Mozambique
Economy - Development
Inflation in Mozambique remains controlled

Misanet / AIM, 11 April - Inflation in Mozambique, as measured by the Maputo Consumer Price Index, was 0.95 percent in March, according to the latest statistical bulletin from the Central Bank.

Prices fell slightly in January, rose by 0.59 percent in February, and the accumulated inflation for the first quarter of the year was 1.5 percent.

The main price rises registered in March were for tomatoes (up by 27.4 percent), cabbage (17.2 percent), onions (8.46 percent), and fresh fish (96.81 percent). Some foodstuffs became cheaper in March, notably chickens which fell in price by almost five percent.

On the Interbank Foreign Exchange Market, after appreciating somewhat in the first half of March, the Mozambican currency, the metical, lost ground against the major foreign currencies.

According to the Bank of Mozambique, the metical depreciated by 0.19 percent between 15 and 30 March. But since the dollar was also declining, the metical's depreciation was greater against the euro (1.27 percent) and against the South African rand (2.61 percent).

Over this fortnight, Mozambique's net international reserves rose by 40 million dollars, and on 30 March stood at 1.258 billion dollars.

Meanwhile the exchange of old metical notes and coins for the new ones, under last year's currency reform, which knocked three digits off the metical, is nearing completion. Around 94 percent of the 7.342 billion meticais (equivalent to 284.6 million dollars) in circulation are the new notes and coins.

Commercial banks will continue to exchange the old notes and coins for the new ones until the end of this year.

By Mozambican state agency AIM

© AIM / afrol News

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