The sharp decline in the value of Mozambique's metical is due to depressed commodity prices, Central Bank Governor Ernesto
Gove said late on Monday.
The currency dropped around
25 percent in November,according to Reuters data,which traders have said reflects concerns over rising
government debt as well as the slump in commodities.
The metical was flat at 53.50 to the
U.S. dollar by 0910 GMT. "The depreciation of our currency is due to the fall in commodity prices in the global market.Our main exports are not yielding that much revenue," Gove told reporters.
Mozambique's main exports
include natural gas, coal, cotton
and aluminium.
Gove said late on Monday.
The currency dropped around
25 percent in November,according to Reuters data,which traders have said reflects concerns over rising
government debt as well as the slump in commodities.
The metical was flat at 53.50 to the
U.S. dollar by 0910 GMT. "The depreciation of our currency is due to the fall in commodity prices in the global market.Our main exports are not yielding that much revenue," Gove told reporters.
Mozambique's main exports
include natural gas, coal, cotton
and aluminium.
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