Cape Verdean escudo

Cape Verdean escudo
escudo cabo-verdiano (Portuguese)
Current coins
ISO 4217 code CVE
User(s)  Cape Verde
Inflation 4.4%
Source The World Factbook, 2007 est.
Pegged with euro (€1 = 110$265)
Subunit
1/100 centavo (discontinued)
Symbol \mathrm{S}\!\!\!\Vert, $,[1] or Esc
Coins 1$00, 5$00, 10$00, 20$00, 50$00, 100$00
Banknotes 200$00, 500$00, 1000$00, 2000$00, 2500$00, 5000$00
Central bank Bank of Cape Verde
Website www.bcv.cv

The escudo (sign: \mathrm{S}\!\!\!\Vert;[2] ISO 4217: CVE) is the currency of the Republic of Cape Verde.

Amounts are generally written by using the cifrão as the decimal separator, such as 20\mathrm{S}\!\!\!\Vert00 for 20 escudos, or 1.000\mathrm{S}\!\!\!\Vert00 for 1000.

Contents

History

The escudo became the currency of Cape Verde in 1914. It replaced the Cape Verdean 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 Verdean escudo has been pegged to the euro at a rate of 1 euro = 110$265. 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 OzForex: 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

References

  1. ^ Banco de Cabo Verde. "Moedas." Accessed 25 Feb 2011.
  2. ^ Because of the difficulty in supporting rendering for the cifrão sign, the dollar sign $ is frequently employed even for official purposes.

External links

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