Mozambican metical
| Metical moçambicano (Portuguese) | |
|---|---|
| ISO 4217 | |
| Code | MZN (numeric: 943) |
| Subunit | 0.01 |
| Unit | |
| Symbol | MT, MTn |
| Denominations | |
| Subunit | |
| 1⁄100 | centavo |
| Banknotes | 20, 50, 100, 200, 500, 1000 meticais |
| Coins | |
| Freq. used | 1, 2, 5, 10 meticais |
| Rarely used | 1, 5, 10, 20, 50 centavos (discontinued, still legal tender) |
| Demographics | |
| User(s) |  Mozambique |
| Valuation | |
| Inflation | 10.3% [1][clarification needed] |
| Source | 2023 est. |
The metical (/ˈmɛtɪˌkæl/;[2] plural: meticais) is the currency of Mozambique, abbreviated with the symbol MZN or MT. It is nominally divided into 100 centavos. The name metical comes from Arabic مثقال (mithqāl),[3] a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century.[4]
History
First metical
The metical (MZM) replaced the escudo at par on 16 June 1980.[5][6] It was divided into 100 centavos. The metical underwent severe inflation. After the revaluation of the Romanian leu on 1 July 2005, 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 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 were 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, 2+1⁄2, 5, 10 and 20 meticais. The 50 centavos, 2+1⁄2 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.
| Coins of the Mozambican metical (2006 "Banco de Moçambique" series) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Value | Technical parameters | Description | Date of issue | |||||
| Diameter | Mass | Composition | Edge | Obverse | Reverse | |||
| 1 centavo | 15 mm | 2 grams | Copper-plated steel | Reeded | Rhinoceros | Logo of the Banco de Moçambique | 2006 | |
| 5 centavos | 19 mm | 2.3 grams | Copper-plated steel | Reeded | Leopard | Logo of the Banco de Moçambique | 2006 | |
| 10 centavos | 17 mm | 3.06 grams | Brass-plated steel | Reeded | Farm tractor | Logo of the Banco de Moçambique | 2006 | |
| 20 centavos | 19.5 mm | 4.1 grams | Brass-plated steel | Reeded | Cotton plant | Logo of the Banco de Moçambique | 2006 | |
| 50 centavos | 23 mm | 5.74 grams | Brass-plated steel | Reeded | Kingfisher bird | Logo of the Banco de Moçambique | 2006 | |
| 1 metical | 21 mm | 5.3 grams | Nickel-plated steel | Plain (seven-sided sections) | Female student (representing the allegory of education) | Logo of the Banco de Moçambique | 2006 | |
| 2 meticais | 24 mm | 6 grams | Nickel-plated steel | Segmented reeding | Fish | Logo of the Banco de Moçambique | 2006 | |
| 5 meticais | 27 mm | 6.5 grams | Nickel-plated steel | Reeded | Xylophone | Logo of the Banco de Moçambique | 2006 | |
| 10 meticais | 24.92 mm | 7.51 grams | Bi-metallic coin consisting of a Nickel-plated steel center plug with a brass outer ring | Reeded | Headquarters of the Banco de Moçambique | Logo of the Banco de Moçambique | 2006 | |
Banknotes
First metical
The First Metical had three issues of notes as follows: i. In 1980 (16 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 (16 June 1983) with the new state logo, 5,000 meticais notes were introduced in 1989 (3 February 1989). iii. In 1991 (16 June 1991) 500, 1,000, 5,000, and 10,000 notes were issued followed by 50,000 and 100,000 meticais in 1993 (16 June 1993), 20,000 meticais in 1999 (16 June 1999) and 200,000 and 500,000 meticais in 2003 (16 June 2003).
