Mozambique's central bank on Friday decided to hold rates steady in the face of accusations that it continues to maintain an over-valued currency vis-à-vis its biggest trading partner and neighbour, South Africa, to keep down the prices of imported goods in the capital, Maputo.

The Mozambican metical has, like many emerging market currencies, fallen sharply against the US dollar since the start of the year, which the central bank attributes to more than the growing strength of the American