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,
Malawi and the International Monetary Fund order to alleviate the food shortage. Founded by the IMF and the World Bank in 1996, the Heavily Indebted Poor Countries organisation (HIPC) extended debt forgiveness to the world's most indebted nations. Among those 36 countries who met the requirements of this initiative include Malawi, Afghanistan and Haiti. Malawi was the 20th country to be approved as a participant in the initiative, and once approved, Malawi became eligible for further debt relief from the World Banks IDA, the IMF and the African Development Fund (AfDF) under the Multilateral Debt Relief Initiative (MDRI)." Malawi and the International Monetary Fund The International