Metical

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Metical

The currency of Mozambique. It was introduced in 1980, replacing the Mozambican escudo. It suffered from hyperinflation for most of its history and was, for a time, the least valuable currency in the world. Inflation has slowed since the introduction of the second metical in 2006, but has remained over 10%.
References in periodicals archive ?
Chang also noted that the total collected public debt, at the end of the 2011 fiscal, had reached a sum of 141.794 billion meticals, or 38.2 percent of Mozambique's gross domestic product (GDP).
Out of that amount, 119.464 billion meticals are external debt and 22.330 billion meticals are local.
The Monetary Policy Commission of the Bank of Mozambique also decided to keep the Required Reserve Rate unchanged at 3 percent and intervene in the interbank markets in order to ensure that the balance of the monetary base does not exceed 33.783 billion meticals.
Moza Banco of Mozambique has stated in Maputo on Tuesday that it has boosted its capital by 283.25 million meticals, (almost US$10 million) at the end of last month carried out a capital increase of 283.25 million meticals and now it has capital of around US$40 million.
The water transport system is intended to irrigate 10,000 hectares of land in the district and another 2.6 million meticals is necessary to construct the irrigation system, added Enoque Ngomane.