Mozambique's metical fell to a record low of 60 to the dollar on Tuesday, according to Thomson Reuters data, as fears of an imminent sovereign debt default weighed on the currency.
Currency hits record low on default fears
State firm Mozambique Asset Management (MAM) missed a May 23 deadline for a $178 million repayment on a $500 million loan organised by Russia's VTB Bank.
Mozambique's Prime Minister Carlos Agostinho do Rosario addresses a media conference in the capital Maputo, April 28, 2016 REUTERS/Grant Lee Neuenburg
State firm Mozambique Asset Management (MAM) missed a May 23 deadline for a $178 million repayment on a $500 million loan organised by Russia's VTB Bank.
The government and the bank remain in talks.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
FG to set up committee for awareness on PWD’s rights
Reps call on military to utilise modern tech for security issues in Nigeria
UNN to reduce unemployment among Nigerian graduates through mentoring
AGF calls for strong internal controls to curb financial mismanagement
Tariff has been hiked with no improvement - Abuja residents decry power outage
Emefiele's trial adjourned to June 24, key witness cross-examined
Former ECOWAS Court VP slams EFCC chairman's handling of Yahaya Bello case
Let’s drill 200k boreholes across the country — Obi begs wealthy Nigerians
Ondo 2024: Ex-governor's brother emerges gubernatorial candidate
ADVERTISEMENT