New African currency
NZPA-Reuter Lisbon Mozambique today begins a three-day operation to replace its currency, during which time all borders will remain closed, said the Mozambique news agency Aim. Three days will be allowed for people to exchange their escudos for the pew currency, to be called the Metical. Aim said. Announcing the currency
change in a. speech to the nation, President Samora Machel said the metical would not be tied to the escudo zone or any other currency.
In its telexed despatch to Reuters, Aim said the meti- ; cal would be divided into 109 centavos, but it did not say what the exchange rate would be between the new and old currency.
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Press, 18 June 1980, Page 26
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113New African currency Press, 18 June 1980, Page 26
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