Creation of the Mozambican currency symbolized rejection of “foreign domination” – President

Login

Register

http://www.clubofmozambique.com/

Creation of the Mozambican currency symbolized rejection of “foreign domination” – President

2:11 CAT | 17 Jun 2025

FILE - For illustration purposes only. [File photo: Lusa]

Mozambique’s President Daniel Chapo said yesterday that the creation of the national currency in 1980 symbolized the achievement of national sovereignty and the rejection of “foreign domination”.

“The blood spilled in Mueda was not in vain, it watered the fertile land of our independence and the metical [Mozambican currency], created years later, is one of the most visible results of this independence. The massacre of 1960, our currency, 20 years later, are signs that we no longer accept our economy being directed from outside, with imposed currencies and criteria, hence our objective of laying the foundations for our economic independence,” said the Mozambican president.

On Monday (16-06), Mozambique celebrated the 45th anniversary of its national currency, the metical, created on 16 June 1980, and the 65th anniversary of the Mueda massacre, which took place on 16 June 1960, in the province of Cabo Delgado, one of the last episodes of resistance by Mozambicans against Portuguese colonial rule, before the start of the country’s armed struggle for liberation on 25 September, 1964, which culminated in Mozambique’s independence on 25 June, 1975.

When launching the celebrations of the 45th anniversary of the metical and the 65th anniversary of the Mueda massacre, the Mozambican head of state said that the national currency was also created as a demonstration of “sovereignty achieved with so much sacrifice”, asking for its protection to ensure the country’s economic growth.

“Both dates [Mueda massacre and Metical Day], although separated by two decades, are united by a common thread, the rejection of foreign domination and the unconditional affirmation of the Mozambican people’s right to follow their own destiny,” said Daniel Chapo.

Launching the Bank of Mozambique’s scientific conferences, Governor Rogério Zandamela, spoke of the stabilization of the metical over these 45 years.

“Today, as we celebrate 45 years of its existence, we can safely say that the metical is a stable currency, which efficiently ensures transactions throughout the national territory, the result of several reforms made over time and which culminated in the stabilization of the price level,” said Rogério Zandamela.

Lusa reported on April 1 that the amount of physical money in circulation in Mozambique fell by 6.5% in January, to 66.925 million meticais (€967 million), the first decline after ten months of increases, according to data from the central bank.

According to a report from the Bank of Mozambique, the amount of money in circulation in the country had reached a maximum of 71.512 million meticais (€1.033 million) last December, after consecutive monthly increases since March.

Since the beginning of 2024, when 63.231 million meticais (€914 million) in notes and coins were in circulation, this value had increased by 13%, until December, but mainly from May of the same year, preceding the entry into circulation of a new series of the metical.

On June 16th of last year, Mozambique introduced a new series of metical notes and coins, which will gradually replace those in circulation since 2006.

The new series maintained the previous six banknotes: “The denominations of 1,000, 500 and 200 meticais on paper substrate, and the denominations of 100, 50 and 20 meticais on polymer substrate”, explained Rogério Zandamela on that date.

As for coins, the new series removed the 20 and five centavo denominations, “keeping the denominations of 10, five, two and one meticais, and those of 50, ten and one centavo”.

Source: Lusa