This Wednesday, the informal market in Cuba saw the dollar and the euro reach unprecedented peaks.
In recent hours, the dollar increased by two pesos to reach 532 CUP, while the euro surged by five pesos to stand at 605 CUP, according to the latest figures from the currency exchange on the streets.
Conversely, the freely convertible currency (MLC) experienced a decline, dropping by 10 pesos to 410 CUP, breaking the upward trend that had seen it reach 420 CUP just last Monday.
It marks the first instance in several weeks that all three key currencies in Cuba's informal market have fluctuated on the same day.
The dollar set its previous record at 530 CUP on April 22, following a four-peso jump in a single day, and had remained steady at that level for several consecutive days.
Meanwhile, the euro broke past the psychological barrier of 600 CUP on April 19 and had not retreated since, stabilizing at that mark for ten days.
The new values surpass the projections set by the Observatory of Currencies and Finances of Cuba (OMFi) for the euro, which had anticipated a close of April at 604 CUP.
For the dollar, the American currency is now just one peso shy of the OMFi's predicted peak of 533 CUP.
Frequently Asked Questions on Cuba's Currency Market
What caused the recent surge in the dollar and euro in Cuba's informal market?
The rise is attributed to increased demand and limited supply, as well as economic uncertainties within the country.
How does the freely convertible currency (MLC) differ from the dollar and euro?
The MLC is a digital currency used primarily for transactions in state-run stores, whereas the dollar and euro are used in cash transactions on the informal market.