Euro reaches 1,000 pesos on Cuba's informal market

The euro reached 1,000 Cuban pesos on the informal foreign-exchange market, a new high for the European currency in that segment. The mark came about one day after the U.S. dollar exceeded 900 pesos. The sequence placed both currencies at elevated levels against the Cuban peso and showed how quickly the two exchange-rate milestones followed one another. The value is an informal-market reference, not the official rate.

The dollar's path provides a benchmark for following the increase: at the start of the year it traded at 435 pesos and reached 800 on October 15. It then took slightly more than two weeks to add another 100 pesos and pass 900. That progression places the recent high within an upward trajectory that had intensified in recent weeks rather than presenting it as an isolated daily movement.

For the euro, the Central Bank of Cuba's official rate stood at 868 pesos on the same Tuesday that the informal quotation reached 1,000. The figures represent different references for the European currency: one is the informal exchange rate and the other the value published by the monetary authority. The comparison shows that the informal-market high exceeded the official rate, without making the two quotations equivalent.

The rise of both currencies forms part of an accelerated depreciation of the Cuban peso in recent weeks. For the dollar, the move from 800 to more than 900 pesos occurred in slightly over two weeks; the euro then reached the 1,000-peso threshold. The sequence summarizes the recent advance of both currencies on the informal market and the pace at which their quotations changed.