"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,"
"chopped 3 zeros off the old peso, an inflation rate of 10,000% over the decade of the crisis. (One new peso was equal to 1000 of the obsolete MXP pesos). Mozambique was one of the world's poorest and most underdeveloped countries when it became independent of Portugal in 1975, the last colonial power to relinquish its African territories. A brutal civil war between the communist government and rebel forces from 1977-92 led to continuous inflation. The highest denomination in 1976 was 100 meticals. By 2004, it was 500,000 meticals. In the 2006 currency reform, 1 new metical was exchanged for"
"to 19. Mithqal Mithqāl () is a unit of mass equal to 4.5 grams which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron. The name was also applied as an alternative term for the gold dinar, a coin that was used throughout much of the Islamic world from the 8th century onward and survived in parts of Africa until the 19th century. The name of Mozambique's currency since 1980, the ""metical"", is derived from ""mithqāl"". The word ""mithqāl"" (; “weight, unit of weight”) comes from the Arabic ""thaqala"" (), meaning “to weigh”. Other"
"Mithqal Mithqāl () is a unit of mass equal to 4.5 grams which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron. The name was also applied as an alternative term for the gold dinar, a coin that was used throughout much of the Islamic world from the 8th century onward and survived in parts of Africa until the 19th century. The name of Mozambique's currency since 1980, the ""metical"", is derived from ""mithqāl"". The word ""mithqāl"" (; “weight, unit of weight”) comes from the Arabic ""thaqala"" (), meaning “to weigh”. Other variants of"
"(1 January 2017 est.) Agriculture - products: cotton, cashew nuts, sugar cane, tea, cassava (tapioca), coconuts, sisal, citrus and tropical fruits; potatoes, sunflowers, beef, poultry Exports: $4.773 billion (2017 est.) Exports - commodities: aluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity Exports - partners: India 28.1%, Netherlands 24.4%, South Africa 16.7% (2017) Imports: $5.021 billion (2017 est.) Imports - commodities: machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles Imports - partners: South Africa 36.8%, China 7%, UAE 6.8%, India 6.2%, Portugal 4.4% (2017) Debt - external: $10.27 billion (31 December 2017 est.) Currency: 1 metical (Mt) ="
"to 62 New Meticals), which replaced old Meticals at the rate of a thousand to one. The old currency was redeemable at the Bank of Mozambique until the end of 2012. The US$, South African rand, and recently the euro are also widely accepted and used in business transactions. The minimum legal salary is around US$60 per month. Mozambique is a member of the Southern African Development Community (SADC). The SADC free trade protocol is aimed at making the Southern African region more competitive by eliminating tariffs and other trade barriers. The World Bank in 2007 talked of Mozambique's 'blistering"
"pic. A number of different units were used to measure mass. One ukkia (ounce) was equal to 0.03413 kg. One metical (metsquat) was equal to about 0.0047 kg. Some other units are given below: 1 rottolo à thary = 16 ukkia 1 rottolo à khadhary = 18 ukkia 1 rottolo à kebyr = 24 ukkia 1 cantar = 100 rottolo (cantar(kebyr) = 100 rottolo à thary, cantar(khaldary) = 100 rottolo à khadhary, and cantar (thary) = 100 rottolo à thary). In addition to above units, one gyral was equal to 207 mg. Two different systems were used to measure capacity:"
"coin and so France, Belgium, and the UK started producing the coin so as to support their economic interests in the Red Sea, Persian Gulf and East Coast of Africa. In 1961 the 25-year concession ended and Austria made diplomatic approaches to the relevant governments requesting they cease production of the coin. The UK was the last government to formally agree to the request in February 1962. The MTT came to be used as currency in large parts of Africa until after World War II. It was common from North Africa to Somalia, Ethiopia, Kenya, and down the coast of"
"Mozambican escudo The escudo was the currency of Mozambique from 1914 until 1980. It was subdivided into 100 ""centavos"". The escudo replaced the real at a rate of 1 escudo = 1000 réis. It was equal in value to the Portuguese escudo until 1977. Initially, Mozambique had its own paper money but used Portuguese coins. Only in 1935 were coins issued specifically for use in Mozambique. In 1975, the metica was proposed as a replacement for the escudo, but it was not used. The escudo was replaced by the metical in 1980 at par. Between 1935 and 1936, coins for"
