Cape Verdean Escudo
Escudo cabo-verdiano
Currency Code
CVE
ISO 132
Symbol
CVE
Native: $
Decimal Digits
2
Rounding: 0
Countries
CV
Using this currency
Currency Units
Major Unit
Name: escudo
Symbol: $
Minor Unit
Name: centavo
Symbol:
Value: 0.01
Banknotes
Frequently Used
$200$500$1000$2000$5000
Coins
Frequently Used
$1$5$10$20$50$100
Plural Forms
English Plural
Cape Verdean escudos
Native Plural
Escudos cabo-verdianos
Overview
The Cape Verdean Escudo is the currency of Cape Verde, pegged to the euro since 1999. It is managed by the Bank of Cape Verde and serves the country's tourism and remittance-dependent economy in the Atlantic Ocean.
Economy
- Cape Verde is a member of AU, ECOWAS, CPLP, Sahel and Sahara States.
- Main industries include: Food and beverages, Fish processing, Shoes and garments, Salt mining, Ship repair.
- Cape Verde is part of the World Trade Organization.
- Imports are foodstuffs, industrial products, transport equipment, fuels.
- Major exports include fuel, shoes, garments, fish, hides.
- GDP: $2.2 billion (2023 est.).
- GDP per capita: $3,835 (2023 est.).
- Unemployment rate: 12.2% (2016 est.).
- Inflation rate: 7.3% (2023 est.).
- Main trading partners: Portugal, Netherlands, Spain, United Kingdom, China, Russia.
- Trade agreements: EPA with EU, ECOWAS agreements, Various bilateral agreements.
History
- Previous currencies used: Portuguese escudo, Cape Verdean real.
- The escudo was introduced in 1914, initially pegged to the Portuguese escudo. It has maintained stability through various pegging arrangements, currently pegged to the euro.
- 1914: CVE introduced, pegged to Portuguese escudo
- 1975: Independence from Portugal
- 1998: Peg switched to Deutsche Mark
- 1999: Peg switched to Euro at 110.265:1
- 2008: WTO membership achieved
- 2020: COVID-19 pandemic impact on tourism
- Exchange rate peg: EUR (1999-present) at 110.265 CVE = 1 EUR.
- Exchange rate peg: PTE (1914-1998).
- Exchange rate peg: DEM (1998-1999).
- Currently pegged to EUR at 110.265 CVE = 1 EUR.
General Information
- ISO 4217 Code: CVE
- Symbols: CVE/$
- Currency Subunits: 100 centavos
- Central Bank: Bank of Cape Verde
- Monetary Policy: Currency board system maintaining EUR peg. Focus on price stability and supporting tourism-based economy.
- Bills: 200 CVE, 500 CVE, 1000 CVE, 2000 CVE, 5000 CVE
- Coins: 1 escudo, 5 escudos, 10 escudos, 20 escudos, 50 escudos, 100 escudos, 200 escudos
- USD Exchange Rate: Variable (approximately 102 CVE per USD)
- Pegged To: EUR at 110.265 CVE = 1 EUR
- Capital: Praia
- Population: 596,707 (2023 est.)
- Area: 4,033 km²
- Languages: Portuguese (official), Crioulo
- Time Zones: UTC-1 (Cape Verde Time)
- Government Type: Parliamentary republic
- Head of Government: President (head of state), Prime Minister (head of government)
- Independence: July 5, 1975 (from Portugal)
- Ethnic Groups: Creole 71%, African 28%, European 1%
- Religions: Roman Catholic 77.3%, Protestant 4.6%, Other Christian 3.4%, Muslim 1.8%, Other 1.3%, None 10.8%, Unspecified 0.7%
- Literacy Rate: 86.8% (2015 est.)
- Transport: Amílcar Cabral International Airport, inter-island flights, limited road network, ferry services
- Communications: Good telecommunications, 64% internet penetration, wide mobile coverage
- Energy: Fossil fuels 75%, Wind 18%, Solar 7%
- Countries Using This Currency: Cape Verde
- Data Sources: Central Bank: Bank of Cape Verde (bcv.cv), Economic Data: National Institute of Statistics Cape Verde, World Bank, IMF, Trade Data: Cape Verde Chamber of Commerce, Demographic Data: National Institute of Statistics Cape Verde, Geographic Data: National Institute of Meteorology and Geophysics, Historical Data: Bank of Cape Verde archives
- Last Updated: 2025