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Mozambique currency is metical ( MZM ).
The official currency of Mozambique is the New Metical (MZN), which is sub-divided into 100 centavos. In the southern belt of the country, US Dollars, South African Rand, and Pounds Sterling are also acceptable for the payment of accommodation. Credit cards are accepted in some expensive hotels in Maputo, but in the rest of Mozambique this facility is limited; it is better to carry cash or travelers cheques for easier transaction. ATMs are very few and not upto the mark. The local banks provide good facility and have branches in most cities of Mozambique. Five days a week from Monday to Friday, the banking hours are from 0730 to 1530.
The Currency Exchange Rates are:
MZN 1.00 = US$ 0.04
A$ 0.05
R 0.27
£ 0.02
C$ 0.04
€ 0.03
NZ$ 0.05.
Notes in Mozambique are in denominations of 20, 50, 100, 200, 500 and 1,000 and coins are in designations of 10, 5, 2 and 1 metical and 50, 20, 10, 5 and 1 centavos.
The new Metical term and usage replaced the old Metical (MZM) on July 1st, 2006. The value goes 1 MZN = 1,000 MZM. The old notes were no more legal since 31 December 2006. There are currency exchange machines or bureaux de change at every airport. Currencies can also be changed at banks. It is advisable to take South African Rand or US Dollars because the exchange process gets easier with these currencies. Credit or Debit Cards are rarely used in shops. However, money can be easily incurred from some ATMs using Visa credit or debit cards.
While availing the Mozambique currency, high rates of commission are charged on Traveler’s Cheques. To avoid paying extra rates, travelers are requested to take traveler's cheques in South African Rand, Pounds Sterling and US Dollars.
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