Mozambican Metical

Overview

Economy

• Mozambique is a member of AU, SADC, Commonwealth, CPLP, OIC.
• Main industries include: Aluminum, Petroleum products, Chemicals, Textiles, Cement, Glass, Asbestos, Tobacco, Food, Beverages.
• Mozambique is part of the World Trade Organization.
• Imports are machinery, vehicles, fuel, chemicals, metal products, foodstuffs, textiles.
• Major exports include aluminum, prawns, cashews, cotton, sugar, citrus, timber, bulk electricity.
• GDP: $18.5 billion (2023 est.).
• GDP per capita: $556 (2023 est.).
• Unemployment rate: 24.9% (2017 est.).
• Inflation rate: 10.3% (2023 est.).
• Main trading partners: India, Netherlands, South Africa, China, Singapore, Italy.
• Trade agreements: SADC Trade Protocol, EU Economic Partnership Agreement, Various bilateral agreements.

History

• Previous currencies used: Portuguese Mozambican escudo, Old Mozambican metical.
• The current metical was introduced in 2006, replacing the old metical at 1000:1. The original metical was introduced in 1980 after independence from Portugal.
• 1980: First metical introduced, replacing escudo
• 1987: Economic liberalization began
• 1992: End of civil war
• 2006: New metical introduced (1000:1 redenomination)
• 2010-2016: Natural resource discoveries
• 2016: Debt crisis revelation
• Exchange rate peg: Free floating.

General Information

• ISO 4217 Code: MZN
• Symbols: MZN/MT
• Currency Subunits: 100 centavos
• Central Bank: Bank of Mozambique
• Monetary Policy: Managed floating exchange rate with focus on controlling inflation and supporting economic development.
• Bills: 20 MZN, 50 MZN, 100 MZN, 200 MZN, 500 MZN, 1000 MZN
• Coins: 1 centavo, 5 centavos, 10 centavos, 20 centavos, 50 centavos, 1 metical, 2 meticais, 5 meticais, 10 meticais
• USD Exchange Rate: Variable (approximately 64-65 MZN per USD)
• Pegged To: None (Floating)
• Capital: Maputo
• Population: 33,089,461 (2023 est.)
• Area: 801,590 km²
• Languages: Portuguese (official), Emakhuwa, Xichangana, Cisena, Elomwe, Echuwabo
• Time Zones: UTC+2 (Central Africa Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: June 25, 1975 (from Portugal)
• Ethnic Groups: African 99.66% (Makhuwa, Tsonga, Lomwe, Sena, and others), Europeans 0.06%, Euro-Africans 0.2%, Indians 0.08%
• Religions: Christian 56.1%, Muslim 17.9%, Zionist Christian 15.5%, Other 4.8%, None 5.7%
• Literacy Rate: 60.7% (2017 est.)
• Transport: Maputo International Airport, limited road network, railway connections to Zimbabwe and South Africa, major ports
• Communications: Limited telecommunications, 21% internet penetration, growing mobile network
• Energy: Hydroelectric 83%, Natural gas 14%, Coal 2%, Oil 1%
• Countries Using This Currency: Mozambique
• Data Sources: Central Bank: Bank of Mozambique (bancomoc.mz), Economic Data: National Institute of Statistics Mozambique, World Bank, IMF, Trade Data: Mozambique Revenue Authority, Demographic Data: National Institute of Statistics Mozambique, Geographic Data: National Institute of Meteorology, Historical Data: Bank of Mozambique archives
• Last Updated: 2025