The exchange rate between the metical and the main international currencies (US dollar, euro and rand) remained stable from January to March this year.

The data can be found in the Balance of the Economic and Social Plan and State Budget (BdPESOE), for the first quarter of 2024, to which the MZNews had access to.

According to the document, on March 28, 2024, the metical was quoted at 63.93 meticais per dollar, 69.39 meticais per euro and 3.39 meticais per rand, respectively.

"The stability of the metical against the currencies of the main trading partners in the period in question essentially reflected the flow of foreign currency on the national exchange market, in a context of positive real interest rates," the report reads, noting that in terms of the quarterly average, the exchange rates observed were 64 meticais per dollar, 70.14 meticais per euro and 3.41 meticais per rand.

However, in March, year-on-year inflation stood at 3.03% and the average was 5.48%. These levels represent a slowdown compared to year-on-year inflation of 6.99 percentage points (pp) and a slowdown compared to the average of 5.54 pp recorded in the same period of 2023.