After a surprising appreciation from 74 to 55 Meticais per dollar unit in March, the national currency depreciates again-The currency chart is moving towards the equilibrium position with the real economy, currently standing at around 60 Meticals.

According to economists quoted by the weekly Domingo, the observed appreciation resulted, in part, from the strengthening of the capacity to capture foreign currency, especially the dollar, due to the beginning of gas exploration activities in the Rovuma basin.

The appreciation of the Metical has also been observed as a result of a combination of internal and external factors, and is not necessarily the exclusive merit of the restrictive measures adopted by the Central Bank when it intervened last year to counter the damaging effects of the covid-19 pandemic.

Among the internal factors the highlight goes to the worsening of the reference rates determined by the recent sessions of the Monetary Policy Committee (CPMO) of the Bank of Mozambique, which conditioned the reduction in demand for foreign currency to carry out imports of goods and services.