Maputo, July 22, 2025 (Lusa) - The Bank of Mozambique spent 3.512 billion meticais (€46.9 million) on the production of banknotes and coins in 2024, the year in which it introduced a new series, according to official data obtained by Lusa.
According to the central bank’s financial statements, this cost of producing banknotes and coins contrasts with the 3.292 billion meticais (€44 million) in 2023, with the document explaining that this expense is amortised “against income over a period of three–five years, respectively, from the date of issue”.
Mozambique ended 2024 with banknotes and coins in circulation totalling almost 85,337 million meticais, equivalent to €1.140 billion, compared to 80,456 million meticais, equivalent to €1.075 billion, in December 2023.
At the end of last year, the central bank destroyed banknotes and coins worth 8.762 billion meticais (€117.1 million), the document also said.
Mozambique introduced a new series of metical banknotes and coins on June 16 last year, which will gradually replace those in circulation since 2006.
“Central banks tend to review their banknotes and coins in circulation every five years in order to adapt them to new trends in design, security and other contextual elements,” explained the governor of the Bank of Mozambique, Rogério Zandamela, justifying that the institution “decided to review the metical banknotes and coins”.
“The theme of the 2024 series of metical banknotes and coins continues the tradition of highlighting the values of our cultural, historical and natural heritage,” he said.
The new series has retained the previous six banknotes: “The 1,000, 500 and 200 metical denominations on paper, and the 100, 50 and 20 metical denominations on polymer,” Rogério Zandamela explained at the time.
As for coins, the new series removed the 20 and five centavo coins, "retaining the denominations of 10, five, two and one metical, and 50, 10 and one centavo".
Mozambican president Daniel Chapo said in June that the creation of the national currency on June 16, 1980 symbolised the achievement of national sovereignty and the rejection of “foreign domination”.
The metical, he said, was another “sign” that Mozambicans no longer accepted that the economy was “run from outside, with imposed currencies and criteria”.
PVJ/AYLS // AYLS
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