ISO 4217 Code：MZN

User(s)：Mozambique

Inflation：

12.8%

Source：The World Factbook, 2006 est.

Subunit：

1/100centavo

Symbol：MTn

Coins：

1, 5, 10, 20, 50 centavos, 1, 2, 5, 10 meticais

Banknotes：20, 50, 100, 200, 500, 1000 meticais

Central bank：Banco de Moçambique

Website：http://www.bancomoc.mz

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

History

First metical

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

On 1 July, 2006, Mozambique redenominated the metical at a rate of 1000:1 (i.e., taking three zeros off). The new ISO 4217 code is MZN. The new currency is locally abbreviated as 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 lasted until 31 December 2006.

Old meticais will be redeemed by the Bank of Mozambique for a period of six years, until 31 December 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, followd by 10,000 meticais in 2003.

Coins in circulation before the redenomination were:

1 metical click for image

5 meticais click for image

10 meticais click for image

20 meticais click for image

50 meticais click for image

100 meticais click for image

500 meticais click for image

1000 meticais click for image

5000 meticais click for image

10000 meticais click for image

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

Second metical

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

Banknotes

First metical

In 1980, notes were introduced in denominations of 20, 100, 500 and 1000 meticais. 5000 meticais notes were introduced in 1988, followed by 10,000 meticais in 1991, 50,000 and 100,000 meticais in 1993, 20,000 meticais in 1999 and 200,000 and 500,000 meticais in 2003.

Notes in circulation before the redenomination were:

1000 click for obverse image click for reverse image

5000 click for obverse image click for reverse image

10,000 click for image

20,000 click for image

50,000 click for image

100,000 click for image

200,000 click for obverse image click for reverse image

500,000 click for obverse image click for reverse image

Second metical

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

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