The Difficulties in Launching the Escudo Monetary Zone

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

Chapter Chapter 3 in The Portuguese Escudo Monetary Zone, 2020, pp 25-49 from Palgrave Macmillan

Abstract: Abstract There were great difficulties in the Foreign Exchange Management Funds of some of the colonial territories of the Escudo Monetary Zone to keep the inter-territorial payments system at work. The need for capital to establish the Escudo Monetary Zone Fund was a first step, followed by the definition of administrative proceedings and the implementation of accurate statistical information on the economic and financial operations of the territories of the Escudo Monetary Zone (amongst them and with the rest of the World). The two issuing banks for the colonies, Banco de Angola and Banco Nacional Ultramarino (BNU) were to obey the central bank credit policy for the entire system. Unbalanced relationships with the Metropolis did occur. Delays for transfers to the Metropolis had a political dimension because of the ongoing terrorism and guerrilla activities of local military movements in Guiné, Angola, and Moçambique, seeking the independence of the colonies.

Date: 2020
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DOI: 10.1007/978-3-030-33857-2_3

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