The Central Bank of Cuba (BCC) maintains this Monday its floating rate for Segment III without significant changes, setting the US dollar at 458.00 Cuban pesos (CUP) and the euro at 543.94 CUP, in a context where the informal market solidifies historically high levels.
While the monetary authority maintains the official dollar at 458 CUP, on the street the U.S. currency has reached 500 CUP for a week, its historic high. The current gap is 42 pesos per dollar, a difference that has not decreased in recent days and highlights the difficulty of the official scheme to converge with the real market.
In the case of the euro, the behavior is similar, although with a smaller gap. The BCC sets it at 543.94 CUP, compared to 560 CUP in the informal market, creating a difference of just over 16 pesos. Although this gap is smaller than that of the dollar, it is still enough to maintain active incentives in the parallel market.
The most striking signal is not the level itself, but the pause. After several weeks of gradual adjustments to align with the informal exchange rate, the floating rate seems to have stalled just as the market consolidated its new ceilings. This partial freeze suggests that the BCC prefers to manage the pace of devaluation rather than allowing for a rapid convergence.
Since January, the pattern has been repetitive: the informal market sets a new level, the BCC reacts with phased adjustments and partially narrows the gap, but fails to close it completely. Now the informal dollar has stabilized at 500 CUP without setbacks, while the official rate remains anchored at 458 CUP.
The issue is not only the numerical difference but also the actual availability of foreign currency. Even though there is a lower official rate, effective access remains limited. In practice, the informal market continues to serve as the primary reference for citizens and economic actors.
The so-called "floating rate" has shown greater flexibility than previous exchange rate schemes, but its managed nature limits its ability to anchor expectations. While the parallel market consolidates highs without signs of correction, the official rate appears to be moving at a different pace.
The result is a persistent fragmentation: two prices for the same currency, with a gap that, instead of disappearing, stabilizes as part of the Cuban economic landscape.
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