Mozambique puts new banknotes and coins into circulation, as from June 16

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Mozambique puts new banknotes and coins into circulation, as from June 16

8:07 CAT | 20 May 2024

Image. Banco de Moçambique

Mozambique will introduce a new series of metical notes and coins from June 16, 2024, which will progressively replace those that have been in circulation since 2006, the central bank governor announced on Friday.

“Central banks tend to review their notes and coins in circulation every five years, in order to adapt them to new trends in design, security and other contextual elements”, explained Rogério Zandamela, in a statement to the press, on the headquarters of the Bank of Mozambique, justifying why the institution “decided to review the metical notes and coins”.

“The theme of metical banknotes and coins from the 2024 series maintains the tradition of celebrating the values of our cultural, historical and faunal heritage”, he stated.

At a session attended by administrators of commercial banks operating in the country, the central bank governor added that the new series, which will be launched on the day of the metical – Mozambican currency launched on June 16, 1975 – maintains the current six banknotes.

“The denominations of 1,000, 500 and 200 meticais on paper substrate, and the denominations of 100, 50 and 20 meticais on polymer substrate”, explained Rogério Zandamela.

The coins of 20 and five cents will be removed from the new series, “maintaining the denominations of ten, five, two and one metical, and those of 50, ten and one cent”.

“The new metical notes and coins will circulate simultaneously with the series of notes and coins issued since July 1, 2006, which also continue to have mandatory legal tender and full and unlimited releasing power within the national territory”, added the governor. .

In a statement without the right to questions, Rogério Zandamela did not comment on the difficulties that have been felt in recent months in the new banking transaction system [SIMO Rede] adopted by the Bank of Mozambique and whose problems – in terms of payments, cash withdrawals and other bank card transactions – have been strongly criticised by businesspeople and customers, who ask for the interbank network system to be reversed.

Source: Lusa