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The metical (plural: meticais) is the currency of Mozambique. It is normally abbreviated with MT.

History

The metical (MZM) replaced the escudo in 1980 at par. It is divided into 100 centavos. However, the metical has undergone severe devaluation and centavos are no longer used. After the revaluation of the Romanian leu, the metical briefly became the least valued currency unit, at a value of about 24,500 metical per USD, until the Zimbabwean dollar took the title in late August 2005.

Mozambique redenominated the metical at a rate of 1000:1 (i.e., taking three zeros off), effective 1 July 2006; the new ISO 4217 code is MZN. The new currency is locally abbreviated with MTn. New coins and banknotes were introduced on 1 July 2006 and the transitional period during which both old and new meticais can be used will last until 31 December 2006.

Old meticais will be redeemed by the Bank of Mozambique for a period of six years, until 31 December 2012.

Denominations

Coins

Old Meticais

Note: Coins below 50 meticais were not generally in use.

New Meticais
Effective 1 July 2006 coins were issued as follows: 1, 5, 10, 20, 50 new centavos and 1, 2, 5, 10 new meticais.

Banknotes

Old Meticais

Note: The 200,000 and 500,000 meticais notes were issued in 2003/2004 due to severe inflation.

New Meticais
Effective 1 July 2006, new banknotes were issued as follows: 20, 50, 100, 200, 500, and 1,000 new meticais.

Economy of Mozambique

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This article is licensed under the GNU Free Documentation License. It uses material from the "Mozambican metical".

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