In December, the Pula appreciated against the yen (0.5 percent), US dollar (0.9 percent), British pound (2.0 percent), and euro (3.8 percent), but depreciated against the rand (1.7 percent). On an annual basis (twelve months to December 2011), the Pula depreciated against the yen (18.4 percent), US dollar (14.4 percent), pound (14.1 percent), and the euro (11.6 percent), and while it appreciated against the rand (5.8 percent).