Decolonisation and Independence Agreements. Retornados and Difficulties of the Banking System
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The revolution of 25 April 1974 brought new prospects with respect to decolonization. In 1974–75 all African colonies became newly-independent countries, and the Portuguese monetary authorities considered the post-colonial examples of the French franc zone, and of the British sterling zone. The conditions for colonial independence were very different from the French and British cases, and all newly-independent Portuguese-speaking countries announced the intention of issuing their own currencies. Their reserve accounts in Banco de Portugal were simple foreign accounts expressed in escudos, and not reserve accounts of a monetary zone. Half a million people came to the old Metropolis, and all depositors lost their deposits in the colonies.