Determinantes da taxa de câmbio nominal em Moçambique: uma abordagem monetária

Abstract

Exchange rate changes have always occupied the attention of policymakers, businesses, workers, and ordinary citizens. Mozambique had a fixed and rigid exchange rate regime from 1975, the time of national independence, until 1987, which led to serious financial imbalances in the economy. The exchange rate did not reflect market trends, which gave rise to a parallel foreign exchange market that provided an alternative for all those who could not have access to foreign exchange at official market prices. This market practiced an exchange rate that was 46 times the official rate, reflecting the scarcity of foreign currency. (Pimpao, 1996:4) With the implementation of the PRE in 1987, which marked a rupture with the previous philosophy of exchange rate policy management, the exchange rate became more realistic and captured the developments in the foreign exchange market. The ratio of the parallel and official exchange rate became 2.11 times during this period (Banco de Moçambique, 2000) From April 1992, a flexible exchange rate regime came into force, making the exchange rate more volatile. The exchange rate movements are now determined by the market. determined by the market. (TRADUÇÃO NOSSA)