São Tomé and Príncipe dobra
Encyclopedia
The dobra is the currency
of São Tomé and Príncipe
. It is abbreviated Db and is divided into 100 cêntimos
, although inflation has rendered the cêntimo obsolete. The dobra was introduced in 1977, replacing the escudo
at par.
São Tomé and Príncipe signed a deal with Portugal
in 2009, linking the dobra with the euro
. The exchange rate was fixed at 1 EUR = 24500 STD on 1 January 2010.
All circulating coins bear the country's coat of arms on the obverse, with the text "Aumentemos a Produção" on the reverse.
In December 2008, the 100,000 dobras note was introduced.
All notes bear the portrait of Rei Amador on the obverse, however, on the 100,000 dobras note is the printed portrait of Francisco José Tenreiro.
On March 4, 2009, the São Tomé and Príncipe dobra became the least valued currency unit
for the first time in history.
. The agreement was intended to tie the dobra to the euro. Portugal will provide as much as 25 million euro in a move endorsed by the European Commission
. São Tomé and Príncipe claimed that linking the dobra to the euro would "guarantee stability" in the country. It is also expected to attract foreign investment.
Officials spent one year negotiating the accord, which took effect in January 2010. The agreement follows a similar one which Portugal signed ten years previously with Cape Verde
.
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 São Tomé and Príncipe
São Tomé and Príncipe
São Tomé and Príncipe, officially the Democratic Republic of São Tomé and Príncipe, is a Portuguese-speaking island nation in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two islands: São Tomé and Príncipe, located about apart and about , respectively, off...
. It is abbreviated Db and is divided into 100 cêntimos
Céntimo
The céntimo was a currency unit of Spain and other countries which were historically influenced by Spain or Portugal . The word derived from the Latin Centum meaning "hundred"...
, although inflation has rendered the cêntimo obsolete. The dobra was introduced in 1977, replacing the escudo
São Tomé and Príncipe escudo
The escudo was the currency of São Tomé and Príncipe between 1914 and 1977. It was equivalent to the Portuguese escudo and subdivided into 100 centavos.-History:...
at par.
São Tomé and Príncipe signed a deal with Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
in 2009, linking the dobra 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 exchange rate was fixed at 1 EUR = 24500 STD on 1 January 2010.
Coins
In 1977, coins were introduced for 50 cêntimos, 1, 2, 5, 10 and 20 dobras. Except for the brass 50 cêntimos and 1 dobra, these coins were struck in cupro-nickel, as was the 50 dobras introduced in 1990. In 1997, larger denominations were introduced of 100, 250, 500, 1000 and 2000 dobras. Of these, the 100 and 250 dobras are round, the remaining are equilaterally curved heptagonal.All circulating coins bear the country's coat of arms on the obverse, with the text "Aumentemos a Produção" on the reverse.
Banknotes
In 1977, notes were introduced for 50, 100, 500 and 1000 dobras by the Banco Nacional de São Tomé e Príncipe. In 1996, 5000, 10,000, 20,000 and 50,000 dobras notes were introduced, with the lower denomination notes being replaced by coins in 1997. A new issue was issued in 2006 with upgraded security features.In December 2008, the 100,000 dobras note was introduced.
All notes bear the portrait of Rei Amador on the obverse, however, on the 100,000 dobras note is the printed portrait of Francisco José Tenreiro.
Historical exchange rates
| Date | Euro | United States Dollar |
|---|---|---|
| 1995 | Not yet in circulation | 1,420.3 |
| 1996 | Not yet in circulation | 2,203.2 |
| 1997 | Not yet in circulation | 4,552.5 |
| 1998 | Not yet in circulation | 7,104.05 |
| October 1999 | - | 7,200.0 |
| August 2004 | 12,002.84 | 8,794 |
| March 2005 | 11,663 | 9,086 |
| October 25, 2005 (Estimate) | 9,275.93 | 7,665.00 |
| October 20, 2007 | 19,639.90 | 13,738.50 |
| January 1, 2008 | 20,499.73 | 14,050.00 |
| March 4, 2009 | 22,062.04 | 17,500.00 |
| July 31, 2010 | 18,720.00 |
On March 4, 2009, the São Tomé and Príncipe dobra became the least valued currency unit
Least valued currency unit
The least valued currency unit is the currency in which a single unit buys the least number of any given other currency or the smallest amount of a given good. Most commonly, the calculation is made against a major reserve currency such as the United States dollar or the euro...
for the first time in history.
2009 deal with Portugal
In July 2009, the government of São Tomé and Príncipe signed a loan deal with Portugal, its one-time colonial mother countryMetropole
The metropole, from the Greek Metropolis 'mother city' was the name given to the British metropolitan centre of the British Empire, i.e. the United Kingdom itself...
. The agreement was intended to tie the dobra to the euro. Portugal will provide as much as 25 million euro in a move endorsed by the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
. São Tomé and Príncipe claimed that linking the dobra to the euro would "guarantee stability" in the country. It is also expected to attract foreign investment.
Officials spent one year negotiating the accord, which took effect in January 2010. The agreement follows a similar one which Portugal signed ten years previously with 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...
.