US funding cuts could affect projects in Mozambique - Minister of Planning and Development Salim Valá
Mozambican metical hits 12-month low against US dollar
10:57 CAT | 18 Feb 2019
In file CoM
The US dollar last week reached a 12-month high against the metical, reaching 62.78 meticais, according to international financial firm Euronet.
The peak was reached before the close of transactions on Friday, with the US dollar ending the day at 62.18 meticais. The previous high was registered in March 2018, at 62.70 meticais.
The US currency, used as the basis for calculating the reference exchange rates for the other currencies in Mozambique, has maintained a trend that has held since August 2018, when it cost 57 meticais, according to the Euronet exchange tables.
Last week’s meeting of the Bank of Mozambique’s Monetary Policy Committee acknowledged that “the metical has shown a slight depreciation” against the US dollar, but considered the movement “in line with seasonal variations”.
With regard to the Euro, exchange rates have registered minimal changes in the last week, the European currency being bought for an average of 69.80 meticais and sold at 71.19, 25 metical cents up from the previous week.
Average Euro reference exchange rates in meticais
Euro … buy … sell
Feb 15…. 69.81 ….. 71.2
Feb 14 ….. 69.73 ….. 71.12
Feb 13 ….. 69.95 ….. 71.34
Feb 12 ….. 69.7 ….. 71.08
Feb 11 …… 69.82 ….. 71.2
Average….. 69.80 ….. 71.19
Average US dollar exchange rates in meticais
USD … buy … sell
Feb 15 ….. 61.9 ….. 63.13
Feb 14 ….. 61.86 ….. 63.09
Feb 13 ….. 61.81 ….. 63.04
Feb 12 ….. 61.76 ….. 62.98
Feb 11 ….. 61.72 ….. 62.95
Average ….. 61.81 ….. 63.04
Source: Bank of Mozambique
Source: Lusa
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