US dollar continues to rise, renews 12 month-high against the Mozambican metical

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US dollar continues to rise, renews 12 month-high against the Mozambican metical

12:44 CAT | 25 Feb 2019

Picture: DW

The US dollar continues to rise in Mozambique and reached a new 12-month high last week, trading at 62.85 meticais, according to international financial firm Euronet.

The dollar – the currency unit used as the basis for calculating the reference exchange rates for all other currencies in Mozambique – peaked just before the close of trading on Friday, ending the day at 62.43 meticais.

The dollar’s highest value in the last 12 months was recorded the previous week, at 62.78 meticais.

The US currency therefore continues a rising trend dating back to August 2018, when it was trading at 57 meticais, according to the Euronet exchange rate charts.

In the final communiqué of its February Monetary Policy Committee (CPMO) meeting, the Bank of Mozambique acknowledges that “the metical has [registered] a slight depreciation” against the US dollar, but says it considers the movement “in line with the seasonality of the period”.

With regard to the Euro, the exchange rate registered only minor changes in the last week.

The European currency was being purchased in the country over the last week at an average of 70.15 meticais and sold at 71.53, 34 metical cents more than in the previous week, according to daily rates released by the central bank and followed by Lusa.

Euro vs Metical average reference exchange rates

Euro … buy … sell

22 Feb…. 70.19 ….. 71.58

21 Feb ….. 70.22 ….. 71.61

20 Feb ….. 70.25 ….. 71.64

19 Feb ….. 69.99 ….. 71.37

18 Feb…. 70.08 ….. 71.47

Average ….. 70.15 ….. 71.53

US dollar vs Metical average reference exchange rates

USD … buy … sell

22 Feb ….. 61.93 ….. 63.16

21 Feb ….. 61.94 ….. 63.17