Second metical
From July 1, 2006, new banknotes were issued in denominations of 20, 50, 100, 200, 500, and 1000 meticais.[7] On October 1, 2011, Banco de Moçambique has issued a new family of banknotes that are similar to the 2006 series, but with enhanced security features. The three smaller denominations are now printed on polymer while the higher denominations remain printed on paper. The higher denominated metical banknotes are printed by De La Rue.[8][9][10][11]
| Banknotes of the Mozambican metical (16.06.2006 "Samora Machel" Issue) | ||||
|---|---|---|---|---|
| Image | Value | Obverse | Reverse | Watermark |
| 20 meticais | Samora Moisés Machel | Rhinoceros | Samora Moisés Machel | |
| 50 meticais | Samora Moisés Machel | Kudus | Samora Moisés Machel | |
| 100 meticais | Samora Moisés Machel | Giraffes | Samora Moisés Machel | |
| 200 meticais | Samora Moisés Machel | Lions | Samora Moisés Machel | |
| 500 meticais | Samora Moisés Machel | Buffaloes | Samora Moisés Machel | |
| [1] | 1000 meticais | Samora Moisés Machel | Elephants | Samora Moisés Machel |
| Banknotes of the Mozambican metical (16.06.2011 "Samora Machel" Issue) | ||||
|---|---|---|---|---|
| Image | Value | Obverse | Reverse | Watermark |
| [2] | 20 meticais | Samora Moisés Machel | Rhinoceros | Samora Moisés Machel |
| [3] | 50 meticais | Samora Moisés Machel | Kudus | Samora Moisés Machel |
| [4] | 100 meticais | Samora Moisés Machel | Giraffes | Samora Moisés Machel |
| [5] | 200 meticais | Samora Moisés Machel | Lions | Samora Moisés Machel |
| [6] | 500 meticais | Samora Moisés Machel | Buffaloes | Samora Moisés Machel |
| [7] | 1000 meticais | Samora Moisés Machel | Elephants | Samora Moisés Machel |
| Current MZN exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY |
See also
References
- ^ https://www.worlddata.info/africa/mozambique/inflation-rates.php#:~:text=The%20inflation%20rate%20for%20consumer,rate%20was%2018.9%25%20per%20year.
- ^ "metical". Dictionary.com Unabridged (Online). n.d. Retrieved December 9, 2019.
- ^ "Metical" in Dicionário da Língua Portuguesa com Acordo Ortográfico. Porto Editora, Porto, 2003-2015. Accessed 1 April 2015. (in Portuguese)
- ^ Johnson, Marion (1968), "The Nineteenth-Century Gold 'Mithqal' in West and North Africa", The Journal of African History, 9 (4), Cambridge University Press: 547–569, doi:10.1017/s0021853700009038, ISSN 0021-8537, JSTOR 180144, S2CID 161545754
- ^ Linzmayer, Owen (2012). "Mozambique". The Banknote Book. San Francisco, California: www.BanknoteNews.com.
- ^ Peter Symes. "The Banknotes of Mozambique; Independence Issues – 1975 to 1989". www.pjsymes.com.au. Retrieved 2014-07-07.
- ^ "Archived copy". Archived from the original on 2007-03-14. Retrieved 2006-06-28.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ Mozambique new 20-, 50-, and 100-meticais notes confirmed Archived 2011-09-17 at the Wayback Machine BanknoteNews.com. Retrieved 2012-03-10.
- ^ Mozambique new 200-meticais note confirmed Archived 2012-10-06 at the Wayback Machine BanknoteNews.com. Retrieved 2012-06-30.
- ^ Mozambique new 500-meticais note confirmed Archived 2012-10-06 at the Wayback Machine BanknoteNews.com. Retrieved 2012-06-30.
- ^ Mozambique new 1,000-meticais note confirmed Archived 2012-10-06 at the Wayback Machine BanknoteNews.com. Retrieved 2012-06-30.
External links
Media related to Money of Mozambique at Wikimedia Commons- Banco de Moçambique Archived 2010-06-29 at the Wayback Machine - Bank of Mozambique (Portuguese)
- Historical banknotes of Mozambique (in English and German)
| 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 |
Currency: Metical | |
| Communications | |
| Industries: | |
