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 Investment Bank African Investment Bank The African Investment Bank (AIB) is one of three financial institutions of the African Union (AU) along with the African Monetary Fund and the African Central Bank. It will be headquartered in Tripoli, Libya. The Lome Summit (2000) adopted the Constitutive Act of the African Union, which specifies the objectives, principles, and organs of the AU. Twenty-seven African countries signed the act, which provided for establishing a wide variety of institutions, including the Pan-African Parliament; Court of Justice; African Central Bank; African Monetary Fund; and African Investment Bank. In 2005, the AU held a meeting of independent