Metical: 8% and 16% devaluations in 1 month – Hanlon

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Metical: 8% and 16% devaluations in 1 month – Hanlon

3:21 CAT | 23 Aug 2016

The Metical fell 8% against the US dollar and 16% against the South Africa Rand in the past month. US$ devaluation is 62% since mid-January; there are now 72.2 Meticais to the US $. This is important because most debt is denominated in dollars. But the South African Rand is more important in Maputo because much food and many consumer goods are imported from South Africa. There are now 5.4 Meticais to the Rand, compared to 4.67 just a month ago and 2.68 in mid-January.

By: Joseph Hanlon

Source: News reports & clippings