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%. (macauhub)