Mozambique is a country on the Indian Ocean coast of Southern Africa bordered by South Africa to the south, Tanzania to the north and with inland borders with Malawi, Zambia, Zimbabwe, and Swaziland. Mozambique's eastern coastline along the Indian Ocean is more than 1,000 km long, a fantastic draw for scuba divers, fishermen, sailors, and beach lovers. From the 2,436 m Monte Binga peak to the stunning beaches along the coast, Mozambique is a country of contrasts. Mozambique stretches for 1,535 mi (2,470 km) along Africa's southeast coast.
The economy of Mozambique has developed since the end of the Mozambican Civil War (1977–1992), but the country is still one of the world's poorest and most underdeveloped. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s although it returned to double digits in 2000-02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities. In spite of these gains, Mozambique remains dependent upon foreign assistance for much of its annual budget, and a large majority of the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's workforce. A substantial trade imbalance persists although the opening of the MOZAL aluminium smelter, the country's largest foreign investment project to date has increased export earnings. Additional investment projects in titanium extraction and processing and garment manufacturing should further close the import/export gap. Mozambique's once substantial foreign debt has been reduced through forgiveness and rescheduling under the International Monetary Fund's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level.
|Agriculture||Maize, cassava, rice, sweet potatoes, beans|
|Manufacture||Aluminium, Glass, Beverages, Textiles, Cement, Glass|
|Services (Including financial)||54.9% (2016 EST.)|
Bolsa de Valores de Mozambique or Maputo Stock Exchange is the first stock exchange in Mozambique. It was opened in 1999, with the support of the Lisbon Stock Exchange and the World Bank.
In 1500, the Portuguese established a string of forts and posts up and down the coast, starting with present day Ilha de Mozambique (at that time simply known as Mozambique and where the country gets its modern name), where the Portuguese plied the spice and slave routes from Mozambique up until 1891. After World War 1, Portuguese investment in commercial, industrial, agricultural, educational, transportation, and health care infrastructure for the indigenous population started providing for better social and economic possibilities and these continued to gain pace up until independence in 1975. In 1962, several anti-colonial political groups formed the Front for the Liberation of Mozambique (FRELIMO), which initiated an armed campaign against Portuguese colonial rule. Mozambique became independent after ten years of sporadic warfare on June 25, 1975. FRELIMO took complete control of the territory after a transition period and within a year of independence, almost all the Portuguese population had left Mozambique – some expelled by the new government of Mozambique, some fleeing in fear.
Upon independence, Mozambique had less than 5 engineers in the entire country and the previous colonial infrastructure investments stopped entirely resulting in the rapid disintegration of much of Mozambique's infrastructure. FRELIMO responded to their lack of resources and the Cold War politics of the mid-1970s by moving into alignment with the Soviet Union and its allies. FRELIMO established a one-party Socialist state and quickly received substantial international aid from Cuba and the Soviet bloc nations. In 1975, the Mozambican National Resistance (RENAMO), an anti-communist group sponsored by the Rhodesian Intelligence Service, the apartheid government in South Africa and the United States after Zimbabwe's independence, was founded and launched a series of attacks on transport routes, schools, and health clinics, and the country descended into civil war. In 1990, with apartheid crumbling in South Africa, and support for RENAMO drying up in South Africa and in the United States, the first direct talks between the FRELIMO government and Renamo were held. In November 1990, a new constitution was adopted. Mozambique was now a multiparty state, with periodic elections, and guaranteed democratic rights. With the signing of the Rome General Peace Accords, the civil war ended on October 15, 1992.
|Filipe Nyusi(President)||Carlos Agostinho do Rosário (Prime minister)|
The metical is the currency of Mozambique, abbreviated with the symbol MZN or MT. It is nominally divided into 100 centavos. The name metical comes from Arabica unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century. The metical (MZM) replaced the escudo at par on 16 June 1980. It was divided into 100 centavos. The metical underwent severe inflation. After the revaluation of the Romanian leu, the metical briefly became the least valued currency unit, at a value of about 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005. n July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1
The new ISO 4217 code is MZN. New coins and banknotes were introduced on July 1, 2006, and the transitional period during which both old and new meticais could be used lasted until December 31, 2006. During the conversion, the new currency was locally abbreviated as MTn, but has since largely returned to MT. Old meticais were redeemed by the Bank of Mozambique for a period of six years, until December 31, 2012.
In 1980, First metical coins were introduced in denominations of 50 centavos, 1, 2½, 5, 10 and 20 meticais. The 50 centavos, 2½ and 5 meticais were minted in aluminium, with the 1 metical in brass and the 10 and 20 meticais in cupro-nickel. In 1986, aluminium 1, 10, 20 and 50 meticais were introduced. A new coinage issued in 1994 was composed of 1, 5, 10, 20, 50, 100, 500 and 1000 meticais, with the lower four denominations in brass clad steel and the higher denominations in nickel clad steel. 5000 meticais coins were introduced in 1998, followed by 10,000 meticais in 2003. From July 1, 2006, second metical coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais.
|National Song||"Pátria Amada"|
|Currency||Mozambican metical (MZN)|
|GDP / GDP Rank||34.942 Billion USD|
|GDP Growth Rate||6.3 Percent|
|GDP Per Captial||$1215.322 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
African 99.66% (Makhuwa
President – Filipe Nyusi[α]
Prime Minister – Carlos Agostinho do Rosário
|Website||Go to the web|
|Public Debt||115.2 Percent|
|Unemployment Rate||24.368 Percent|
|Labor Force (Occupation)||-|