Cape Verdean escudo

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Cape Verdean escudo escudo cabo-verdiano (Portuguese)
1 escudo 1985
ISO 4217 Code	CVE
User(s)	Cape Verde
Inflation	4.7%
Source	The World Factbook, 2006 est.
Pegged with	euro = 110.265 escudos
Subunit
1/100	centavo
Symbol	Esc or $ (cifrão)
Coins	1, 5, 10, 20, 50, 100 escudos
Banknotes	100, 200, 500, 1000, 2000, 2500, 5000 escudos
Central bank	Banco de Cabo Verde
Website	www.bcv.cv

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.

Contents 1 History 2 Coins 3 Banknotes 4 Historical exchange rates 5 See also 6 References 7 External links

[edit] 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.

[edit] 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.

[edit] 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.

[edit] 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, 2002

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Note: These rates are obtained from xe.com and may contradict with pegged rate mentioned above

[edit] See also

• Currencies related to the euro
• Economy of Cape Verde

[edit] References

[edit] External links

• Don's World Coin Gallery - Cape Verde
• Ron Wise's World Paper Money - Cape Verde ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Cape Verde ^{Mirror site}
• The Global History of Currencies - Cape Verde
• Global Financial Data currency histories table ( Microsoft Excel format)

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