Cuban Peso Loses 100 Pesos Against the Dollar in 17 Days

The US dollar traded at 680 Cuban pesos (CUP) on Cuba’s informal market this Wednesday, representing a jump of 10 pesos compared to the previous day (1.5%). The US currency has now risen for two consecutive days, and with this latest increase, the Cuban peso has accumulated a depreciation of 100 pesos against the dollar since closing May at 580 CUP—a deterioration of 17.2% in just the first seventeen days of June.

The daily movement was somewhat more pronounced than what has typically been seen over the past three weeks, though it did not reach extreme levels. The range of offers reflected a considerable gap: while some transactions were being completed near 650 CUP, other sellers were asking for as much as 710 CUP per dollar. This 60-peso spread highlights the uncertainty among those buying and selling foreign currency.

The Euro followed the same trend, rising to 776 CUP, up 6 pesos (0.8%) from the previous day. It has also appreciated against the Cuban peso for two consecutive sessions. Since the end of May, when it stood at 660 CUP, the European currency has increased by 116 pesos, a monthly jump of 17.6%, closely mirroring the US dollar’s rise.

The range of euro offers was even wider than that of the greenback, fluctuating between 740 and 810 CUP—a 70-peso differential that underscores how difficult it has become to find a consensus price.

Analysts from El Toque’s Currency and Finance Observatory have noted that domestic inflationary pressures and the shortage of foreign currency in official channels continue to fuel the surge in the parallel market, a situation that shows no signs of reversing in the short term.

The Canadian dollar posted the sharpest movement among the secondary currencies. It fell to 437 CUP, a decline of 17 pesos (−3.7%) compared to the previous day, marking its second consecutive day of losses. This was an unusually strong correction: compared with the fluctuations recorded over the previous twenty days, it was more pronounced than the vast majority of recent changes, something not seen since June 13.

Despite the daily decline, the monthly outlook still reflects a weakening Cuban peso. The Canadian dollar has gained 57 pesos (15%) since the end of May, when it stood at 380 CUP. The range of offers extended from 400 to 470 CUP, with a 70-peso spread that reflects a still-volatile market for this currency.

This article was translated into English from the original in Spanish.