US dollar sets new 12-month high against Metical, but appreciation slows

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US dollar sets new 12-month high against Metical, but appreciation slows

1:50 CAT | 11 Mar 2019

In file CoM

The US dollar has maintained its upward trend against the Mozambican currency in the last week, albeit more slowly, setting a new 12-month high at 62.84 meticais, according to international financial firm Euronet.

This peak in the exchange rate adds three metical cents to the previous 12-months high, achieved just a week earlier.

The dollar has renewed its high at 62 meticais, adding a few cents to the exchange value every week since mid-February and continuing a rising price trend since August 2018, when it cost 57 meticais.

The Bank of Mozambique considered in February that the dollar’s value was “in line with the seasonality of the period, characterised by an increase in the demand for foreign currency to face the payment of the various imports made within the framework of the festive season”.

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

According to the exchange rates published by the Bank of Mozambique, the dollar was sold last week in Mozambique at an average of 63.37 meticais and bought at 62.14 meticais.

The Euro registered minimal change in the last week, being bought at an average of 70.20 meticais and sold at 71.58, down about 30 metical cents down from the previous week, according to daily rates released by the central bank and followed by Lusa.

Average Euro/Metical reference exchange rates

Euro … buy … sell

08 Mar ….. 69.7 ….. 71.08

07 Mar ….. 70.24 ….. 71.62

06 Mar ….. 70.22 ….. 71.61

05 Mar ….. 70.35 ….. 71.74

04 Mar ….. 70.47 ….. 71.86

Average ….. 70.20 ….. 71.58

Average US dollar/Metical reference exchange rates

USD … buy … sell

08 Mar ….. 62.17 ….. 63.4

07 Mar ….. 62.17 ….. 63.39