New metical has already replaced 92 percent of old currency

29 January 2007

Maputo, Mozambique, 29 Jan – Mozambique’s monetary authorities have managed to substitute 92 percent of old metical notes and coins with the new version of the national currency, which was launched 1 Jan.

The new and revalued metical has three zeros knocked off all denominations and had gradually been introduced by Mozambique’s central bank from 1 July, 2006 to replace the old metical.

The revaluation of the metical has been undertaken in the light of Mozambique’s healthy economic performance in recent years and the achievement of a single-digit inflation rate, the Maputo government has said.

Old metical coins and notes can be exchanged for the new legal tender until the end of 2007. (macauhub)