Bank of Mozambique presents notes and coins for new currency

20 June 2006

Maputo, Mozambique, 20 June – The Bank of Mozambique Monday presented the notes and coins of the country’s new currency, the so-called new-family metical (MTn), which will be circulating in the country as of July, and the face value of which has three zeros less than the current currency.

The launch of the new notes has coincided with the commemorations of 26 years of the metical, which went into circulation in Mozambique on June 16, 1980.

the governor of the bank of Mozambique, Adriano Maleiane, presented the 1000 MTn note (around 29.4 euros), which corresponds to the current 1 million metical note, and the 500 MTn and 200 MTn notes.

All these notes have an image of the first Mozambican president, Samora Machel on one side and, on the other show pictures of wild animals.

The new coins have the emblem of the Bank of Mozambique on them, and they are minted in several sizes and colours.

In the next six months notes and coins from the current metical will circulate alongside the new family metical.

Until December 31, payments of goods and services may be carried out in the two currencies.

As of January 2007, the notes and coins of the current metical may be swapped for new currency at banks until the end of the year and until December 31, 2012 at the Bank of Mozambique.

As of next July, Mozambique’s central bank will introduce new types of coin with different face values, including 10 MTn, 5 MTn, 2 MTn and 1 Mtn, as well as coins in various cent denominations.

This will be the third generation of the metical currency after its launch in 1980 and changes in denomination in 1990, when a multiparty system was introduced in the country. (macauhub)