World-Beating Currency Draws Ire of Mozambique Farm Minister
- Central bank surprised the market with sharp January rate hike
- Inflation has accelerated, but still in single digits
Celso Correia
Photographer: Yasuyoshi Chiba/AFP via Getty Images
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Mozambique’s world-beating currency has left some investors confused after a March terror attack threw its economic prospects into doubt. Now, even the country’s agriculture minister has implied the metical’s 34% appreciation against the dollar this year is overdone.
A strong Mozambican currency is always good, but it has to be because of strong fundamentals and not because of administrative measures, state-owned Radio Mocambique cited Celso Correia as saying.