SADC nations aim to integrate Metical and Kwanza into regional payment systems

Mozambique and Angola are working toward integrating their national currencies into the Southern African Development Community (SADC) payment systems to enhance regional economic integration.

Benedita Guimino, the newly appointed Vice-Governor of the Bank of Mozambique, stated that the Metical is expected to become a reference currency within the SADC region, similar to the South African Rand. This transition would occur through the SADC Real-Time Gross Settlement (RTGS) system, allowing for regional settlements without the necessity of using the US Dollar, the Euro, or the Rand for every transaction.

Similarly, Angola aims to include the Kwanza in the SADC payment system. Minister of State for Economic Coordination, José de Lima Massano, announced that this initiative seeks to reduce dependence on third-party currencies and simplify foreign exchange operations. The goal is to lower costs and barriers for trade and investment among SADC member states, facilitating smoother commercial transactions for regional businesses.