Appreciation of US Dollar vs. Mozambican Metical slows

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Appreciation of US Dollar vs. Mozambican Metical slows

11:17 CAT | 04 Mar 2019

File photo: DW

The dollar’s appreciation against the Mozambican currency slowed last week, with the US currency setting a 12-month high at 62.81 meticais, according to international financial firm Euronet.

The US currency has been following a rising price trend since August 2018, when it cost 57 meticais.

In the final communiqué of the February meeting of its Monetary Policy Committee (CPMO), the Bank of Mozambique acknowledges that “the metical has [experienced] a slight depreciation” against the US dollar.

However, it considers that this movement is “in line with seasonal variations, characterised by an increase in the demand for foreign currency to pay for imports during the festive season”.

According to the rates published by the Bank of Mozambique, the US dollar – the currency used as the basis for calculating the reference exchange rates for other currencies in Mozambique – was sold in Mozambique last week at an average of 63.25 meticais and bought at 62.02 meticais.

The Euro exchange rate has registered minimal change over the last week, being purchased at an average of 70.52 meticais and sold at 71.92, up 37 metical cents from the previous week, according to daily rates released by the central bank and followed by Lusa.

Average US dollar reference exchange rates in meticais

USD … buy … sale

01 Mar ….. 62.09 ….. 63.32

28 Feb ….. 62.08 ….. 63.31

27 Feb ….. 62.03 ….. 63.26

26 Feb ….. 61.98 ….. 63.21

25 Feb ….. 61.94 ….. 63.17

Average ….. 62.02 ….. 63.25

Average Euro reference exchange rates in meticais

Euro … buy … sale

01 Mar ….. 70.58 ….. 71.98

28 Feb ….. 70.71 ….. 72.12