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,
Unit of account value in the unit of account. Many international transactions continue to be settled in this way, using a national value (most often expressed in the US dollar or euro) but with the actual settlement in something else. In historical cost accounting, currencies are assumed to be perfectly stable in real value during non-hyperinflationary conditions under in terms of which the stable measuring unit assumption is applied. The Daily Consumer Price Index (Daily CPI) – or a monetized daily indexed unit of account – is generally used to index monetary values on a daily basis when it is required to maintain