Cape Verdean Escudo currency | Cape Verde Bank Notes

Cape Verdean Escudo

Cape Verdean Escudo Currency:

Cape Verdean Escudo is the legal tender of Cape Verde. It is denoted by the expression CVE. More formally, Cape Verde is known as the Republic of Cabo Verde which is an archipelago of ten volcanic islands situated in the central Atlantic ocean to the west of the coastal nations Gambia and Senegal. Up to 15th century, the islands in the Cabo Verde archipelago were not the dwelling places for humans when the islands were discovered by Genoese and Portuguese navigators.  Portuguese settlements were founded in 1462 in Santiago and the islands were colonized eventually.

The escudo had come to be used as the currency in 1914 by replacing Cape Verdean real. Until independence in 1975, the Cape Verdean Escudo was on par with Portuguese Escudo. The value of Cape Verdean Escudo deteriorated gradually since then, initially by 30 percent in 1977-78 and further by 40 percent in 1982-84. From then on, the Cape Verdean Escudo did not fluctuate violently and remained reasonably static without major depreciations with respect to Portuguese Escudo. In the middle of 1998, the Cape Verdean Escudo was pegged with the Portuguese Escudo at a rate of 1 Portuguese escudo equivalent to 0.55 Cape Verdean Escudo (CVE). When the Portuguese Escudo was replaced by euro, the CEO was pegged with euro at a rate of one euro equal to 110.265 CVE.

Although the CVE is subdivided into hundred parts with each part called centavo, the smaller denomination of centavo is no longer in use. The banknotes and coins are issued by the Bank of Cape Verde. The commonly used banknotes are of the denominations 200, 500, 1000, 2000, 2500 and 5000 CVE and the coins that are widely circulated are 1, 5, 10, 20, 50 and 100 CVE. The coins 200 and 250 CVE are rarely used.

Cape Verdean Escudo

Cape Verdean Escudo (Cape Verde):

Code: CVE

Symbol: Esc or $

Subunit:

1/100= centavo

Banknotes:

200, 500, 1000, 2000, 2500, 5000

Coins:

1, 5, 10, 20, 50, 100, 200, 250

Central bank:

Bank of Cape Verde