Mozambican metical
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| Mozambican metical Metical moçambicano (Portuguese) |
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| ISO 4217 Code | MZN | ||
|---|---|---|---|
| User(s) | Mozambique | ||
| Inflation | 12.8% | ||
| Source | The World Factbook, 2006 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. It is normally abbreviated with MTn.
Contents |
[edit] History
[edit] 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.
[edit] 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.
[edit] Coins
[edit] 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.
[edit] Second metical
From 1 July 2006, coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais. [1]
[edit] Banknotes
[edit] 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
[edit] Second metical
From 1 July 2006, new banknotes were issued in denominations of 20, 50, 100, 200, 500, and 1000 meticais. [2]
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| 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 |
