Currency Rates for Mozambican Metical
Bank Exchange Rates for Mozambique - MZN - Mozambican Metical - MT.
The foreign exchange rates for Mozambique also known as the ISO code MZN or the Mozambican Metical currency and as a symbol MT.
1, 5, 10, 20 centavos coins have become obsolete, though 50 centavos, 1, 2, 5 and 10 meticais coins are still in circulation. 20, 50, 100, 200, 500 meticais banknotes are frequently used, though the 1000 Meticais note is not frequently used.
Send Money Transfer to Mozambique. The official Mozambique currency subdivides into 100 centavos. The first Metical was introduced in 1980, replacing the escudo at a 1:1 ratio.
GBP to MZN
History of The Mozambican Metical
Escudo at par was replaced in Mozambique by the Mozambican Metical in 1980 in a 1:1 ratio. There was an inflation that hit the country of Mozambique in the first metical introduction that led to devaluation of the currency. This went on until 2006 when the metical was devalued at the ratio of 1000:1. This change came along the introduction of a new series of coins and notes. the transition for the old and the new metical was a short period between of six months. The old metical was still accepted in Mozambique as a redeemable currency until 2012. The new metical is the current used in Mozambique.
Coins and Notes
Each metical is divided into 100 pieces called the centavos. Most of the coins centavos(in denominations of 1, 5, 10 and 20 ) were phased out by obsolescence that was brought about by inflation. There exist other denominations of 1, 2, 5, and 10 meticais which are still operational. Meticais (plural of metical) bank notes are in the denominations of 20, 50, 100, 200, 500 and 1000 although the 1000 is rarely used
There has been no strict regulations towards the Mozambican Metical. In 2016, there was an alleged foreign exchange restriction created by Mozambique. News circulated with the information that the standard bank group had told the holders that the restriction had been created as a result of Mozambican reserve to do so. This was due to the fall in the currency strength against the US dollar. However, the central bank reversed the information and claimed that anyone, whether a resident in Mozambique or not, was free to transact in the open foreign currency transfers.
The substitute currencies are a wide variety with the US Dollar ranking on top. This happens to be the most popular exchange rate for the Mozambican Metical (MT) among other world currencies with 60 MT going for 1US dollar.
Decline in the Mozambique currency
There was a decline in the currency exchange in 2016 that was followed by decline in the foreign exchange reserves in Mozambique. However, there are measures put by the government to solve the economic problem in the season starting 2017.
The first Metical suffered from immense inflation and was, at one point, the least valued currency in circulation. The Mozambican metical was revalued in 2006, on 1000:1 ratio, introducing the second and current Metical. Bank Exchange Rates for Mozambican Metical. The foreign exchange rates for Mozambique also known as the ISO code MZN. Send money transfer online with us with the cheapest options