Metical stabilises against Euro and US dollar after falls

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Metical stabilises against Euro and US dollar after falls

9:53 CAT | 01 Oct 2018

File photo: DW

The Mozambican currency stabilised against the Euro and the US dollar after falling over the last five weeks, according to the average daily exchange rates released by the central bank and followed by Lusa.

Over the past week, the Euro was bought in Mozambique at an average of 70.38 meticais, while sale was made at an average of 71.79 meticais, practically unchanged from the previous week.

The week that passed was shorter due to the September 25 holiday.

Since the week of August 20 this year, when the metical hit a 12-month high against the European currency, the trend has reversed and the Euro has increased by more than 4.5 meticais, both on the buying and selling side.

The US dollar – which is used as the basis for calculating the exchange rates for all other currencies in Mozambique – was bought on average over this last week for 60.13 meticais, while sale was made at an average of 61.33 meticais, unchanged from the previous week.

Metical average reference exchange rates against the Euro

Euro ….. buy ……. sell

28 Sept ….. 69.72 ….. 71.11

27 Sept ….. 70.31 ….. 71.71

26 Sept ….. 70.69 ….. 72.1

25 Sept (holiday)

24 Sept ….. 70.81 ….. 72.22

Average ….. 70.38 ….. 71.79

Metical average reference exchange rates against the US dollar

USD …… buy ….. sell

28 Sept ….. 60.04 ….. 61.24

27 Sept ….. 60.11 ….. 61.31