MZN - Mozambican Metical is the official currency of Mozambique and has the symbol MZN or MT. It is nominally divided into 100 centavos. The name metical comes from Arabic مثقال (mithqāl) a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century.
Mithqal: Mithqāl (Arabic: مثقال) is a unit of mass equal to 4.25 grams which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron
The name was also applied as an alternative term for the gold dinar, a coin that was used throughout much of the Islamic world from the 8th century onward and survived in parts of Africa until the 19th century. The name of Mozambique's currency since 1980, the metical, is derived from mithqāl.
Mozambican metical Exchange rate
The Mozambican Metical is the currency of Mozambique. Our currency rankings show that the most popular Mozambique Metical exchange rate is the USD to MZN rate. The currency code for Meticais is MZN, and the currency symbol is MT. Below, you'll find Mozambican Metical rates and a currency converter. Currency converter update xe.com
The History of Mozambican metical
First metical (MZM): The metical (MZM) replaced the escudo at par on 16 June 1980. It was divided into 100 centavos. The metical underwent severe inflation. After the revaluation of the Romanian leu on 1 July 2005, the metical briefly became the least valued currency unit, at a value of about 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005.
Second metical (MZN): On July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is MZN. New coins and banknotes were introduced on July 1, 2006, and the transitional period during which both old and new meticais could be used lasted until December 31, 2006. During the conversion, the new currency was locally abbreviated as MTn, but has since largely returned to MT. Old meticais were redeemed by the Bank of Mozambique for a period of six years, until December 31, 2012.
Mozambican metical/Currency Banknotes
First metical: The First Metical had three issues of notes as follows: i. In 1980 (16 June 1980), notes were introduced in denominations of 50, 100, 500 and 1,000 meticais. ii The same notes and denominations were reissued in 1983 (16 June 1983) with the new state logo, 5,000 meticais notes were introduced in 1989 (3 February 1989). iii. In 1991 (16 June 1991) 500, 1,000, 5,000, and 10,000 notes were issued followed by 50,000 and 100,000 meticais in 1993 (16 June 1993), 20,000 meticais in 1999 (16 June 1999) and 200,000 and 500,000 meticais in 2003 (16 June 2003).
Second metical: From July 1, 2006, new banknotes were issued in denominations of 20, 50, 100, 200, 500, and 1000 meticais. On October 1, 2011, Banco de Moçambique has issued a new family of banknotes that are similar to the 2006 series, but with enhanced security features. The three smaller denominations are now printed on polymer while the higher denominations remain printed on paper. The higher denominated metical banknotes are printed by De La Rue.
Mozambican metical/Currency Coins
First metical: In 1980, coins were introduced in denominations of 50 centavos, 1, 2 1⁄2, 5, 10 and 20 meticais. The 50 centavos, 2 1⁄2 and 5 meticais were minted in aluminium, with the 1 metical in brass and the 10 and 20 meticais in cupro-nickel. In 1986, aluminium 1, 10, 20 and 50 meticais were introduced. A new coinage issued in 1994 was composed of 1, 5, 10, 20, 50, 100, 500 and 1000 meticais, with the lower four denominations in brass clad steel and the higher denominations in nickel clad steel. 5000 meticais coins were introduced in 1998, followed by 10,000 meticais in 2003.
Second metical: From July 1, 2006, coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais.
These rates are obtained from xe.com and may contradict with pegged rate mentioned above