Cuban parallel markets halted a steep weekly contraction as the United States dollar stabilized at 905 pesos cubains on Friday breaking a downward sequence that had erased more than 20 pesos in value over seven days.
- The US dollar stabilized at 905 CUP after shedding approximately 2.5% over the preceding week, according to data from CiberCuba.
- The euro declined by five pesos to 985 CUP, widening its spread against the greenback to 80 pesos on the informal market.
- The official exchange rate sits at 825 CUP, leaving an 80-peso gap that underscores ongoing distortions in Cuba’s monetary system.
The American currency paused its downward trajectory at 10:00 AM local time on Friday, holding flat at 905 CUP. CiberCuba reported that the currency had dropped roughly 2.5% over the prior week, falling from 928 CUP.
Despite the recent downward correction, the dollar remains elevated compared to levels recorded a month ago. Over the trailing 30 days, quotations have fluctuated between a low of 793 CUP and a peak of 940 CUP.
Market participants are questioning whether the pause represents a temporary consolidation or a reversal of the recent downward trend.
While the dollar found a floor, the euro continued to lose ground on the informal exchange network. The European currency traded at 985 CUP on Friday, dropping five pesos from the previous day’s rate of 990 CUP.
Over the past week, the euro accumulated a decline of 15 pesos, representing a 1.5% decrease from 1,000 CUP. Across the trailing month, the currency moved between a low of 888 CUP and a high of 1,010 CUP.
Even with these successive declines, the euro remains the highest-valued foreign currency among the three primary benchmarks on the informal market. It maintains an 80-peso premium over the US dollar.
The Moneda Libremente Convertible traded at an indicative rate of 436 CUP on Friday. Low trading volumes during early morning operations limited the reliability of this figure, down significantly from the previous session’s reference of 626 CUP.
| Currency | Informal Market Rate | Official Bank Rate | Spread |
|---|---|---|---|
| US Dollar (USD) | 905 CUP | 825 CUP | 80 CUP |
| Euro (EUR) | 985 CUP | 913 CUP | 72 CUP |
| MLC (Electronic) | 436 CUP | N/A | N/A |
The gap between parallel market valuations and official rates maintained by the Banco Central de Cuba remains wide. The official Segment III reference for the dollar stands at 825 CUP, while the official euro rate is fixed at 913 CUP.
The official dollar rate climbed from 707 CUP on October 14, illustrating a steady depreciation of the peso within state-managed channels. Demand for foreign currency persists due to private imports, outward migration, and domestic inflation pressures.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
