Economy of Mozambique the second international fibre (EASSy) in 2010. The lower cost of bandwidth has already started to trickle down to lower consumer prices in some service segments, while others have remained unchanged. The banking system collapsed after independence from Portugal in 1975. From an earlier position (in the 1980s) of central government control of the economy, Mozambique has initiated rapid reforms in recent years, accelerating the implementation of market-based economic policies, and committing to a policy of fiscal and monetary discipline. In 1995 the government introduced its medium-term economic growth, strategy which it continues to pursue. Since the late 1990s, both
Mozambique into 405 "postos". "Postos administrativos" (administrative posts) are the main subdivisions of districts. This name, in use during colonial times, was abolished after independence and was replaced by "localidades" (localities). However, it was re-established in 1986. Administrative posts are headed by a "Secretários" (secretaries), which before independence were called "Chefes de Posto" (post chiefs). Administrative posts can be further subdivided into localities, also headed by secretaries. Mozambique operates a small, functioning military that handles all aspects of domestic national defence, the Mozambique Defence Armed Forces. The official currency is the New Metical (as of March 2018, US$1 is roughly equivalent