Cuban peso continues to decline against US dollar in informal market

The Cuban peso continues to lose value against foreign currencies, driven by significant increases in the informal exchange market. The US dollar has risen to 715 CUP, following its recent breach of the 700 CUP threshold. Other currencies show varied movement; the euro remains stable at 810 CUP, while the Moneda Libremente Convertible (MLC) saw a substantial jump of 18.94 pesos, reaching 468.57 CUP.

This currency volatility has direct consequences for the domestic economy, acting as a primary driver for the prices of essential goods such as bread, oil, and fuel. The rapid depreciation of the peso—which was valued at 193 CUP per dollar in 2023—has created significant inflation and economic uncertainty. In some regions, such as Santiago de Cuba, the scarcity of goods and high costs have forced consumers to purchase essential items like cooking oil in small quantities at prices that consume a large portion of average wages.