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 policy of the Philippines so that price level is not just zero in expectation but is also zero regardless of latter shocks. Moreover, the framework was changed because BSP wanted to address the fact that aggregate targeting did not account for the long-run effects of monetary policy on the economy. With this approach, the BSP can exceed the monetary targets as long as the actual inflation rate is kept within program levels and policymakers monitor a larger set of economic variables in making decisions regarding the appropriate stance of monetary policy. As mentioned earlier, Inflation Targeting requires a public announcement of an inflation rate