Mozambican metical relaunched in July

30 December 2005

Maputo, Mozambique, 30 Dec – Mozambique’s revamped metical will have three noughts knocked off each denomination when it is relaunched in July, but prices will start to be doubled in January, says the governor of the country’s central bank.

Bank of Mozambique chief Adriano Maleiane, speaking Thursday to launch an information campaign on the new metical, said doubling of price tags by firms will be obligatory from 31 March after an adaptation period.

The new metical will come into circulation In July and Maleiane said there will not be any exchange of old and new notes, only a gradual introduction of the revalued currency.

The substitution of the old metical is aimed to improve the circulation of cash and company bookkeeping and allow the new notes to be used in bank counting machines and ATMs. (macauhub)