Cuba's cash shortage drives citizens to costly middlemen and fuels informal exchange rates

In Cuba, severe cash shortages have compelled many workers to rely on “liquidity managers” who stand outside bank branches and charge commissions of 30‑45% to convert salaries from card balances into physical pesos. Reports describe fees of up to 800 pesos on a 2,000‑peso transfer, with some brokers taking as much as half the amount. Arrests of fee‑charging operators have not eliminated the practice, which many describe as a second unpaid job.

At the same time, the informal foreign‑exchange market shows the US dollar trading at 665 Cuban pesos, up five pesos from the previous quotation, while the euro remains at 770 pesos. Other rates include the MLC at 429.29 CUP, the Canadian dollar at 429.77 CUP, and the Mexican peso at 50.10 CUP. These figures reflect unofficial peer‑to‑peer transactions and do not represent official bank rates.