Angolan and Mozambican currencies among the most devalued worldwide in 2016
The national currencies of Angola and Mozambique are among the ten most depreciated currencies over 2016, with the kwanza falling almost 20% and the metical losing more than 30%, according to financial news agency Bloomberg.
The currencies of Angola and Mozambique, the two largest Portuguese-speaking countries in Africa are among the ten worst, only surpassed by the currencies of Nigeria, Venezuela, Suriname and Egypt, in the case of Mozambique, which experienced a devaluation of 33.2%.
Angola, whose kwanza depreciated by 18.9% over the last twelve months, performed slightly better than Mozambique, ahead of the currencies of Mongolia, the Congo and Sierra Leone.
Angola and Mozambique are facing a significant economic downturn due to the fall in commodity prices, particularly oil, and global economic cooling.
The International Monetary Fund (IMF) projects growth of 1.5% for the Angolan economy this year, while its forecast for economic expansion in Mozambique points to 5.5%.