Mozambique to meet wary creditors to discuss debt restructuring
Over the last week, the Mozambican currency has maintained its appreciation against the Euro as a result of the fall of the European currency against the US dollar, a reference for the Mozambican exchange rate.
In average terms, last week (shorter due to the holiday of October 4, National Day of Peace and Reconciliation), the Euro was bought in the country at 71.21 meticais, 30 metical cents less than the previous week’s average.
By contrast, the sale was made at 72.58 meticais per Euro, 30 metical cents cheaper, according to the weekly averages calculated by Lusa from Bank of Mozambique figures.
The average purchase price of the Euro during the week varied between 71.02 and 71.33 meticais, while the asking price ranged between 72.37 and 72.70 meticais.
At the end of May, the exchange rates reached the annual minimum of 65.83 and 67.14 meticais for each unit of European currency, buying and selling respectively, and since then rose to 73 and 74.38 meticais, buying and selling respectively, on September 11, and has been reversing since.
Meanwhile, the Mozambican currency maintained the exchange rate practically unchanged against the US dollar (which is used as the basis for the calculation of other currencies) with purchase averages at 60.69 and sale at 61.86 meticais.
Meticais average reference exchange rates against the Euro
Date … Buying … Selling
06 Oct … 71.02 … 72.37
05 Oct … 71.31 … 72.67
04 Oct … (Public holiday)
03 Oct … 71.18 … 72.57
02 Oct … 71.33 … 72.7
Average … 71.21 … 72.58
Source: Banco de MoçambiqueSource: Lusa