Mozambique
What is the Mozambique meticais (MZM)?
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The Mozambique meticais, denoted by MZM, is the official currency of Mozambique. Split into 100 centavos, the MZM has been used as the Mozambique currency since 1980 and has been through extreme devaluation over the decades. This currency is the least valued currency unit ever since the revaluation of the Romanian leu on July 1st, 2005. The MZM holds this title at about 24,500 MZM per USD.
Sovereign Ratings for Mozambique
What does it look like?
Political Structure
Since the 1990 constitution, Mozambique has been a multi-party democracy. The President, Prime Minister, and Council of Ministers make up the executive branch. The President is elected for five-year terms by popular vote. The legislative branch contains the unicameral Assembly of the Republic, which is made up of 250 seats; members are directly elected for five-year terms by popular vote. The judicial branch is composed a Supreme Court and provincial, district, and municipal courts.
Prominent Figures
Chief of State President Armando GUEBUZA (since 2 February 2005) Head of Government Prime Minister Aires Bonifacio ALI (since 16 January 2010) Cabinet Cabinet Elections president elected by popular vote for a five-year term (eligible for a second term); election last held on 28 October 2009 (next to be held in 2014); prime minister appointed by the president Election Results Armando GUEBUZA reelected president; percent of vote - Armando GUEBUZA 76.3%, Afonso DHLAKAMA 14.9%, Daviz SIMANGO 8.8%Key Economic Factors
Overview:
Mozambique was one of the world's poorest nations when it gained independence in 1975. Throughout the 1980's the economy only got worse due to socialist mismanagement and an extreme civil war. The government decided to undergo many macroeconomic reforms in 1987 in order to alleviate the economy. These reforms in addition to donor assistance and political stability, which came with the multi-party reelections in 1994, have contributed significantly to helping the country's growth rate. Inflation was curbed reaching single digits in the late 1990s, although it went back up to double digits in 2000. There have been fiscal reforms as well, which have helped the government's revenue collection capabilities. However, even with these many reforms, Mozambique continues to need foreign help for its annual budget and a majority of the population lives underneath the poverty line.
Overview:
Food, beverages, chemicals (fertilizer, soap, paints), aluminum, petroleum products, textiles, cement, glass, asbestos and tobacco.
Agriculture Products:
Cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers, beef and poultry.Major Trading Partners:
Belgium, Italy, Spain, Germany, South Africa and Australia.
Import Commodities:
Machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs and textiles.
Export Commodities:
Aluminum, prawns, cashews, cotton, sugar, citrus, timber and bulk electricity.
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Fast Facts
- Other Currencies Accepted: United States Dollar, Britishpound, and South African randalthough the rand is morecommon in the southern partof the country thanthe north
- Currency Peg:No
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:.17 billion (2009 est.) .34 billion (2008 est.) .1 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Emakhuwa 26.1%, Xichangana 11.3%, Portuguese 8.8% (official; spoken by 27% of population as a second language), Elomwe 7.6%, Cisena 6.8%, Echuwabo 5.8%, other Mozambican languages 32%, other foreign languages 0.3%, unspecified 1.3% (1997 census)
