Timeline

• 04.09.1835
• Ordinance on the production of gold ingots for trade; effective immediately (?):
  - 2½ Metical of ½ Portuguese ounce gold 19.2 carats
  - 1¼ Metical of ¼ Portuguese ounce gold 22 carats
• around 1845
• Production of silver ingots for trade:
  - 6 Cruzados of 1 Portuguese ounce silver 8 deniers

Timeline

• Mozambique Company (1891-1942):
  - 15.09.1919: Start of paper money issuance of the Bank of Beira (constituted on 02.06.1919, liquidated on 29.10.1929) denominated in Portuguese Escudos ("moneda corrente") and Pound Sterling (libra esterlina em ouro")
  - 01.11.1930: Start of paper money issuance by the Mozambique Company (after the default of the Bank of Beira).
• Niassa Company (1892-1929):
  - around 1894: Production of silver tokens of 1'000, 500 Portuguese Real and copper tokens of 20, 10 Portuguese Real; did probably not circulate.
• Zambezia Company (1892-1941):-

Timeline

• 29.12.1852
• Portuguese ordinance on the introduction of Portuguese coins for circulation at the same rate as in Portugal; effective 26.04.1854 (per local proclamation [No. 55]):
  - Subsidiary coins of 2, 1 Portuguese Real were only issued for Mozambique.
• 02.04.1877
• Start of operations of the local branch of the Portuguese National Overseas Bank (est. 12.08.1864) at Ilha de Moçambique:
  - Issuance of paper money made of overprinted banknotes issued in Luanda (Angola).
• around 1889
• Issuance of countestamped foreign silver coins to overcome a local shortage:
  - 05.01.1889: Local ordinance for the import of Maria Theresia Thalers and Indian Rupees (stamp: "PM" with a crown)
  - 19.01.1889: Local ordinance for the import of Maria Theresia Thalers and Indian Rupees (stamp: "PM" without crown).
• 01.05.1905
• Portuguese ordinance, allows the National Overseas Bank to issue paper money denominated in British Pounds ("Libra") at a rate of 4½ Portuguese Milreis; effective upon start of issuance on 01.03.1909

Valuation Regimes

• 1877-1913
• Nominally identical to the Portuguese Milreis. The Mozambican paper money was not fully convertible into Portuguese currency.

Timeline

• 18.09.1913
• Ordinance [No. 141] implementing the Portuguese currency reform of 1911 in the colonies (except India); effective 01.01.1914
• 05.11.1914
• Start of currency exchange:
  - 05.11.1914: Start of issuance of the new banknotes (coins followed in 1936)
  - ??.??.1929: Demonetization of the former currency.
• 17.05.1975
• Mozambican ordinance [No. 2] (after independence) on the nationalization of the National Overseas Bank under the name of "Bank of Mozambique"; effective immediately
• 21.06.1975
• Bank's decree [No. 13], determined that banknotes issued by the National Overseas Bank and the former subsidiary coins remain legal tender until further notice; effective immediately.
  - The Bank of Mozambique applied an overprint with the new bank name on unissued notes of the Overseas Bank that were put into circulation.

Valuation Regimes

• 1914-1977
• Fixed rate against Portuguese Escudo
• 1977-1980
• Variable rate, de facto fixed against US Dollar

Timeline

• 26.06.1976
• Initial date for currency reform which was never legislated nor implemented:
  - Unissued series of banknotes (6 denominations) and subsidiary coins (8 denominations) were produced with the denomination misspelled as "Metica".
• 16.06.1980
• Laws [No. 2] on introduction of the currency and [No. 3] on the currency exchange; effective immediately.
  - Note: The date of the reform was the 20th anniversary of the "Mueda Massacre" during the war of independence.
• 16.06.1980
• Start of currency exchange:
  - 16.06.1980 (midnight): Start of issuance of the new banknotes and coins
  - Partial confiscation: Per person a maximum of 2'000 Escudos were exchanged, excess cash had to be deposited and could gradually be withdrawn after 90 days
  - 18.06.1980 (midnight): End of exchange period and demonetization of the former currency (both banknotes with and without overprint).

Valuation Regimes

• 1980-1987
• Variable rate
• 1987-1989
• Fixed rate against US Dollar (after an initial devaluation of -80.6%)
• 1989-2006
• Variable rate, highly inflationary 1989-2001

Timeline

• 20.12.2005
• Law [No. 7] on the currency reform; effective 01.07.2006
• 01.07.2006
• Start of currency exchange:
  - 01.07.2006: Start of issuance of the new banknotes and coins
  - 31.12.2006: Demonetization of the former currency.

Valuation Regimes

• 2006-
• Variable rate