METICAL APPRECIATES BY 1.11% IN THE SECOND HALF OF APRIL
At the end of the second half of April 2012, the Metical exchange rate in relation to the US Dollar stood at 27.53 MT in the Interbank Foreign Exchange Market (MCI – acronym in Portuguese), equivalent to 1.11% nominal appreciation, against 1.13% depreciation recorded in the preceding period. In cumulative terms, since the beginning of the year, the national currency has depreciated by 1.44% and, in annual terms, it has recorded 10.12% nominal appreciation.
In the same period, the Metical exchange rate applied by commercial banks in their transactions with the general public stood at 27.70 MT/USD, equivalent to an appreciation of 1.07%, against 1.85% recorded in the preceding period, resulting in a cumulative depreciation of 1.61%, against 2.86% recorded in the preceding period, whereas in annual terms, it resulted in a reduction of the appreciation by 15pb, standing at 9.36%.
As a result, the spread between the MCI exchange rates and the average rate applied by commercial banks in transactions with the general public stood at 0.62%, against 0.57% recorded in the preceding period. In turn, the spread between the average exchange rates applied by the bureaux of exchange and commercial banks rose from 2.47% at the end of the preceding fortnight to 3.69% in the fortnight under analysis, revealing a rising tendency in relation to both preceding fortnights.
The US Dollar cross exchange rate in London market with the rate of the same currency in the domestic market resulted, for the last day of the period under analysis, in 36.45 MT/EUR and 3.56 MT/ZAR, which, in comparison with the end of the previous fortnight, corresponds to a nominal depreciation of the Metical by 0.61% and 2.01% in relation to Euro and Rand, respectively. In cumulative terms, the national currency has recorded a nominal depreciation by 3.76% and 7.23% in relation to Euro and Rand, while in annual terms, it has appreciated in relation to both currencies, by 19.87% in relation to Euro and 23.61% against the Rand.