Mozambican metical 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005. On July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is MZN. New coins and banknotes were introduced on July 1, 2006, and the transitional period during which both old and new meticais could be used lasted until December 31, 2006. During the conversion, the new currency was locally abbreviated as MTn, but has since largely returned to MT. Old meticais were redeemed by the Bank of Mozambique for a period of six years, until December 31,
Monetary hegemony System". The rules of the Bretton Woods system have stayed the same but the players have changed. The Post Bretton Woods system or Bretton Woods II has given rise to a new periphery for which the development strategy is export-led growth supported by undervalued exchange rates,capital controls and official capital outflows in the form of accumulation of reserve asset claims on the center country (i.e. US). In other words, Asia has replaced Europe in financing US balance of payments deficits. Monetary hegemony Monetary hegemony is an economic and political concept in which a single state has decisive influence over the