Cape Verdean escudo
Encyclopedia
The escudo is the currency
of the Republic of Cape Verde
.
Amounts are generally written by using the cifrão as the decimal separator, such as 20
00 for 20 escudos, or 1.000
00 for 1000.
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.
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, decagon
al 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.
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 The next series of notes, introduced in 1945, omitted all denominations below 5 escudos (which had been replaced by coins) and included 500 escudo notes. 10 escudo notes were replaced by coins in 1953, with the 5 escudo note also withdrawn.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.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the Republic of Cape Verde
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
.
Amounts are generally written by using the cifrão as the decimal separator, such as 20
00 for 20 escudos, or 1.00000 for 1000.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 UltramarinoBanco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
specifically for Cape Verde beginning in 1865.
Until independence in 1975, the Cape Verde escudo was equal to the Portuguese escudo
Portuguese escudo
The escudo was the currency of Portugal prior to the introduction of the Euro on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavos....
. 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
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, the Cape Verdean escudo has been pegged
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
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, decagon
Decagon
In geometry, a decagon is any polygon with ten sides and ten angles, and usually refers to a regular decagon, having all sides of equal length and each internal angle equal to 144°...
al 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 UltramarinoBanco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
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 1March 2002March 2002: January – February – March – April – May – June – July – August – September – October – November – December- March 1, 2002 :*Space Shuttle mission STS-109 is launched at...
, 2002