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The metical (/ ˈ m ɛ t ɪ ˌ k æ l /; [2] plural: meticais) is the currency of Mozambique, abbreviated with the symbol MZN or MT.It is nominally divided into 100 centavos. The name metical comes from Arabic مثقال (), [3] a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy.
Mozambique's official currency is the metical (as of October 2023, US$1 is roughly equivalent to 64 meticals) The U.S. dollar, South African rand, and the euro are widely accepted and used in business transactions. The minimum legal salary is around US$60 per month. Mozambique is a member of the Southern African Development Community (SADC). [19]
The “ tuna bond ” scandal that shook Mozambique's economy is washing into a U.S. court, where a former Mozambican finance minister is being tried on charges that he took bribes to commit his ...
The metica (plural meticas) was a proposed currency for Mozambique. It was divided into 100 centimos. Coins were produced dated 1975 and banknotes dated 1976. However, these were not put into circulation and the escudo continued to circulate until 1980, when the metical was introduced. [citation needed] Africa portal; Money portal; Numismatics ...
Mozambique had reported a steep increase in inflation over the first half of last decade with 15% in 2015 and 26% by the end of 2016. It was above the government's forecast for the year of 5.1%. As a response BOM raised its key interest rate by 100 basis points to 10.75% in February 2015, in an effort to control rapidly increase inflation. [24]
Media in category "Currencies of Mozambique" This category contains only the following file. M. File:Mocambique.jpg
Copper coins were issued specifically for Mozambique in denominations of 1, 2, 20, 40 and 80 réis. Between 1835 and 1851, crude, rectangular coins were issued. There were silver onca, worth 2880 réis, and gold 1¼ and 2½ meticais. Various foreign coins were countermarked in 1889 for use in Mozambique.