Metical-Euro: Mozambican currency reverses depreciation trend

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Metical-Euro: Mozambican currency reverses depreciation trend

12:21 CAT | 26 Feb 2018

The Mozambican currency last week reversed a six-week devaluation trend against the Euro, in which it accumulated a loss of around five meticais, according to data from the Bank of Mozambique followed by Lusa.

The Euro was bought last week by Mozambican commercial banks at an average of 74.68 meticais, five cents of the metical down from the previous week, and was sold at 76.16 meticais, six cents of the metical down from the same period.

The change reflects the devaluation of the Euro against the US dollar, which is the basis for the calculations of average daily exchange rates by the central bank based in Maputo.

With regard to the purchase and sale of the US dollar, the Mozambican currency fell for the sixth consecutive week, accumulating losses of 2.30 meticais.

The US dollar was bought last week at 60.56 meticais and sold at 61.76 meticais, 23 metical cents more than the previous week.

Source: Lusa