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Mozambican metical’s drop due to subdued commodity prices
10:12 CAT | 01 Dec 2015
In file Club of Mozambique
The sharp decline in the value of Mozambique’s metical is due to depressed commodity prices, Central Bank Governor Ernesto Gove said late on Monday.
The currency dropped around 25 percent in November, according to Reuters data, which traders have said reflects concerns over rising government debt as well as the slump in commodities. The metical was flat at 53.50 to the U.S. dollar by 0910 GMT.
“The depreciation of our currency is due to the fall in commodity prices in the global market. Our main exports are not yielding that much revenue,” Gove told reporters. Mozambique’s main exports include natural gas, coal, cotton and aluminium.
Source: Reuters
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