Mozambican Metical

Mozambique's currency is the metical (plural: meticais; ISO 4217 code: MZN). It is subdivided into 100 centavos (cents). The metical was introduced in 1980, replacing the former escudo at par. It is one of the world's least valued currencies, with one United States dollar worth around 50 meticais in early 2021. The metical was introduced on 1 July 1980, replacing the escudo at a rate of 1 metical = 100 escudos. It was pegged to the U.S. dollar at par, and the dollar was freely exchangeable for meticais. This arrangement lasted until 1986, when the government decided to de-peg the metical from the dollar. Since then, the metical has been allowed to float freely against other currencies. The metical is one of the world's least valued currencies. As of early 2021, one U.S. dollar is worth around 50 meticais. This makes Mozambique one of the cheapest countries to visit for tourists from developed countries. The government has tried to stabilize the currency by pegging it to a basket of currencies, but this has not been successful. Inflation has been a major problem in recent years, and the currency has lost a lot of value against the dollar. The best way to get meticais is to bring dollars or other hard currency and exchange it at a bureau de change. You can also get meticais from ATMs, but the fees are high and you'll get a better rate if you exchange cash.