CVE - Cape Verdean Escudo

Introduction to Cape Verdean Escudo

The Cape Verde Escudo (CVE) is the official currency in the Republic of Cape Verde. One escudo is divided into 100 centavos. The currency symbol is "$" with two vertical lines, although it is sometimes written as "$."

Notably, the Cape Verde Escudo uses the currency symbol as a decimal separator. For example, 20 escudos is written as 20$00, and 1,000 escudos as 1.000$00.

Historically, the Cape Verde Escudo was also circulated in Portugal, Spain, and their colonies. The initial value of the currency was equivalent to 16 silver reais.

History of Cape Verdean Escudo

• In 1914, the Cape Verde Escudo officially became the currency in Cape Verde, replacing the Cape Verde real at an exchange rate of 1 escudo = 1,000 reis.

• In 1930, Cape Verde continued using Portuguese coins, although banknotes specifically for Cape Verde had been issued by Banco Nacional Ultramarino as early as 1865.

• Before Cape Verde gained independence in 1975, the value of the Cape Verde Escudo was equal to the Portuguese escudo. After independence, the currency experienced devaluation, dropping by about 30% from 1977–1978 and 40% from 1982–1984. However, it later stabilized in value relative to the Portuguese escudo.

• In mid-1998, Cape Verde signed an agreement with Portugal to establish a fixed exchange rate between the Cape Verde Escudo and the Portuguese escudo at a rate of 1 Portuguese escudo = 0.55 Cape Verde escudos.

• When Portugal adopted the euro, the Cape Verde Escudo was pegged to the euro at a rate of 1 EUR = 110.265 CVE. This fixed rate is supported by several credit institutions from the Portuguese government.

Cape Verdean Escudo denominations

The Cape Verdean Escudo (CVE) is available in both coins and banknotes with the following denominations:

Cape Verdean Escudo coins

• Under Portuguese rule, the first coins were issued in denominations of 5, 10, 20, and 50 centavos, along with the 1 escudo coin.

• In 1977, after gaining independence, Cape Verde released new coins in denominations of 20 and 50 centavos, as well as 1, 2½, 10, 20, and 50 escudos.

• By 1994, a new series of coins was introduced, with the smallest coin being the 1 escudo made of copper-plated steel, though it wasn’t widely circulated and was often rounded to 5 escudos. Other coins included the 5 escudos in copper-plated steel, and 10, 20, and 50 escudos in nickel-plated steel, along with a 100 escudo bimetallic coin.

• In 1995, a 200 escudo decagonal coin was issued to commemorate the 50th anniversary of the FAO and the 20th anniversary of independence. In 2005, another 200 escudo coin was issued to mark the 30th anniversary of independence.

• Cape Verdean Escudo coins is currently available in the following denominations: 1, 5, 10, 20, 50, and 100 escudos. 

Cape Verdean Escudo banknotes

• 1914: The first banknotes for Cape Verde were issued in denominations ranging from 4 to 50 centavos.

• 1921: Banknotes were issued in denominations from 1 to 100 escudos.

• July 1, 1977: A new series of banknotes was issued, including denominations of 100, 500, and 1,000 escudos.

• 1989: Another series of banknotes was issued, with denominations ranging from 100 to 2,500 escudos.

• 1992: A new series was introduced with denominations of 200, 500, and 1,000 escudos, followed by the addition of 2,000 and 5,000 escudo notes in 1999.

• 2005: The 200, 500, and 1,000 escudo notes were redesigned.

• December 22, 2014: Banco de Cabo Verde introduced a new series of banknotes honoring notable cultural, musical, and political figures of Cape Verde, with denominations from 200 to 5,000 escudos. Some of these notes were printed on polymer.

• Cape Verdean Escudo banknotes are available in the following denominations: 200 escudos, 500 escudos, 1,000 escudos, 2,000 escudos, 5,000 escudos

Exchange Rate of the Cape Verdean Escudo

The exchange rate system for the Cape Verdean Escudo is a fixed rate designed to maintain the exchange rate between the Cape Verdean escudo (CVE) and the euro (EUR). Under this policy, the rate is fixed at 1 EUR = 110.265 CVE. This aims to ensure stability and predictability in international transactions. The fixed exchange rate policy helps Cape Verde control inflation, support international trade, and promote investment by minimizing exchange rate fluctuations, thereby creating a stable economic environment.

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