About the Mozambican Metical
The current Mozambican Metical (MZN) was introduced in 2006, replacing the old Metical (MZM) at a rate of 1,000 to 1, as part of a successful redenomination and economic stabilization program.
The origin of the name 'Metical' is debated but possibly derives from the Arabic 'mithqal', an ancient unit of weight and currency.
Interesting Facts
Successful Redenomination
The 2006 redenomination of the Metical was widely considered a success, helping to stabilize the currency and simplify transactions after years of high inflation.
A Nation's Identity on Notes
Mozambican banknotes feature portraits of national heroes, such as Samora Machel, the first President of Mozambique, and various aspects of the country's rich culture and natural environment.
Coal and Gas Exports
The discovery and export of vast natural gas reserves, along with coal, are increasingly important drivers of the Mozambican economy and the Metical's value.
Historical Timeline
Mozambique gains independence from Portugal.
The first Metical (MZM) is introduced, replacing the Mozambican Escudo.
The new Metical (MZN) is introduced, removing three zeros.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- MZN
- Symbol
- MT
- Numeric Code
- 943
- Subunit
- Centavo (1/100)
- Introduced
- 2006-07-01
Central Bank
- Name
- Bank of Mozambique
- Headquarters
- Maputo, Mozambique
- Founded
- 1975
- Current Governor
- Rogerio Lucas Zandamela (since 2016)
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 3.3%
- Interest Rate
- 15.75%
Exchange Rates
What Affects the MZN Exchange Rate?
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