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The E-Sylum:  Volume 9, Number 15, April 9, 2006, Article 22

MOZAMBIQUE MULLS NEW NOTES AMID CURRENCY REVALUATION

An article posted April 4, 2006 discussed plans of the Mozambican
parliament on currency reform.  While politicians debate, the Bank
of Mozambique is moving ahead with plans to produce revalued coins
and banknotes:

"Back in November the Assembly passed a government bill intended
to make the Mozambican currency, the metical, more manageable, by
lopping off the last three digits.

The bill established a rate of conversion of one to a thousand.
Thus the current 1,000 metical coin will be worth one metical in
what the government refers to as the "new family" of the currency.
The largest current banknote, for 500,000 meticais, will be worth
500 meticais in the "new family"."

"The government stresses that the metical is not being abolished,
and the country is not embracing a new currency. All that is happening
is a simple mathematical operation - division by a thousand. The name
of the currency is unchanged and the old notes and coins will remain
legal tender for a lengthy transition period, as they are gradually
withdrawn from circulation."

"Meanwhile, the Bank of Mozambique is pushing ahead its preparations
for the introduction of the new banknotes and coins.

As from 1 April it became compulsory for shops and other business
to indicate their prices both in the existing meticais, and in the
"new family" meticais. Posters and leaflets explaining the changes
have been distributed all over the country, and the new notes should
be unveiled on 1 July."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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