The End of the Escudo Monetary Zone Fund in 1980. The Continuation of Co-operation

  • Maria Eugénia MataEmail author
Part of the Palgrave Studies in Economic History book series (PEHS)


There were proposals to extinguish the Escudo Monetary Zone Fund in the period following the independence of the ex-colonies, but the three issuing banks of the system required their capital in the Fund. Only in May 1980 was it possible to clear the balances of the Foreign Exchange Management Funds of the ex-colonies regarding their debts to the Escudo Monetary Zone Fund in a multilateral way, thanks to a decision to re-evaluate the gold reserves of the Banco de Portugal. Cooperation with the ex-colonies continued after the extinction of the Fund, especially because they abandoned socialist political blueprints when communist political regimes failed in the late 1980s. This was the opportunity for market operations in these African regions to give place to capitalism and global institutions.


  1. Azevedo, Maria João, “A cooperação Técnica do Banco de Portugal”, Cadernos de Cooperação, Banco de Portugal, 7, IV, 2015: 6–11.Google Scholar
  2. Banco de Portugal, Boletim Trimestral, 14, 4, 1992.Google Scholar
  3. Banco de Portugal, Lusofonia, annually published, October 2015.Google Scholar
  4. Barreto, António, A Situação Social em Portugal 1960–1999, 2 vols., Lisbon, Instituto de Ciências Sociais, 1996.Google Scholar
  5. Krozewski, Gerold, “Global Britain and the post-colonial World: The British approach to aid policies at the 1964 juncture”, Contemporary British History, 29 (2), 2015: 222–240.Google Scholar
  6. Pateguana, Carmélia Ernesto Langa, The Bank of Moçambique: Historical Review from 1975 to 2010, Masters Thesis, University of South Africa, 2016.Google Scholar
  7. Pinheiro, Maximiano, Teresa Crespo, Mário Nascimento, Alécia Faro, Helga Marrocos, Jorge Correia da Cunha, Maria Arminda Sousa, Manuel Coutinho Pereira, Maria José Valério, Fátima Silva, Nuno Alves, and Paulo Variz, Séries Longas para a economia Portuguesa, vol. I and II, Banco de Portugal, 1997.Google Scholar
  8. Ratilal, Prakash, “Adesão às Instituições de Bretton Woods e início da implementação de reformas”, in Banco de Moçambique, Histórias Vividas, 1975–2010, Maputo, Banco de Moçambique, 2012: 119.Google Scholar
  9. Verhoef, Grietjie, “The rise of financial services in Africa”, in Dana Redford (ed.), Developing Africa’s Financial Services, The Importance of High-impact Entrepreneurship, London, Emerald, 2017: 3–42.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Nova School of Business and EconomicsUniversidade Nova de LisboaCarcavelosPortugal

Personalised recommendations