Macroeconomic Forecast Mozambique

The metical will continue to depreciate against the greenback and the euro over the course of 2009, but will remain more robust against the rand. Inflation differentials and external account flows are the main considerations, while the central bank only intervenes in a limited and judicious manner to prevent any excessive temporary volatility. Our current end-09 projection stands at MZN29.00/US$, down from MZN25.10/US$ in 2008.

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