Mozambican central bank highlights economic recovery signs

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Mozambican central bank highlights economic recovery signs

4:31 CAT | 25 Jan 2017

File photo / Maputo headquarters of Banco de Moçambique

Mozambique’s central bank said Tuesday that the country’s economy has shown signs of recovery.

Valdemar de Sousa, central bank administrator and spokesperson, gave the national currency metical as an example, saying it has been gaining some ground compared to the U.S. dollar.

“Recently we have been witnessing clear signs of stabilization to the economic troubles we have been going through, namely the foreign exchange. The metical in the last high transaction for a dollar was around 80 but now a dollar is exchanged at 70 meticals,” said de Sousa.

According to the administrator, these are positive indicators that the monetary measures introduced by the central bank currently under the new administration are leading to expected results such as controlling liquidity.

He also said the country’s inflation closed the year 2016 at around 25 percent but has initiated its deceleration. Enditem

Source: Xinhua