Mozambican Metical
Metical
Currency Code
MZN
ISO 943
Symbol
MZN
Native: MT
Decimal Digits
2
Rounding: 0
Countries
MZ
Using this currency
Currency Units
Major Unit
Name: metical
Symbol: MT
Minor Unit
Name: centavo
Symbol:
Value: 0.01
Banknotes
Frequently Used
MT20MT50MT100MT200MT500MT1000
Coins
Frequently Used
MT1MT2MT5MT10
Rarely Used
1 centavo5 centavos10 centavos20 centavos50 centavos
Plural Forms
English Plural
Mozambican meticals
Native Plural
Meticais
Overview
The Mozambican Metical is the currency of Mozambique, managed by the Bank of Mozambique. It was reintroduced in 2006 after a redenomination and serves the country's developing economy rich in natural resources.
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