The Pula appreciated against the euro (1.9 percent), pound sterling (0.9 percent) and the US dollar (0.5 percent) while depreciating against the rand (0.8 percent) and the yen (0.3 percent) in May. On an annual basis (twelve months to May 2014), the Pula depreciated against the pound (10.0 percent), euro (5.1 percent), US dollar (0.9 percent) and the yen (0.3 percent), while appreciating against the rand (2.7 percent).