Metical


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Metical

The currency of Mozambique. It was introduced in 1980, replacing the Mozambican escudo. It suffered from hyperinflation for most of its history and was, for a time, the least valuable currency in the world. Inflation has slowed since the introduction of the second metical in 2006, but has remained over 10%.
References in periodicals archive ?
Inflation has fallen swiftly in the past year, to 11% in September 2017 from 26% a year earlier, on tight monetary policies, metical appreciation, and a favourable base effect.
dollar with the metical in subsidiary circulation perhaps given the preference of many Mozambicans for the U.
Nonetheless, with inflation still rising and the metical depreciating, further policy tightening is needed to safeguard macroeconomic stability.
Paul Fauvet, who worked for AIM (The Mozambique News Agency) in the 1980s with Carlos Cardoso, and Marcello Mosse, who worked with Cardoso on Mediafax and Metical, two papers of the 1990s distributed by fax machine, paint a detailed portrait of the man and his times.
Metical had also reported recently on alleged wrongdoing at the Mozambique Commercial Bank.
At the same time, the metical has depreciated by about 28 per cent since the beginning of the year and international reserves have continued to decline," Lazare said.
At the same time, the metical has depreciated by about 28 percent since the beginning of the year and international reserves have continued to decline.
The IMF Mozambique representative, Victor Lied& commented: "The strengthening of the metical and the prudent policies adopted by the government fostered the fall in inflation compared to last year, however, core inflation remains high and needs to be reduced.
Inflation is expected to increase towards the Central Bank's medium target of five to six per cent, due to the recent depreciation of the metical and adjustments in administered prices.
Bank of Mozambique intervention in the foreign exchange market at the end of 2014 and in early 2015 to support the Mozambican Metical also weighed on foreign exchange reserves and likely slowed imports adjustment.
As per the central banks own figures, between January and October, the metical dropped and lost 40% of its value against the US dollar and in recent weeks the metical has been something of a recovery, specifically against the South African rand.
Loans will be managed by Moza Bano branches across Mozambique and be provided to eligible companies in Mozambique metical, US dollars and Euro.