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The New Currencies in the West-African Portuguese-Speaking Countries and the Portuguese Co-operation

In: The Portuguese Escudo Monetary Zone

Author

Listed:
  • Maria Eugénia Mata

    (Universidade Nova de Lisboa)

Abstract

Portuguese commercial banks’ credit lines for many trade agreements with all the ex-colonies express more and more intensive relationships with the ex-colonizer. On the possibility of framing a new Portuguese-speaking monetary union, the Angolan and Mozambican civil wars (with high military spending of public funds, and the larger dimension of their national economies when compared to Portugal’s) were considered to be serious problems. The possibility of establishing monetary arrangements with the smaller ex-colonies was more plausible, particularly when expectations flourished for Portugal to join the European Monetary Union. Guiné-Bissau signed a monetary agreement with Portugal in 1990, for a crawling peg of the peso to the Portuguese escudo. A technical unit gave assistance to Bissau for this purpose, but the project failed in 1992. Guiné-Bissau joined the West African Monetary Union and the franc CFA on 1 January 1997. Cabo Verde signed an Exchange Cooperation Agreement to peg the Cape Verdean escudo to the Portuguese currency unit, the escudo, in 1998 with a facility for credit concession. S. Tomé e Príncipe signed an Exchange Cooperation Agreement with Portugal in 2009. From 1 January 2010 on, S. Tomé pegged the dobra to the euro.

Suggested Citation

  • Maria Eugénia Mata, 2020. "The New Currencies in the West-African Portuguese-Speaking Countries and the Portuguese Co-operation," Palgrave Studies in Economic History, in: The Portuguese Escudo Monetary Zone, chapter 0, pages 163-192, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-33857-2_11
    DOI: 10.1007/978-3-030-33857-2_11
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