The Escudo Monetary Zone

Maria Eugénia Mata ()
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Maria Eugénia Mata: Universidade Nova de Lisboa

Chapter Chapter 2 in The Portuguese Escudo Monetary Zone, 2020, pp 11-24 from Palgrave Macmillan

Abstract: Abstract Founded in 1961, the Escudo Monetary Zone was a monetary union using different currency circulations of a same monetary unit, the escudo. It was regulated in 1962 to frame a compensation system for inter-territorial payments using the 1:1 parity, and it was implemented from 1 March 1963 to Decolonization (in 1974 for Guiné, and 1975 for all other African colonial territories). The central bank for the entire Escudo Monetary Zone was the Metropolis’ central bank, Banco de Portugal, which was the agent and reserve bank of the system. A Monetary Fund for the escudo zone was created in the Banco de Portugal to enable the concession of loans, if necessary, to territories where difficulties with respect to the rules of the inter-territorial payments system would eventually occur.

Date: 2020
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DOI: 10.1007/978-3-030-33857-2_2

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