New Mozambican currency in circulation as of January 1

2 January 2007

Maputo, Mozambique, 02 Jan – The new Mozambican currency, the “new family” metical, officially went into circulation on January 1, replacing the old notes and coins which are worth a thousandth of the current currency.

The new notes and coins had already been used as methods of payment since July 1, alongside the old currency, which at that time became known as the “old family” metical, as a way of giving the population time to exchange their cash.

According to the Bank of Mozambique, the simultaneous use period allowed for the exchange of 90 percent of bank notes and coins of the “old family” metical, and use of the new currency is now widely spread.

With the loss of exchange value of the “old family” metical, as of January 1 its exchange can be carried out at retail banks, until December 31, 2007.

The new notes and coins have the image of the first post independence president of Mozambique, Samora Machel, on them. (macauhub)