Mozambican metical
| Mozambican metical | |||
|---|---|---|---|
| Metical moçambicano (Portuguese) | |||
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| ISO 4217 Code | MZN | ||
| User(s) |  Mozambique |
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| Inflation | 11.2% | ||
| Source | The World Factbook, 2008 est. | ||
| Subunit | |||
| 1/100 | centavo | ||
| 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 | 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, which have inflated out of use since the currency's introduction.
Contents |
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 (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 July 1, 2006 and the transitional period during which both old and new meticais can be used lasted until December 31, 2006.
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
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.
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 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
External links
| 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 |
| 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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