Mozambique

Almost five centuries as a Portuguese colony came to a close with independence in 1975. Large-scale emigration, economic dependence on South Africa, a severe drought, and a prolonged civil war hindered the country's development until the mid 1990's. The ruling Front for the Liberation of Mozambique (FRELIMO) party formally abandoned Marxism in 1989, and a new constitution the following year provided for multiparty elections and a free market economy. A UN-negotiated peace agreement between FRELIMO and rebel Mozambique National Resistance (RENAMO) forces ended the fighting in 1992. In December 2004, Mozambique underwent a delicate transition as Joaquim CHISSANO stepped down after 18 years in office. His elected successor, Armando Emilio GUEBUZA, promised to continue the sound economic policies that have encouraged foreign investment.

Economical characteristics

 * Currency: Mozambican metical (ISO code: MZN)
 * Central bank discount rate: 9.95% (31 December 2009)
 * Commercial banks lending rate: 15.68% (31 December 2009 )
 * Stock of money (M1): $1.406 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $1.752 billion (31 December 2008)

Notable events:

 * Banking crisis: 1987-1995

Links

 * Mozambique on Wikipedia
 * Central bank of Mozambique
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * BBC country profile