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 ?
For one to import such goods in bigger quantities, one had to have an extra 20 to 100 Meticais for Agora (Mozambican policemen) as a bribe.
Once the savings in Meticais had been entered in the books at the value of the initial "transfers," their purchasing power could only have been maintained through the application by the Ministry of Labor of an interest rate at least equal to the internal inflation rate, between the date of the amount's "transfer" and its withdrawal.
As of March 2007, the floating exchange rate was approximately 26 meticais per dollar.
Total public expenditure is envisaged at 2,514bn meticais (officially valued at $464m).
On top of that, Mozambican firms, for instance, cannot buy the application file in meticais but have to pay for it in ecus, which are not easy for African companies to acquire.