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,
African Monetary Union and exchange rates; in conjunction with the African Government's administration. The current timeline established by the Abuja Treaty calls for a single African currency to be instituted by the African Central Bank by 2028. Although some countries have reservations about full economic and monetary union, a number of regional unions already exist, and others are planned. Signatories to the treaty were all members of the Organisation of African Unity (predecessor of the AU) at the time (Eritrea, South Africa, South Sudan and Morocco have since joined): African Monetary Union The African Monetary Union is the proposed creation of an economic