A política monetária e o seu impacto na inflação em Moçambique no período 1994-2009

Abstract

The Bank of Mozambique (BM) is the Central Bank of Mozambique, the monetary and exchange authority, and its primary objective is to preserve the value of the national currency. In order to achieve this objective, it uses the Monetary Policy whose main role is to achieve price stability. Since Mozambique's independence until 1991, the BM was simultaneously a Central and Commercial Bank with the responsibility of issuing the currency and financing the economy. In 1992, the BM began to exercise exclusively the functions of a Central Bank and Monetary Policy was conducted through credit limits and in 1994 by the expansion limits of Net Internal Assets. However, from 2000 onwards, Monetary Policy began to be made using recourse to indirect control instruments, namely the Mandatory Reserve Rate and Open Market Operations. The work seeks to analyze the effect of the use of monetary policy instruments on inflation in Mozambique in the period 1994-2009. For this purpose, a study was made of the behavior of Net Internal Assets and Monetary Base in the years 1994 to 1999, of Bank Reserves, Monetary Base from 1994 to 2009 and of Treasury Bills issued from 1998 to 2009. To evaluate from empirically, the relationship between the variables an econometric study was carried out to determine their average value for the period from 1998 to 2009. This study involves variables such as Bank Reserves and Treasury Bills to capture the effect of the Rate Mandatory Reserves and Open Market Operations, respectively. A study was made regarding the average effect of Bank Reserves and Treasury Bills on the Monetary Base. Then, the influence of the Monetary Base on the Monetary Mass and the effect of the latter on the Consumer Price Index were evaluated. In general, the present work seeks to demonstrate the mechanism of transmission of the effect of the monetary policy adopted by the Bank of Mozambique on the control of inflation. Studies have shown that monetary policy through its instruments influences inflation in Mozambique.