Value of Sao Tome and Principe’s currency falls against euro and dollar

4 July 2007

Sao Tome, Sao Tome and Principe, 4 July – The value of Sao Tome and Principe’s currency, the dobra, fell 14.22 percent against the euro and 0.69 percent against the dollar between December 2005 and September 2006, the archipelago’s central bank said in Sao Tome Tuesday.

According to the Statistical Bulletin of the Sao Tome and Principe Central Bank (BCSTP), at the end of December 2005 the euro was worth 14106.9 dobras and in September 2006 is was worth 16112.4 dobras.

The dollar in its turn, was worth 11929.7 dobras at the end of 2005 and 12673.9 dobras in September of last year.

At retail banks, the dollar stood at 12870.5 dobras in September 2006 against 12710.7 dobras in July 2006 and in the same period the euro’s value changed from 15973.1 dobras to 16343.7 dobras.

Over the last few days, the euro has stood at 18523.48 dobras while the dollar has been at 13632.24.

The devaluation of Sao Tome’s currency against the dollar and the euro has been driven by several factors, namely the constant inflation rate increase, the balance of trade deficit and the rising price of fuel. (macauhub)