Record rates for the euro and Zelle: This is how currencies are trading today on Cuba's informal market.

The euro reached a new high this Saturday, June 14th historic record in the Cuban informal market, standing at 410 CUP per unit.

This value represents an increase of 3 pesos compared to the previous day and reflects a sustained acceleration in its price over the past few weeks.

The US dollar also remains strong, holding at 375 CUP, while Zelle, a digital payment method widely used by the diaspora to send remittances, shot up to 387.50 CUP, an increase of 13 pesos in just 24 hours.

Current rates according to El Toque:

• 1 EUR = 410 CUP ▲ +3
• 1 USD = 375 CUP
• 1 MLC = 260 CUP
• CAD 1 = 250 CUP ▲ +5
• 1 MXN = 19.50 CUP ▲ +0.5
• 1 ZELLE = 387.50 CUP ▲ +13

Currency conversion to Cuban pesos (CUP):

This increase takes place in the middle of a week marked by growing tensions in the migration field and a severe cash shortage.

As recently reported by the official press, sectors of the government would be considering issue high-denomination coins to address the collapse of the banking system, a measure that has been criticized for avoiding addressing the structural causes of inflation.

Added to this is the deterioration of purchasing power on the island. The euro above 400 pesos shows that incomes in CUP They lose value against any foreign currency.

For those who depend on remittances, the amounts received in currencies such as the dollar or euro, when converted to CUP, allow us to face increasingly runaway local prices, such as rice at more than 300 CUP the kilogram, or the oil over 1,000 CUP per liter.

The informal market thus becomes a key indicator of the Cuban economy, reflecting not only the devaluation of the peso, but also the hopelessness of a large portion of the population, who see their national currency becoming an increasingly symbolic piece of paper.