Mozambican metical

Mozambican metical
Metical moçambicano (Portuguese)
Metical coins.
ISO 4217 code	MZN
User(s)	Mozambique
Inflation	11.2%
Source	The World Factbook, 2008 est.
Subunit
1/100	centavo
Symbol	MT
Coins	50 centavos, 1, 2, 5, 10 meticais obsolete: 1, 5, 10, 20 centavos
Banknotes	20, 50, 100, 200, 500 meticais rarely used 1000 meticais
Central bank	Banco de Moçambique
Website	www.bancomoc.mz

The metical (plural: meticais) is the currency of Mozambique, abbreviated with the symbol MZN or MTn. It is nominally divided into 100 centavos.

History

First metical (MZM)

The metical (MZM) replaced the escudo in 1980 at par. 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.

Second metical (MZN)

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

Coins

First metical

In 1980, 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.

Second metical

From July 1, 2006, coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais. [1]

Banknotes

First metical

The First Metical had three issues of notes as follows: i. In 1980 (16th June 1980), notes were introduced in denominations of 50, 100, 500 and 1,000 meticais. ii The same notes and denominations were reissued in 1983 (16th June 1983) with the new state logo, 5,000 meticais notes were introduced in 1989 (3rd February 1989). iii. In 1991 (16th June 1991) 500, 1,000, 5,000, and 10,000 notes were issued followed by 50,000 and 100,000 meticais in 1993 (16th June 1993), 20,000 meticais in 1999 (16th June 1999) and 200,000 and 500,000 meticais in 2003 (16th June 2003).

Second metical

From July 1, 2006, new banknotes were issued in denominations of 20, 50, 100, 200, 500, and 1000 meticais. [2]

Current MZN exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD ZAR
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD ZAR
From OzForex:	AUD CAD CHF EUR GBP HKD JPY USD ZAR
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD ZAR
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD ZAR

See also

• Economy of Mozambique

External links

First metical

Preceded by: Mozambican escudo Ratio: at par

Currency of Mozambique 1980 – June 30, 2006

Succeeded by: Second metical Reason: inflation Ratio: 1 second metical = 1000 first meticais

Second metical

Preceded by: First metical Reason: inflation Ratio: 1 second metical = 1000 old meticais

Currency of Mozambique July 1, 2006 –

Succeeded by: Current

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