Even after the depreciation of the Mozambican currency the country has foreign reserves guaranteeing 3.7 months of imports of goods and services, the economic fundamentals of the country were stable with an above average economic growth forecast this year of 6.3%, according to prime minister Carlos Agostinho do Rosário.
He told parliament that, while the Mozambican currency had depreciated by 43% against the dollar since January, the depreciation follows the trend of currencies from around the world against the US dollar.
According to figures published by Mozambican newspaper Notícias, the Zambian kwacha has depreciated by 100% against the dollar since the beginning of the year; the kwanza in Angola by 36%; the Tanzanian shilling by 27%; the SA rand by 25%; the Brazilian real by 56%; the Russian rouble by 50%; and the euro by 14%.
