Mozambican metical
The metical (; plural: ) is the currency of Mozambique, abbreviated with the symbol MZN or MT. It is nominally divided into 100 centavos. The name metical comes from Arabic (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. History First metical The metical () 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 On July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is . 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