Cape Verdean Escudo (CVE)

Cape Verdean Escudo Basic Concepts

The Cape Verdean escudo (currency code: CVE) is the official currency of the Republic of Cape Verde, issued and managed by the Bank of Cape Verde. It replaced the earlier Portuguese escudo and has been in circulation since Cape Verde's independence in 1975, serving as the country's primary medium of economic transactions.

Countries and Regions of Use

The Cape Verdean Escudo is only used in the Republic of Cape Verde, an island nation located in the Atlantic Ocean and consisting of 10 major islands. The currency is not circulated in other countries or regions, and since Cape Verde's economy is dependent on tourism, remittances and fishing, its use is limited to domestic transactions.

Units and Denominations

The basic unit of the Cape Verdean escudo is the escudo, and the secondary unit is the cent (1 escudo = 100 cents). Common banknote denominations include 200, 500, 1,000, 2,000 and 5,000 escudos, while coin denominations are 1, 5, 10, 20, 50, 100 and 200 escudos. These denominations are designed to reflect Cape Verde's cultural heritage and natural landscape.

Historical background

The Cape Verdean escudo originated in 1975 after Cape Verde's independence from Portugal, replacing the former Portuguese escudo. Early pegged to the Portuguese currency, it was later changed to the Euro in 1998 to stabilize the economy. This change facilitated Cape Verde's international trade and investment, and the history of the currency reflects the country's economic transition from colonization to independence.