The Difficulties in Launching the Escudo Monetary Zone

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 w

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The Portuguese Escudo Monetary Zone Its Impact in Colonial and Post-Colonial Africa Maria Eugénia Mata

Palgrave Studies in Economic History Series Editor Kent Deng London School of Economics London, UK

Palgrave Studies in Economic History is designed to illuminate and enrich our understanding of economies and economic phenomena of the past. The series covers a vast range of topics including financial history, labour history, development economics, commercialisation, urbanisation, industrialisation, modernisation, globalisation, and changes in world economic orders. More information about this series at http://www.palgrave.com/gp/series/14632

Maria Eugénia Mata

The Portuguese Escudo Monetary Zone Its Impact in Colonial and Post-Colonial Africa

Maria Eugénia Mata Nova School of Business and Economics Universidade Nova de Lisboa Carcavelos, Portugal

ISSN 2662-6497     ISSN 2662-6500 (electronic) Palgrave Studies in Economic History ISBN 978-3-030-33856-5    ISBN 978-3-030-33857-2 (eBook) https://doi.org/10.1007/978-3-030-33857-2 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

To my father’s memory. To my mother.

Preface

The Portuguese decolonisation of the 1970s broke the monetary ties that existed between the Mainland and each of its former colonies, whose names (before and after independence) are always spelled in Portuguese, in this book: • Portuguese India began to use Indian currency (rupee) after it was occupied by India, partly in 1954 (Dadrá and Nagar Havely), partly in 1961 (Goa, Damão and Diu). • São João Batista de Ajudá beg