Front: Eduardo Mondlane; Flag hoisting ceremony;
Back: Memorial building.
Watermark: Samora Moises Machel.
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.
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.
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.
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