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,
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