DEFINITION of 'MZM (Mozambique Metical)'
The currency abbreviation for the Mozambique metical (MZM), the currency for Mozambique. The Mozambique metical is made up of 100 centavos and is often presented with the symbol MTn. However, hyperinflation has made centavos worthless, and they are no longer in circulation.
BREAKING DOWN 'MZM (Mozambique Metical)'
The Mozambique metical replaced the Mozambican escudo in 1980 at par, and has since seen its value eroded by hyperinflation. In 2005, the Mozambique metical was the lowest valued currency in the world when compared to the United States dollar. A revaluation in July of 2006 redenominated the metical at a rate of 1000:1.