The Pula appreciated against the rand (1.5 percent) and the pound (1.2 percent), while depreciating against the US dollar (1.8 percent), yen (1.7 percent) and the euro (1.6 percent) in January. On an annual basis (twelve months to January 2016), the Pula depreciated against the pound (12.2 percent), euro (12.8 percent), yen (14.6 percent) and the dollar (16.1 percent) but appreciated against the rand (16.9 percent).