"meticais in 2003. From July 1, 2006, coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais. The First Metical had three issues of notes as follows: i. In 1980 (16 June 1980), notes were introduced in denominations of 50, 100, 500 and 1,000 meticais. ii The same notes and denominations were reissued in 1983 (16 June 1983) with the new state logo, 5,000 meticais notes were introduced in 1989 (3 February 1989). iii. In 1991 (16 June 1991) 500, 1,000, 5,000, and 10,000 notes were issued followed by 50,000 and 100,000"
"true general-purpose currency known in West Africa, being used for ordinary market purchases, bride price, payment of fines, compensation of diviners, and for the needs of the next world, as burial money. Cowrie shells, imported from Melanesia and valued at a small fraction of a manilla, were used for small purchases. In regions outside coastal west Africa and the Niger river a variety of other currencies, such as bracelets of more complex native design, iron units often derived from tools, copper rods, themselves often bent into bracelets, and the well-known Handa (Katanga cross) all served as special-purpose monies. As the"
"of Central Africa (or CEMAC from its name in French: ""Communauté Économique et Monétaire de l'Afrique Centrale"", in Spanish: ""Comunidad Económica y Monetaria de África Central"", and in Portuguese: ""Comunidade Económica e Monetária da África Central"") is an organization of states of Central Africa established by Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon to promote economic integration among countries that share a common currency, the CFA franc. UDEAC signed a treaty for the establishment of CEMAC to promote the entire process of sub-regional integration through the forming of monetary union with the Central Africa CFA"
"in the next ten years. So far only three of the 53 member states of the African Union have committed to using the currency. Egypt, Swaziland, and Lesotho have logged reservations over the precise date of monetary union and have requested a two- to three-year delay. Seychelles may not join as a result of economic fears and may, along with Cape Verde, attempt to join the euro at a later date, while the official currency of Mayotte is the euro. The African Central Bank (ACB) is one of the three financial institutions of the African Union. It will over time"
"West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Both use the CFA franc as their legal tender. The idea of a single currency union across Africa has been floated, and plans exist to have it established by 2020, though many issues, such as bringing continental inflation rates below 5 percent, remain hurdles in its finalization. As of 2012, Africa has 23 stock exchanges, twice as many as it had 20 years earlier. Nonetheless, African stock exchanges still account for less than 1% of the world's stock"
"Common Monetary Area The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union (SACU). The main purpose of this trade is that all of the parties can have the same development and equitable economic advance so they can be treated as a whole. Although the South African rand is legal tender in all states, the other member states issue their own currencies: the Lesotho loti, Namibian dollar and Swazi lilangeni. However, these are exchanged at par with the rand and there is no immediate prospect"
"decimalised. While metrication describes the adoption by different countries of a common system of decimalised metric measurements, countries generally have their own currencies. The decimalisation of currencies is the process of converting each country's currency from its previous non-decimal denominations to a decimal system, with one basic unit of currency and one or more sub-units, such that the number of sub-units in one basic unit is a power of 10, most commonly 100). The decimalisation process for individual countries is described below. The only current non-decimal currencies are the Malagasy ariary (equal to five iraimbilanja) and the Mauritanian ouguiya (equal"
"of platinum and the platinum group elements, chromium, vanadium, and cobalt, as well as uranium, gold, titanium, iron and diamonds. The region is distinct from the rest of Africa, with some of its main exports including platinum, diamonds, gold, and uranium, but it is similar in that it shares some of the problems of the rest of the continent. While colonialism has left its mark on the development over the course of history, today poverty, corruption, and HIV/AIDS are some of the biggest factors impeding economic growth. The pursuit of economic and political stability is an important part of the"
