Mozambique has room for faster monetary easing: IMF
The Mozambican currency appreciated last week against the Euro which was selling for less than 70 meticais for the first time in three months, according to central bank benchmark exchange rates, Lusa reports.
The value is a result of the appreciation of the Mozambican currency vis-à-vis the US dollar and the continued decline of the Euro against the US currency, which serves as the basis for calculating all exchange rates.
In average terms, last week, the Euro was bought in the country at 70.81 meticais, 61 metical cents less than the average of the previous week.
In turn, the sale was made at 72.12 meticais per Euro, 64 metical cents cheaper according to the weekly averages determined by Lusa from data released by the Bank of Mozambique.
The average purchase price of the Euro during the past week ranged between 69.94 and 71.08 meticais, while the asking price ranged between 71.25 and 72.40 meticais.
At the end of May the exchange rate reached an annual minimum of 65.83 and 67.14 meticais for each unit of European currency, buying and selling respectively, and since then has risen to 73 and 74.38 meticais, buying and selling respectively, on September 11, since when it has fallen back.
The Mozambican currency continued last week’s appreciation against the US dollar (the the basis for the calculation of other currency exchange rates), with a buying average at 60.33 and selling at 61.45 meticais.
Average reference exchange rates of the metical against the Euro
Euro … buy … sale
27 Oct … 69.94 … 71.25
26 Oct … 71.08 … 72.4
25 Oct … 70.99 … 72.27
24 Oct … 71.03 … 72.38
23 Oct … 70.99 … 72.32
Average … 70.81 … 72.12
Source: Banco de MoçambiqueSource: Lusa