Best Bitcoin Exchange for Mozambique

Symbolized as MZN or MT, the Mozambican Metical is the currency used in Mozambique. The name of the currency comes from an Arabic word called Mithqal. It was used to refer to the gold dinar coin that was widely used in many African countries before the 19th century. The Meticais are issued by the Banco de Moçambique that is the central bank.

History of the Metical

The history of the Mozambique Metical consists of two phases. The first phase begins in 1980, when the Escudo, which was formerly the medium of exchange in Mozambique, was replaced by the first metric abbreviation MZM. The first phase ended in 2005 due to high inflation, which affected its value. In July 1st 2006 Mozambique rated the metical at 1000: 1 new, which was the beginning of the second phase of metical history. The government adopted a new code, MZN, and issued new banknotes and coins via the Bank of Mozambique.

Coins

The Mozambican metical was minted in two phases. The first movement of Meticais was minted in 1980 in pieces of 50 Centavos, 1, 2 1 / 2, 5, 10 and 20 meticais. The 50 Centavos as well as 2 ½ and 5 meticai were made of aluminium. On the other hand, brass was used to emboss the 1 MZM and the metal used to emboss 10 and 20 MZM was nickel.

Six years later, the 1, 10, 20 and 50 aluminum products were introduced. Another revolution in coinage came in 1994, when the 1, 5, 10, 20 and 50 MZM coins were made of brass and steel, while the 100, 500 and 1,000 MZM coins were struck with nickel. In 1998 and 2003 the 5,000 and 10,000 MZM coins were minted. The second phase of the coinage period began in July 2016 and included the issuance and circulation of the second Meticais in denominations of 1, 5, 10, 20 and 50 centavos and 1, 2, 5 and 10 MZN. Currently, the coins used in Mozambique are in pieces of 1, 2, 5 and 10 meticais as well as 50 centavos.

Banknotes

As with the issue of coins, the banknotes were printed in two phases: the first and the second. The first phase was further divided into three phases. The first phase took place in June 16th, 1980, where notes were introduced in Mozambique in the denominations 50, 100, 500 and 1,000 meticais. The second stage was three years later, when the same banknotes and denominations were issued for public use. The only difference in these notes was the new printed state logo. At this stage, in 1989, the 5,000 Meticais were introduced.

The third stage involved printing notes in the values 500, 1,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000 and 500,000, which took place between 1991 and 2003. During the second phase of issuing banknotes in 2011 Banco de Mozambique issued a new set of notes with enhanced security features that make it difficult to have counterfeits in circulation. Notes issued in 2011 are those currently in use in Mozambique and include 20, 50, 100, 200, 500 and 1,000 meticais.

Mozambican metical exchange rate against the US dollar

From July 6, 2017 the exchange rate between the Mozambican metical against the U.S. dollar was 1 dollar equal to 60,265.01 meticais.