Mozambique audit unlikely to cause ripples
The Bank of Mozambique yesterday launched the 2017 series of Metical bank notes bearing the signature of the new Central Bank Governor, Rogério Zandamela. The new notes come into circulation on June 16, Metical Day.
Speaking yesterday on the 42-year anniversary of the creation of the central bank, Zandamela explained that the new series, like that of 2011, does not include coins, the 2006 versions of which will remain in circulation.
Zandamela added that the 2017 notes would circulate simultaneously with the 2006 and 2011 notes bearing the signatures of the two previous governors, Adriano Afonso Maleiane and Ernesto Gouveia Gove.
He assured the public that there would not be an exchange or circulation deadline for the 2006 and 2011 notes.
The central bank governor praised the improvements of the last new series of bank notes, citing improvements in the substratum of the 20, 50 and 100 meticais notes – those with the highest circulation and therefore subject to greater wear and tear.
Zandamela said that research carried out with a view to strengthening the notes had resulted in the decision to replace the paper used with synthetic polymer better suited to humid climates. This would also reduce costs associated with destroying and replacing degraded notes.
“From 2011 to date, we have not yet detected a single counterfeit note on polymer substrate, an unprecedented achievement even internationally. In notes with paper substrate, the counterfeits and falsifications detected are easy identified with the unaided eye,” he maintained.
The security elements and designs of the 2011 series remain the same In the new series, enhancing the values of our cultural, historical, environmental and economic heritage, the governor said.Source: Noticias / TVM