A contribuição dos instrumentos indirectos na condução da política monetária em Moçambique entre 1998-2008

Abstract

The present work aims to analyze the contribution that the instruments of indirect control have brought to the conduct of monetary policy in Mozambique. Monetary policy did not put independence, where the economic orientation was socialist, it was made based on direct controls, fixing interest and exchange rates centrally. O Banco de Moçambique, as a consequence of the economic and social rehabilitation program, which changes the economic orientation to capitalist, begins a process of reforms in its form of action, guided by indirect control instruments implying an increasing intervention in the Monetary Markets, through of open market operations. However, the development of the national Financial System and the growth of the banking network and with the aim of making monetary policies more effective, have been verified over time, especially in the last decade, which is intended to focus research, introduction, innovation and increased use of indirect instruments with an emphasis on open market operations. The aim The main objective of monetary policy in Mozambique is to keep inflation at low and stable levels, with the aim that, among other reasons, the maintenance of citizens' purchasing power is important in the process of fighting poverty in the country. The search it allowed to conclude that the evolution of indirect instruments led to the modernization of the financial system itself, creating conditions for a greater number of financial institutions to operate in the Mozambican financial market - banking of the economy; O Banco de Moçambique now has a greater capacity for currency sterilization, a fact that significantly contributes to the maintenance of inflation at the target level and greater efficiency in the formation of interest rates, creating conditions for expansion of credit to the economy, a catalyst for investment, leading to to GDP growth (Céteris Paribus). In short, these indirect instruments traded have contributed positively to the management of the monetary policy of the Bank of Mozambique. (TRADUÇÃO NOSSA)