Mozambique has slipped further into arrears on its $2 billion in ‘hidden’ debt after missing the second payment on a government-guaranteed $535 million loan taken out by Mozambique Asset Management (MAM) today. However, the de facto policy of non-payment is having a positive effect on the currency which has strengthened 25% over the last six…...

The Bank of Mozambique seen behind a dilapidated building in Maputo's downtown. © Nuno Rosario via Flickr