"The manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many places various forms of barter still apply. These factors led to the metal itself being the store of value: first silver, then both silver and gold, and at one point also bronze. Now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of"
"used as trade to acquire African goods. Trade links included the Arabian Peninsula, Persia, India, and China. The Swahili also minted silver and copper coins. Ahmed Zewail, won the 1999 Nobel Prize in chemistry for his work in femtochemistry, methods that allow the description of change states in femtoseconds or very short seconds. The Democratic Republic of the Congo has a rocketry program called Troposphere. Currently, forty percent of African-born scientists live in OCED countries, predominantly NATO and EU countries. This has been described as an African brain drain. Sub-Saharan African countries spent on average 0.3% of their GDP on"
"to 1.4098 lb. One metical for gold and silver was equal to 59.7 grains. Several units were used. One metter (mitre) was equal to 2.6417 gallon. One cafisso (cafiz) was equal to 496 l, and one millerole (Marseilles) was approximately equal to 64 l. Some other units are given below: 1 saah= 1/129 cafisso 1 whiba = 1/16 cafisso. Tunisian units of measurement A number of different units of measurement were used in Tunisia to measure length, mass, capacity, etc. In Tunisia, Metric System is compulsory since 1895. A number of units were used. Some of these units were still"
"highly and dangerously dependent on mineral exports. Mineral fuels (coal, petroleum) account for more than 90% of the export earnings for Algeria, Equatorial Guinea, Libya, and Nigeria. Minerals account for 80% for Botswana (led by, in order of value, diamond, copper, nickel, soda ash, and gold), Congo (Brazzaville) (petroleum), Congo (Kinshasa) (diamond, petroleum, cobalt, and copper), Gabon (petroleum and manganese), Guinea (bauxite, alumina, gold, and diamond), Sierra Leone (diamond), and Sudan (petroleum and gold). Minerals and mineral fuels accounted for more than 50% of the export earnings of Mali (gold), Mauritania (iron ore), Mozambique (aluminium), Namibia (diamond, uranium, gold, and"
"Metals and Engineering Corporation Metals and Engineering Corporation abbreviated as METEC, is an Ethiopian military-run corporation, which is established in 2010. It is the largest military-industrial complex in Ethiopia and responsible for the production of military equipment and civilian products. METEC works with foreign companies such as Alstom from France, and Spire Corporation from America. METEC was once responsible for constructing the $4 billion dam project on the River Nile, expected to be Africa’s biggest hydroelectric project, but was ousted from the contract in August. Kinfe Dagnew, a Brigadier General in Ethiopia’s army and former chief executive of METEC plays"
"cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish Exports - partners: Netherlands 11.8%, US 7.9%, France 6.4%, Belgium 6.4%, Germany 5.8%, Burkina Faso 4.5%, India 4.4%, Mali 4.2% (2017) Imports: $8.789 billion (2017 est.) Imports - commodities: fuel, capital equipment, foodstuffs Imports - partners: Nigeria 15%, France 13.4%, China 11.3%, US 4.3% (2017) Reserves of foreign exchange and gold: $4.688 billion (31 December 2017 est.) Debt - external: $12.38 billion (31 December 2017 est.) Economic aid - recipient: ODA, $1 billion (1996 est.) Currency (code): Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank"
"income of the Republic is often listed as being approximately $400 a year, one of the lowest in the world, but this figure is based mostly on reported sales of exports and largely ignores the unregistered sale of foods, locally produced alcoholic beverages, diamonds, ivory, bushmeat, and traditional medicine. The currency of Central African Republic is the CFA franc, which is accepted across the former countries of French West Africa and trades at a fixed rate to the euro. Diamonds constitute the country's most important export, accounting for 40–55% of export revenues, but it is estimated that between 30% and"
"Economic Union (UMEOA) and has adopted the CFA franc. This is issued by the Central Bank of the West African States (BCEAO), situated in Dakar, Senegal. The BCEAO manages the monetary and reserve policy of the member states, and provides regulation and oversight of financial sector and banking activity. A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place, having been reformed significantly in 1999. Microfinance institutions are governed by a separate law, which regulates microfinance activities in all WAEMU countries. The insurance sector is"
