The Pula depreciated against the US dollar (3.2 percent), pound (2.3 percent), yen (1.9 percent) and the euro (0.8 percent) while appreciating against the rand (1.8 percent) in December. On an annual basis (twelve months to December 2014), the Pula depreciated against the pound (3.0 percent) and US dollar (8.4 percent) while appreciating against the rand (1.7 percent), euro (4.0 percent) and the yen (4.5 percent).