CAPE VERDE and its Currency
Cape Verde is an island country in the central Atlantic Ocean, consisting of ten volcanic islands with a combined land area of about 4,033 square kilometres.
These islands lie between 600 and 850 kilometres west of Cap-Vert, the westernmost point of continental Africa.
Cape Verde is part of the Macaronesia ecoregion, along with the Azores, the Canary Islands, Madeira, and the Savage Isles.
The history of Cape Verde begins with the Portuguese discovery of the islands in 1458. Possible early references to Cape Verde date back at least 2000 years.
The archipelago was uninhabited until the 15th century, when Portuguese explorers colonized the islands, thus establishing the first European settlement in the tropics.
Cape Verde became a centre for the trade of cheap manufactured items and slaves, and attracted merchants, privateers, and pirates.
It declined economically in the 19th century after the suppression of the Atlantic slave trade, and many of its inhabitants emigrated during that period.
Cape Verde became independent in 1975, after a liberation war led by the African Party for Independence of Guinea and Cape Verde (PAIGC).
The present status of Cape Verde is that of a stable representative democracy and one of the most developed and democratic countries in Africa.
Lacking natural resources, its developing economy is mostly service-oriented, with a growing focus on tourism and foreign investment.
Cape Verde has a population of about 540,000 inhabitants who live in the islands, with a large proportion (236,000) living on the main island, Santiago.
The official language is Portuguese, but most people also speak Cape Verdean Creole, a creole language based on Portuguese and African languages.
The currency of Cape Verde is the Cape Verdean escudo (CVE), which is divided into 100 centavos.
The escudo is pegged to the euro at a fixed rate of 1 euro = 110.265 CVE. The escudo was introduced in 1914, replacing the Portuguese real at par.
The escudo was also used in Guinea-Bissau until 1975, when it was replaced by the Guinea-Bissau peso.
The denominations available for Cape Verdean escudo banknotes are 200, 500, 1000, 2000, and 5000 escudos.
The banknotes feature portraits of prominent Cape Verdean figures on the front and scenes of Cape Verdean culture and nature on the back.
The denominations available for Cape Verdean escudo coins are 1, 5, 10, 20, 50, and 100 escudos. The coins feature the national emblem on one side and various animals and plants on the other side.
The old currency of Cape Verde was the Portuguese real (plural: reis), which was used from the colonization until 1914.
The real was subdivided into 1000 réis or 20 tostões. The real was also used in other Portuguese colonies until they adopted their own currencies or became independent.
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