Currency in Mozambique
A practical currency and money guide to travel, living and doing business in Mozambique and the Mozambican metical (MZN).
What's in this Mozambique currency guide:
What currency is used in Mozambique?
The official currency of Mozambique (country code: MZ) is the Mozambican metical, with symbol MT and currency code MZN.
Things to know about the Mozambican metical
The Mozambican metical (MZN) is the official currency of Mozambique, a country located in southeastern Africa. Here are a few things to know about the Mozambican metical:
- The Mozambican metical is abbreviated as MZN and is divided into 100 centavos.
- The Bank of Mozambique is responsible for issuing and regulating the Mozambican metical.
- The exchange rate for the Mozambican metical is determined by supply and demand in the foreign exchange market.
- Mozambique has a largely agricultural economy, with a significant portion of the population engaged in farming and livestock production. The country is also a major producer of coal and has a growing tourism industry.
- The Mozambican metical has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Mozambique has faced political instability and conflict, which have also had an impact on the value of the Mozambican metical.
Travel Ideas and Money Tips for Mozambique
Mozambique is a beautiful and exotic country located on the southeastern coast of Africa. The country is bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, and Zimbabwe and South Africa to the west. Mozambique has a long and varied history, and its culture is a mix of African and Portuguese influences. The official language of Mozambique is Portuguese, but there are many other languages spoken in the country, including Swahili and English. Mozambique is a popular tourist destination for its stunning beaches, wildlife, and cultural attractions. Expats living in Mozambique will find a warm and welcoming community, and a country that offers a unique and unforgettable experience.
Best things to do and see in Mozambique
Some of the best things to do and see in Mozambique include exploring the country's beautiful beaches, snorkelling and scuba diving in its crystal clear waters, and visiting the Bazaruto and Quirimbas Islands. For those interested in history and culture, a visit to the Mozambique Island and Historic Centre, a UNESCO World Heritage Site, is a must. Nature lovers will enjoy wildlife viewing in Gorongosa National Park and visiting the Niassa Reserve.
Top Travel tips for Mozambique
1. Travel insurance is essential when traveling to Mozambique. Be sure to purchase a policy that covers you for medical expenses, repatriation and evacuation.
2. Mozambique is a malaria-prone country. Be sure to take the necessary precautions to protect yourself from mosquito bites, including using insect repellent and sleeping under a mosquito net.
3. Mozambique is a cash-only economy. Be sure to bring enough US dollars to cover your expenses.
4. There is a risk of contracting HIV/AIDS in Mozambique. Be sure to practice safe sex and avoid sharing needles.
5. The best time to visit Mozambique is between May and October, when the weather is dry and cool.
Is it safe in Mozambique?
Mozambique is a safe country to visit. However, visitors should be aware of the potential for political and civil unrest, as well as crime. There is also a risk of contracting diseases such as malaria and cholera.
What is the cost of living in Mozambique?
The cost of living in Mozambique is relatively low when compared to other countries in Africa. A person can expect to live on around $2 per day.
Expat Money & Business Guide to Mozambique
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Mozambique.
How is the expat life in Mozambique?
The expat life in Mozambique is generally good. There are many things to do and see in the country, and the people are generally friendly and welcoming. However, there are some challenges that come with living in Mozambique, such as the high cost of living and the lack of infrastructure.
Any laws in Mozambique that foreigners should be aware of?
The main laws that foreigners should be aware of in Mozambique are the customs laws, which regulate the import and export of goods into and out of the country. There are also laws governing the work of foreigners in Mozambique, as well as taxation laws.
What is doing business like in Mozambique?
Doing business in Mozambique can be challenging due to the country's infrastructure deficiencies, bureaucratic procedures, and lack of transparency. Additionally, firms operating in Mozambique may face corruption and bribery.
How is the economy in Mozambique?
The economy of Mozambique has been growing steadily since the country's independence in 1975. However, it is still one of the world's poorest countries, with a per capita income of just $1,180 in 2017. The vast majority of the population still lives in poverty, and unemployment is high.
Managing your finances in Mozambique
Here we list some key points for expats and businesses to consider when managing financial dealings in Mozambique:
-
Understand Mozambican metical currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MZN exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
-
Use a local Mozambican metical bank account: A local MZN bank account can make it easier for you to manage your finances and pay bills while you are in Mozambique. It may also be more convenient to use a local MZN bank account to make purchases and withdraw cash.
-
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Mozambique. This can help you avoid legal issues and ensure that you are complying with local requirements.
-
Consider the tax implications: It is important to understand the tax implications of living or doing business in Mozambique. This can help you plan your finances and ensure that you are paying the correct amount of tax.
-
Seek financial advice: If you are unsure of how to manage your finances in Mozambique, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/MZN – Market Data
The exchange rate of Mozambican metical (MZN), or the amount of MZN that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/MZN rate plus recent trend, chart, and historic rates.
| Date | USD/MZN | Change | Period |
|---|---|---|---|
15 May 2023 | 63.90 | no change | 2 Week |
28 Feb 2023 | 63.95 | 0.1% ▼ | 3 Month |
29 May 2022 | 63.85 | 0.1% ▲ | 1 Year |
30 May 2018 | 60.39 | 5.8% ▲ | 5 Year |
31 May 2013 | 29.65 | 115.5% ▲ | 10 Year |
Compare Mozambican metical Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Mozambique or planning a trip or maybe living there, so will need to exchange and spend Mozambican metical.
Loading comparison rates...
|
|
|
|||
|
|
|
|||
|
|
|
|||
|
|
|
|||
It is important to note that the exchange rate of the Mozambican metical can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect MZN exchange rates before making any financial decisions.
Where do you want to Save Sending Money?