Cape Verdean escudo
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| ISO 4217 Code | CVE |
| User(s) | Cape Verde |
| Inflation | 0.4% |
| Source | The World Factbook, 2005 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.
Contents |
[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 and, since 1999, both escudos were tied, at a rate of PTE 1 = CVE 0.55, or approximately CVE 1 = PTE 1.8182. After the replacement of the Portuguese escudo with the euro, the Cape Verde escudo is pegged to the euro at a rate of EUR 1 = CVE 110.265.
[edit] Coins
Under Portuguese rule, coins were introduced in 1930 in denominations or 5, 10, 20 and 50 centavos and 1 escudo. Later issues were made of 50 centavos, 1, 2½, 5 and 10 escudos, with the last dated 1968. After independence, coins were issued in 1977 in denominations of 20 and 50 centavos, 1, 2½, 10, 20 and 50 escudos.
The present coinage was introduced in 1994 in denominations of 1, 5, 10, 20, 50, 100 escudos. It was issued in four series, one with birds, a second with ships, a third with plants and a fourth with native animals. A 200 escudos coin was issued in 2005 to commemorate 30 years of independence.
[edit] Banknotes
Banknotes of the 1977 series were in denominations of 100, 500, 1000 escudos. The 1989 series comprised 100, 200, 500, 1000 and 2,500 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 were redesigned in 2005.
[edit] Historical exchange rates
| Date | Brazilian Real | Euro¹ | Portuguese Escudo² | United States Dollar |
|---|---|---|---|---|
| 1995 | - | - | - | 76.853 |
| 1996 | - | - | - | 82.591 |
| 1997 | - | - | - | 93.177 |
| 1998 | - | - | - | 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 | - |
- ¹ - currency not in circulation until January 1, 1999
- ² - currency no longer legal tender as of March 1, 2002
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[edit] See also
de:Kap-Verde-Escudo fr:Escudo cap-verdien nl:Kaapverdische escudo ja:カーボベルデ・エスクード no:Kappverdisk escudo pt:Escudo caboverdiano sv:Kapverdisk escudo tg:Эскудои Кейп Верде
