The currency of Cape Verde. Currency code (CVE)

The Cape Verde Escudo (CVE) is the official currency of Cape Verde. The $ symbol is typically used to separate decimals; for example, 20$00 indicates 20 Escudos.

The Cape Verde Escudo is pegged to the Euro at 110$265 Escudos = 1 Euro.

Economy

  • Cape Verde's economy does not have sufficient resources to sustain itself.
  • Service-based industries account for 73% of the GDP and play an essential role in the economy.
  • Since 1990 the economy has been growing at a steady pace.
  • In 1994 and 1995, the country received +/- 50 million USD in foreign investments.
  • Cape Verde is recognized as an average development country. It is part of the Small Island developing states.
  • Agriculture forms 9% of the total GDP and industry 16.5%.
  • Export products are fish, hides, shoes, garments, and fuel.
  • Import products are industrial, fuels, foodstuffs, and transport equipment.
  • 30% of the population is unemployed.
  • Inflation is estimated at 4%.
  • Top industries are garments, shoes, salt mining, fish processing, ship repair, beverages, and food.
  • Cape Verde receives a lot of cooperation from Portugal to help its economy.

History

  • In 1914, the Escudo replaced the Rei, with 1 Escudo = 1,000 Reis.
  • Until 1975, the Escudo was valued at par with the Portuguese Escudo.
  • In 1998, a pegged rate was established between the Cape Verde Escudo and the Portuguese Escudo at 1 Portuguese Escudo = 0.55 CVE.
  • After the Euro replaced the Portuguese Escudo, the Cape Verde Escudo was pegged to the Euro at 110 265 Escudos = 1 Euro.
  • The third issue of banknotes was introduced in 1992.
  • In 2005, the 200-escudo note was redesigned and distributed to celebrate 30 years of independence.