upward trend that is impacting the population's purchasing power.
The Cuban peso continues to lose value while the demand for foreign currency grows, driven by the expansion of stores and gas stations that operate exclusively in dollars or freely convertible currency (MLC).
With the MLC stuck at 210 CUPMany Cubans turn to the informal market to obtain foreign currency that allows them to access food, medicine, and basic goods, available almost exclusively in these stores.
The Currency and Finance Observatory (OMFi) has noted that the rise in the dollar and euro is due to the shortage of foreign currency in circulation and the population's lack of interest in holding pesos.
Furthermore, rising prices in dollarized markets exacerbate economic inequality, as only those who receive remittances or income in foreign currency can afford essential goods.
The euro maintains its position as the strongest currency, up five pesos in the last trading session, followed by the US dollar, which also gained five pesos.
The Canadian dollar rose six CUP, while the Swiss franc fell significantly to 173.65 CUPMeanwhile, digital transactions through platforms such as Zelle and CLA also recorded slight increases, confirming the diversification of the parallel market.
The contrast with the official rates of the central bank Cuba's situation is notable: the dollar remains at 120 CUP and the euro at 140. This gap triples the real value of currencies on the informal market, consolidating a dual economy where the Cuban peso is losing more and more relevance in everyday life.