Mozambican metical Mozambican metical The metical (plural: "meticais") is the currency of Mozambique, abbreviated with the symbol "MZN" or "MT". It is nominally divided into 100 centavos. The name "metical" comes from Arabic ("mithqāl"), a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century. The metical (MZM) replaced the "escudo" at par on 16 June 1980. It was divided into 100 "centavos". The metical underwent severe inflation. After the revaluation of the Romanian leu, the metical briefly became the least valued currency unit, at a value of about
European Monetary System European Monetary System European Monetary System (EMS) was an arrangement established in 1979 under the Jenkins European Commission where most nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations relative to one another. After the demise of the Bretton Woods system in 1971, most of the EEC countries agreed in 1972 to maintain stable exchange rates by preventing exchange rate fluctuations of more than 2.25% (the European "currency snake"). In March 1979, this system was replaced by the European Monetary System, and the European Currency Unit (ECU) was defined. The basic elements of the arrangement