Metical continues to depreciate against major currencies – Mozambique

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Metical continues to depreciate against major currencies – Mozambique

12:13 CAT | 06 Oct 2016

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The metical continued to lose value during the first half of September against the US dollar, the South African rand and the Euro, all major currencies used to pay for imports in Mozambique.

In the commercial banks, the fall of the metical against the US dollar was 2.23 percent, in exchange houses, 5.80 percent and in the interbank foreign exchange market 5.69 percent.

According to the Bank of Mozambique statement on the financial situation of the fortnight from 1 to 15 September, the national currency depreciated 7.84 percent against the Rand, and 6.02 percent against the Euro, and the differential between the average exchange rate of commercial banks and the MCI rate fell to -1.31 percent.

Until September 15 the dollar was traded at commercial banks at 76.9 meticais, 73.56 meticais made in exchange houses.

As regards MCI, the US dollar was traded at 76.81 meticais, the rand at 5.41 meticais, and the Euro at 86.37 meticais.

The national currency has been depreciating since the beginning of the year and is now accumulating losses of 76.23 percent against the Euro, 87.85 percent to the rand and 70.88 percent against the US dollar.

This has been a year of many challenges for the national currency. The annual depreciation of the metical reached 80.94 percent against the rand, 89.66 percent against the Euro and the peak of 90.64 percent against the dollar.

Source: O País