Unofficial dollar exchange rate in Cuba reaches record 800 pesos — The Rio Times

In Cuba, the unofficial exchange rate of the US dollar reached a record 800 pesos per dollar on October 15 and remained at that level the following day. The Rio Times reports, citing Cuban media and the elTOQUE service, which calculates the indicator based on online currency buying and selling advertisements.

The dollar rose by more than a third since late June

According to the publication, the unofficial rate rose by 10 pesos on October 15. At the beginning of October, the dollar was worth 785 pesos; on October 7, it was 770 pesos; and on October 14, it was 795 pesos. At the end of June, the rate stood at 605 pesos, meaning the US currency gained 195 pesos, or 32.2%, over this period.

The unofficial rate is significantly higher than rates in the state sector. According to 14ymedio, Cuban banks bought dollars for 693–695 pesos, while the state-run Cadeca exchange office network sold them for 704 pesos in city centers and 690 pesos at airports.

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Average state salary is less than $10

Cuba's National Office of Statistics and Information, ONEI, estimated the average state salary in August at 7,354 pesos per month. At an unofficial rate of 800 pesos per dollar, this amounts to approximately $9.19. At the same time, annual inflation in September stood at 28.44%, according to the data cited in the article.

The exchange rate is important for Cuban families receiving remittances from abroad: $100 at the unofficial rate equals about 80,000 pesos. The unofficial rate is the median of offers on classified websites and social media, rather than an indicator of completed currency transactions.

The euro's rate also increased on the unofficial market: 14ymedio reported 890 pesos per euro, while Diario de Cuba estimated it to be close to 900 pesos.