The process of replacing metical banknotes and coins inscribed “República Popular de Moçambique” (People’s Republic of Mozambique) by banknotes and coins inscribed “República de Moçambique” (Republic of Mozambique) is due to end on 31 December, according to a statement issued last week by the Bank of Mozambique.
In the statement, cited by Mozambican daily newspaper Notícias, the central bank said that anyone who still had old banknotes and coins should swap them at the Bank of Mozambique headquarters or at its subsidiaries across the country, or even by depositing them in any retail bank.
New metical notes and coins went into circulation on 1 July 2006 but did not require that old notes and coins be removed from circulation. Both types of currency have circulated simultaneously since 31 December 2006.
The change to the banknotes and coins, as well as removing the word “Popular” was mainly due to a change in the nominal value of the currency, which applied a conversion rate of 1,000 units.
The “new family” metical denominations are 1000, 500, 200, 100, 50 and 20 metical notes and coins worth 10, 5, 2 and 1 meticals and 50, 20, 10, 5 and 1 cent. (macauhub)