Mozambique New Metical (MZN)

Exploring Mozambique Metical (MZM/MZN): Currency, History, and Economy

Understanding Mozambique Metical: A Comprehensive Guide

Discover the intricate history and economic significance of the Mozambique metical (MZM/MZN), the official currency of the Republic of Mozambique. From its inception to its revaluation and economic impact, delve into the complexities of this African nation's monetary system.

Unveiling the Mozambique Metical

Learn about the origins of the Mozambique metical, derived from the Arabic word "mithqal," and its transition from MZM to MZN. Explore its role as the national currency and its significance in the country's economic landscape.

Key Insights into Mozambique's Currency

Gain insights into the evolution of the Mozambique metical, from its introduction in 1980 to the revaluation and retirement of MZM in 2012. Understand the impact of hyperinflation and economic struggles on the currency's valuation over the years.

Exploring Mozambique's Economic Journey

Delve into Mozambique's economic history, from gaining independence in 1975 to navigating through civil wars and political instability. Explore the challenges faced by the nation's economy and its efforts towards achieving steady growth and stability.

Fact Check:

1. The Mozambique metical (MZM) replaced the Mozambican escudo in 1980 following the country's independence from Portugal.
2. The new metical (MZN) phased out the MZM between 2006 and 2012 due to continued high inflation and economic challenges.
3. Mozambique's economy experienced an annual GDP growth of 2.3% in 2019, with businesses readily accepting multiple currencies including USD and EUR.