Mozambican metical facts for kids

Quick facts for kids Mozambican metical
ISO 4217 Code	MZN
User(s)	Mozambique
Inflation	10.3%
Source	2023 est.
Subunit
1⁄100	centavo
Symbol	MT, MTn
Plural	meticais
Coins
Freq. used	1, 2, 5, 10 meticais
Rarely used	1, 5, 10, 20, 50 centavos (discontinued, still legal tender)
Banknotes	20, 50, 100, 200, 500, 1000 meticais

The metical (pronounced like "meh-tee-KAL") is the official money used in Mozambique, a country in southeastern Africa. You might see it written as MZN or MT.

One metical is made up of 100 smaller units called centavos. The word metical comes from an old Arabic word, mithqāl, which was a unit of weight and also another name for a gold coin used in Africa a long time ago.

History of the Metical

The First Metical (MZM)

Mozambique introduced its first metical on June 16, 1980. It replaced the old money, called the escudo, at the same value. This first metical was also divided into 100 centavos.

However, this first version of the metical faced a big problem: inflation. This means that prices for things kept going up, and the money became worth less and less. For a short time in 2005, the metical was actually the least valuable money unit in the world!

The Second Metical (MZN)

To fix the inflation problem, Mozambique changed its money again on July 1, 2006. They created a "new" metical by simply removing three zeros from the old one. So, 1,000 old meticais became 1 new metical. This process is called redenomination.

The new money was given a new code, MZN. For a while, people called the new money MTn, but now they mostly just say MT again. Both the old and new money could be used together until the end of 2006. The old meticais could be exchanged at the Bank of Mozambique until the end of 2012.

Coins of Mozambique

First Metical Coins

When the first metical was introduced in 1980, there were coins for 50 centavos, and 1, 2.5, 5, 10, and 20 meticais. These coins were made from different metals like aluminum, brass, and copper-nickel.

Over the years, as inflation continued, new coins with higher values were made. By 2003, there were even 10,000 meticais coins!

Second Metical Coins

When the new metical (MZN) came out on July 1, 2006, a new set of coins was also released. These coins included:

• 1, 5, 10, 20, and 50 centavos
• 1, 2, 5, and 10 meticais

The coins have different sizes, weights, and metals. They also feature interesting images of animals and symbols of Mozambique. For example, the 1 centavo coin has a rhinoceros, and the 1 metical coin shows a student, representing education.

Starting in June 2024, Mozambique is introducing even newer coins. Some smaller centavo coins (5 and 20 centavos) will no longer be made, and the new coins will have updated designs.

Banknotes of Mozambique

First Metical Banknotes

The first metical had several different series of banknotes. They started with values like 50, 100, 500, and 1,000 meticais in 1980. As the money lost value due to inflation, higher and higher denominations were printed. By 2003, there were banknotes for 200,000 and 500,000 meticais!

Second Metical Banknotes

When the new metical was introduced in 2006, new banknotes were also issued. These came in values of 20, 50, 100, 200, 500, and 1,000 meticais.

In 2011, the Banco de Moçambique (Bank of Mozambique) released an updated series of banknotes. They looked similar to the 2006 ones but had better security features to prevent fake money. The smaller value notes (20, 50, 100 meticais) were made from a special plastic material called polymer, which makes them more durable. The higher value notes were still made of paper.

All these banknotes feature Samora Machel, who was the first President of Mozambique. The back of the notes show different animals found in Mozambique, like rhinoceroses, kudus, giraffes, lions, buffaloes, and elephants.

Just like the coins, Mozambique is planning to introduce a new series of banknotes starting June 16, 2024. These new notes will slowly replace the ones that have been used since 2006.

See also

In Spanish: Metical mozambiqueño para niños

• Economy of Mozambique