Mozambique: 2024 series banknote, coin production cost €46.9M – central bank

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Mozambique: 2024 series banknote, coin production cost €46.9M – central bank

3:47 CAT | 22 Jul 2025

File photo: Banco de Moçambique

The Bank of Mozambique spent 3.512 billion meticais (€46.9 million) on the production of notes and coins in 2024, the year it introduced the new series, according to official data obtained by Lusa.

According to the central bank’s financial statements, this cost for the production of notes and coins contrasts with the 3.292 billion meticais (€44 million) in 2023, with the document explaining that this expense is amortized “against profit and loss over a period of three to five years, respectively, from the date of issuance”.

Mozambique closed 2024 with a total of nearly 85,337 million meticais in circulation, equivalent to €1,140 million, compared to 80,456 million meticais, equivalent to €1,075 million, in December 2023.

At the end of last year, the central bank destroyed 8,762 million meticais (€117.1 million) worth of notes and coins, the document also states.

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

“Central banks tend to review their notes and coins in circulation every five years to adapt them to new trends in design, security, and other contextual elements,” Rogério Zandamela, governor of the Bank of Mozambique, previously explained, explaining that the institution “decided to review the metical notes and coins”.

“The theme of the Metical notes and coins of the 2024 series maintains the tradition of extolling the values of our cultural, historical, and wildlife heritage,” he said.

READ: Mozambique puts new banknotes and coins into circulation, as from June 16

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

As for coins, the new series removed the 20 and five-cent denominations, “keeping the 10, five, two, and one metical denominations, and the 50, 10, and one centavo denominations”.

Mozambican President Daniel Chapo said in June that the creation of the national currency on June 16, 1980, symbolized the achievement of national sovereignty and the rejection of “foreign domination.”

The metical, he said, was yet another “sign” that Mozambicans no longer accepted the economy being “directed from outside, with imposed currencies and criteria”.

Source: Lusa