A dolarização de depósitos em Moçambique: causas do rápido crescimento nos anos 1990-2001

Abstract

One of the great objectives that economic agents seek to achieve in the pursuit of their activities is to increase the value of their assets, or at least to guarantee that their value will be maintained. However, adverse situations have influenced the achievement of these objectives, which causes the future to be faced with some pessimism. One of these situations is the constant loss in the value of the currency as a consequence of macroeconomic instability where inflation and depreciation stand out, in addition to unattractive interest rates for deposits in national currency and other factors, which together create another problem in the economy - it is the dollarization phenomenon. This worrying phenomenon that has been happening in many countries, is linked to the holding of assets denominated in foreign currency by residents, in order to protect themselves against the loss of value of these and Mozambique is no exception. "These words were spoken by his Excellency Mr. Governor of the Bank of Mozambique, on the eve of the Metical day in 2001 through the media (TVM), the juice of this message cannot be understood by making a literary translation, in fact the underlying message is to preserve the national currency, avoiding the constant advance of the use of foreign currency in Mozambique. This problem opens a space for research, and it is necessary to conceptualize the phenomenon, describe the experiences of other countries, and the comparative analysis for the case of Mozambique. The scenario that emerges is quite complicated, in a situation where the level of dollarization was zero in 1988, the following year it was 8.1%, and in 1995 it reached 33.4% (considered a high level). The trend has always been upward, and in 2001 the level of dollarization, measured by total deposits in foreign currency within the money supply, was 46.4%.(TRADUÇÃO NOSSA)