Mozambicans continue to use abolished currency after January 1

3 January 2007

Maputo, Mozambique, 03 Jan – The Mozambican population continues to use the country’s old currency despite its abolition on January 1 when it was replaced by the “new family” metical.

In the final two weeks of 2006, the Mozambican central bank intensified its campaign to encourage people to exchange their “old family” metical notes and coins for “new family” metical (Mtn) notes and coins, noting that as of January 1, 2007, the latter would lose their value as a method of payment.

The new Mtn notes and coins have been reduced by three zeros as compared to the abolished metical, a measure which the government has justified due to inflation rates in the country, following its good economic performance over the last few years.

Almost 24 hours after the formal abolition of the “old family” metical, Mozambicans continue to use the currency as a method of payment.

As well as retailers, transports also continue to accept passengers paying with the old metical, as most users do not have the new notes and coins.

According to instructions from the central bank, after the official end of circulation of the “old family” metical, people who still have this currency should exchange it at retail banks. (macauhub)