Metical

Metical
Metical moçambicano (Portuguese)
ISO 4217
Code MZN
Denominations
Subunit
 1/100 centavo
Symbol MT
Banknotes

20, 50, 100, 200, 500 meticais

rarely used 1000 meticais
Coins

50 centavos, 1, 2, 5, 10 meticais

obsolete: 1, 5, 10, 20 centavos
Demographics
User(s)  Mozambique
Issuance
Central bank Banco de Moçambique
 Website www.bancomoc.mz
Valuation
Inflation 2.3%
 Source The World Factbook, CIA (USA), 2014 est.

The metical (plural: meticais) is the currency of Mozambique, abbreviated with the symbol MZN or MTn. It is nominally divided into 100 centavos. The name metical comes from Arabic مثقال (mithqāl),[1] a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century.[2]

History

First metical (MZM)

The metical (MZM) replaced the escudo at par on 16 June 1980.[3][4] 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 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, 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.

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.[5] 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.[6][7][8][9]

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
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
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
1000 meticais Samora Moisés Machel Elephants Samora Moisés Machel
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: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD ZAR

See also

References

  1. ↑ "Metical" in Dicionário da Língua Portuguesa com Acordo Ortográfico. Porto Editora, Porto, 2003-2015. Accessed 1 April 2015. (Portuguese)
  2. ↑ Johnson, Marion (1968), "The Nineteenth-Century Gold 'Mithqal' in West and North Africa", The Journal of African History, Cambridge University Press, 9 (4): 547–569, doi:10.1017/s0021853700009038, ISSN 0021-8537, JSTOR 180144
  3. ↑ Linzmayer, Owen (2012). "Mozambique". The Banknote Book. San Francisco, California: www.BanknoteNews.com.
  4. ↑ http://pjsymes.com.au/articles/Mozambique_1.htm The Banknotes of Mozambique; Independence Issues – 1975 to 1989 Peter Symes (www.pjsymes.com.au). Retrieved on 2014-07-07.
  5. ↑
  6. ↑ Mozambique new 20-, 50-, and 100-meticais notes confirmed BanknoteNews.com. Retrieved 2012-03-10.
  7. ↑ Mozambique new 200-meticais note confirmed BanknoteNews.com. Retrieved 2012-06-30.
  8. ↑ Mozambique new 500-meticais note confirmed BanknoteNews.com. Retrieved 2012-06-30.
  9. ↑ Mozambique new 1,000-meticais note confirmed BanknoteNews.com. Retrieved 2012-06-30.

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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