/24-7PressRelease/ - July 03, 2006 - Mozambique introduces its new Metical banknotes and coins, July 1st. During a 6 month period the old money will remain in circulation alongside the new money. The introduction of the new money is still little known outside Mozambique. Unsuspecting visitors run the risk of confusing the money or even to get duped in cash transactions warns GuideToMozambique.com. The website offers a conversion table and information to prepare visitors for the Metical conversion.
The Mozambican Central Bank insists that it is not introducing a new currency, but rather a "new family" of notes and coins. On the new bank notes effectively three zeros are taken off the amounts. This is intended to give the Metical a more robust appearance internationally. Consumers and businesses are expected to find the new money easier to use. Both the old money and the new money are called Metical in the singular and Meticais in the plural. The new family of the Metical will be referred to as MTn.
Six new banknotes are issued ranging in value from 20 to 1.000 Meticais. At the current exchange rate of 25 MTn to the dollar, the smallest note is worth $0,80, while the largest equals $40. All banknotes will have Mozambique's first president Samora Machel on the front. Mozambique's wildlife is displayed on the reverse side. The coins in the new family of Meticais range in value from 1 to 10 Meticais and 1 to 50 cents (Centavos). The coins depict scenes representing Mozambican economy, society and culture.
GuideToMozambique.com offers extensive information and tips to help visitors to prepare themselves before coming to Mozambique. Visitors are advised to look up the section of the GuideToMozambique website dealing with the new Metical notes and coins, which includes a conversion table.
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