Colonised, Decolonised, Centralised, Decentralised: The Development of Central Banking in Mozambique, 1975- 2010

Abstract

The history of financial institutions in decolonising countries and newly independent states, especially in Africa, shows the politically contentious nature of control over financial institutions, especially the central bank. This article investigates the particular circumstances surrounding the emergence of a central bank in Mozambique: how local conditions influenced the shaping of new financial institutions in Mozambique. The central question is: How did an independent central bank emerge in Mozambique after independence? The article addresses the impact of the metropolitan identity of Portuguese financial institutions in Mozambique, the political economy of the new political leadership, and finally the formation of a central bank.