Metical: Slow devaluation against US dollar goes on

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Metical: Slow devaluation against US dollar goes on

12:44 CAT | 10 Dec 2018

The metical continued its slow devaluation against the US dollar over the last week, according to daily rates released by the central bank and followed by Lusa.

The dollar has been more expensive since mid-October, with weekly changes of less than 25 cents amounting since then to a rise of about one metical in the price of one unit of the American currency.

During the last week, the US dollar was being purchased in Mozambique for an average of 60.94 meticais, while the sale was taking place at average of 62.13 meticais, maintaining the Mozambican currency within the range it has traded in over the last 90 days.

The US dollar is used as the basis for calculating the reference exchange rates for the other currencies in Mozambique.

Over the past week, the Euro appreciated by about 30 cents, being purchased for an average of 69.28 meticais, while sale took place at an average of 70.63 meticais.

Metical average reference exchange rates against the Euro

Euro … buy … sell

07 Dec ….. 69.33 ….. 70.69

06 Dec ….. 69.11 ….. 70.44

05 Dec ….. 69.39 ….. 70.76

04 Dec ….. 69.43 ….. 70.81

03 Dec ….. 69.12 ….. 70.47

Average ….. 69.28 ….. 70.63

Metical average reference exchange rates against the US dollar

USD … buy … sell

07 Dec ….. 60.98 ….. 62.17

06 Dec ….. 60.96 ….. 62.14