Cape Verdean escudo
| Cape Verdean escudo | |||
|---|---|---|---|
| escudo cabo-verdiano (Portuguese) | |||
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| ISO 4217 Code | CVE | ||
| User(s) |  Cape Verde |
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| Inflation | 4.4% | ||
| Source | The World Factbook, 2007 est. | ||
| Pegged with | euro = 110.265 escudos | ||
| Subunit | |||
| 1/100 | centavo | ||
| Symbol | Esc or $ (cifrão) | ||
| Coins | 1, 5, 10, 20, 50, 100 escudos | ||
| Banknotes | 200, 500, 1000, 2000, 2500, 5000 escudos | ||
| Central bank | Bank of Cape Verde | ||
| Website | www.bcv.cv | ||
The escudo is the currency of Cape 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 |
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 Caboverdian 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 three design series, one featuring animals (Birds and reptiles), the second ships, and the last were of plants. A 200 escudo 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 escudo notes. 10 escudo notes were replaced by coins in 1953, with the 5 escudo 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 escudo notes. In 2005, the 200 escudo note was redesigned, followed by the 500 and 1000 in 2007.
Historical exchange rates
| Date | Brazilian Real | Euro¹ | Portuguese Escudo² | United States Dollar |
|---|---|---|---|---|
| 1995 | - | - | 1/1.93 | 76.853 |
| 1996 | - | - | 1/1.90 | 82.591 |
| 1997 | - | - | 1/1.90 | 93.177 |
| 1998 | - | - | 0.55 (fix rate) | 98.158 |
| 1999 | - | 110.265 (fix rate) |
0.55000 | 102.700 |
| December 1999 | - | 0.55000 | 107.285 | |
| 2005 | - | obsolete | about 90 | |
| February 2006 | about 40 to 50 | about 90 | ||
| April 2006 | about 40 to 50 | - | ||
| January 2007 | 39.86 | 85.36 |
- ¹ - currency created on January 1, 1999; not in circulation until January 1, 2002
- ² - currency no longer legal tender as of March 1, 2002
| Current CVE exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
Note: These rates are obtained from xe.com and may contradict with pegged rate mentioned above
See also
- Currencies related to the euro
- Economy of Cape Verde
References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
External links
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