Bank of Mozambique to introduce new metical noted made of a synthetic material

17 June 2011

Maputo, Mozambique, 17 Jan – New 20, 50 and 100 metical notes will this year be put into circulation in Mozambique, the governor of the Bank of Mozambique, Ernesto Gove said Thursday in Maputo.

As part of Metical Day, to celebrate Mozambique’s national currency, the governor said that the notes would no longer be made of paper and from now on would be made from a polymer, a more durable synthetic material, appropriate for humid climates.

This polymer is in use un over 30 countries and territories, including Zambia, Nigeria, Australia, Chile, Paraguay, Honduras, Singapore, Hong Kong, Malaysia and Mexico, and this year it is also due to be introduced in Canada.

The Bank of Mozambique spends between US$8 and 10 million every five years on replacing damaged metical notes, particularly 50 and 100 metical notes, which are the most used.

The country’s 200, 500 and 1000 metical notes will continues to be made of paper although improvements have been made to security elements.

The celebration of 31 years since the creation of the metical was marked by the laying of the first stone for construction of the central bank’s new complex, which includes a 30-storey office building and a multi-purpose building with 19 floors. (macauhub)