"the mid-twentieth century to an economy driven primarily by the tertiary sector in the present day which accounts for an estimated 65% of GDP or $230 billion in nominal GDP terms. The country's economy is reasonably diversified with key economic sectors including mining, agriculture and fisheries, vehicle manufacturing and assembly, food processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, transportation, and wholesale and retail trade. Mining has been the main driving force behind the history and development of Africa's most advanced economy. Large-scale and profitable mining started with the discovery of a diamond on the"
"2012. In 1980, coins were introduced in denominations of 50 centavos, 1, 2½, 5, 10 and 20 meticais. The 50 centavos, 2½ and 5 meticais were minted in aluminium, with the 1 metical in brass and the 10 and 20 meticais in cupro-nickel. In 1986, aluminium 1, 10, 20 and 50 meticais were introduced. A new coinage issued in 1994 was composed of 1, 5, 10, 20, 50, 100, 500 and 1000 meticais, with the lower four denominations in brass clad steel and the higher denominations in nickel clad steel. 5000 meticais coins were introduced in 1998, followed by 10,000"
"common external tariff for imports from other countries. The treaty became effective in 1966 after it was ratified by the then five member countries—Cameroon, the Central African Republic, Chad, the Republic of Congo, and Gabon. Equatorial Guinea joined the Union on 19 December 1983. UDEAC signed a treaty for the establishment of an Economic and Monetary Community of Central Africa (CEMAC) to promote the entire process of sub-regional integration through the forming of monetary union with the Central Africa CFA franc as a common currency; it was officially superseded by CEMAC in June 1999 (through agreement from 1994). CEMAC currently"
"accurate weighing apparatus (meaning an item might sometimes simply be divided in 2,4,6 etc.) coupled with tradition were the reasons why non-decimal currencies were used. In theory, two countries currently use non-decimal currency: Mauritania (1 ouguiya = 5 khoums) and Madagascar (1 ariary = 5 iraimbilanja). In practice, however, the value of the main unit in each case is so low (less than 1/1000 of a United States dollar) that the sub-unit is not of any practical use and is rarely seen in circulation. In the case of the iraimbilanja, this is a carryover of the Madagascar's previous currency, the"
"46%; zirconium, 27%; vanadium, 23%; manganese, 19%; rutile, 18%; fluorspar, 18%; gold, 13%; phosphate rock, 10%; ilmenite, 9%; and nickel, 5%. It is also the world's third largest coal exporter. The mining sector has a mix of privately owned and state-controlled mines, the latter including African Exploration Mining and Finance Corporation. The agricultural industry contributes around 5% of formal employment, relatively low compared to other parts of Africa, as well as providing work for casual labourers and contributing around 2.8% of GDP for the nation. However, due to the aridity of the land, only 13.5% can be used for crop"
"electrum(mix gold and silver) coins mainly for fighting wars with Greeks and Romans. Most of their fighting force were mercenaries, who had to be paid. Islamic North Africa made use of the Almoravid dinar and Fatimid dinar, gold coins. The Almoravid dinar and the Fatimid dinar were printed on gold from the Sahelian empires. The ducat of Genoa and Venice and the florine of Florence were also printed on gold from the Sahelian empires. Cowries have been used as currency in West Africa since the 11th century when their use was first recorded near Old Ghana. Its use may have"
"Moroccan dirham The dirham ( ""dirham"", ""adrim"", , ; sign: DH; code: MAD) is the currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. It is subdivided into 100 ""cents"" (Arabic: سنتيمات, singular: سنتيم). Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in ""falus"", silver coins denominated in ""dirham"", and gold coins denominated in ""benduqi"". From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate in 1912 it switched to"
"prices being displayed in Euro. Moroccan dirham The dirham ( ""dirham"", ""adrim"", , ; sign: DH; code: MAD) is the currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. It is subdivided into 100 ""cents"" (Arabic: سنتيمات, singular: سنتيم). Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in ""falus"", silver coins denominated in ""dirham"", and gold coins denominated in ""benduqi"". From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate"