Everything about Cape Verdean Escudo totally explained
The
escudo is the
currency of
Cape Verde (Portuguese: Cabo Verde), a former Portuguese colony. Its
ISO 4217 code is CVE. Amounts are generally written by using $ as the decimal separator, such as 20$00 for 20 escudos, or 1.000$00 for 1000.
History
The escudo became the currency of Cape Verde in 1914. It replaced the
real at a rate of 1000 réis = 1 escudo. Until 1930, Cape Verde used Portuguese coins, although banknotes were issued by the
Banco Nacional Ultramarino specifically for Cape Verde beginning in 1865.
Until independence in 1975, the Cape Verde escudo was equal to the
Portuguese escudo. Subsequently it depreciated, declining by about 30 per cent in 1977-8 and by a further 40 per cent in 1982-84. Thereafter, it remained fairly stable against the escudo.
In mid-1998 an agreement with Portugal established a pegged rate of 1 Portuguese escudo = 0.55 Cape Verdean escudo. Since the replacement of the Portuguese escudo with the
euro, the Cape Verde escudo has been pegged to the euro at a rate of 1 euro = 110.265 escudos. This peg is supported by a credit facility from the Portuguese government.
Coins
Under Portuguese rule, coins were introduced in 1930 in denominations of 5, 10, 20 and 50 centavos and 1 escudo. The 5, 10 and 20 centavos were struck in bronze whilst the 50 centavos and 1 escudo were in nickel-bronze. In 1953, bronze 1 escudo, nickel-bronze 2½ escudos and silver 10 escudos were introduced, followed by bronze 50 centavos and nickel-bronze 5 escudos in 1968.
After independence, coins were issued in 1977 in denominations of 20
and 50 centavos, 1, 2½, 10, 20 and 50 escudos. The centavo coins were aluminium, the 1 and 2½ escudos were nickel-bronze and the higher denominations were cupro-nickel. The present coinage was introduced in 1994, brass-plated-steel 1 escudo, copper-plated-steel 5 escudos, nickel-plated-steel 10, 20 and 50 escudos, and bimetallic,
decagonal 100 escudos. It was issued in four design series, featuring birds, ships, plants and native animals. A 200 escudos coin was issued in 2005 to commemorate 30 years of independence.
Banknotes
In 1914, the
Banco Nacional Ultramarino introduced notes in denominations of 4, 5, 10, 20 and 50 centavos. In 1921, notes for 1, 5, 10, 20, 50 and 100 escudos were issued. The next series of notes, introduced in 1945, omitted all denominations below 5 escudos (which had been replaced by coins) and included 500 escudos notes. 10 escudos notes were replaced by coins in 1953, with the 5 escudos note also withdrawn.
After independence, notes were issued for
100
,
500 and
1000 escudos in 1977. The next series of notes was introduced in 1989 and comprised
100,
200,
500,
1000 and
2500 escudos.
The current, third series was introduced in 1992 in denominations of
200,
500,
1000, with the addition in 1999 of
2000 and
5000 escudos notes. In 2005, the
200 escudos note was redesigned, followed by the
500 and
1000 in 2007.
Historical exchange rates
| Date |
Brazilian Real |
Euro¹ |
Portuguese Escudo² |
United States Dollar |
| 1995 |
- |
- |
1.93 |
76.853 |
| 1996 |
- |
- |
1.90 |
82.591 |
| 1997 |
- |
- |
1.90 |
93.177 |
| 1998 |
- |
- |
1.82 |
98.158 |
| 1999 |
- |
- |
1.8182 |
102.700 |
| December 1999 |
- |
- |
- |
107.285 |
| 2005 |
- |
110.265 |
obsolete |
about 90 |
| February 2006 |
about 40 to 50 |
110.835 |
obsolete |
about 90 |
| April 2006 |
about 40 to 50 |
110.25 |
obsolete |
- |
| January 2007 |
39.86 |
110.33 |
obsolete |
85.36 |
» ¹ - currency not in circulation until
January 1,
1999
² - currency no longer legal tender as of
March 1,
2002Further Information
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