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 AD, Bantu-speaking peoples migrated to present-day Mozambique from farther north and west. Beginning in the 11th century, Arab, Persian, and Somali merchants began settlements and establishing commercial ports along the coast, contributing to the development of a distinct Swahili culture and language. The voyage of Vasco da Gama in 1498 marked the arrival of the Portuguese, who began a gradual process of colonisation and settlement in 1505. After over four centuries of Portuguese rule, Mozambique gained independence in 1975, becoming the People's Republic of Mozambique shortly thereafter. After only two years of independence, the country descended into an intense and