CVE - Cape Verdean Escudo (CVE)
Cape Verdean Escudo
The Cape Verde Escudo (CVE) is the official currency of Cape Verde. The $ symbol is typically used to separate decimals; for example, 20$00 indicates 20 Escudos.
The Cape Verde Escudo is the currency in Cape Verde (CV, CPV). The symbol for CVE can be written C V Esc. The Cape Verde Escudo is divided into 100 centavos. The exchange rate for the Cape Verde Escudo was last updated on May 24, 2019 from Yahoo Finance. The CVE conversion factor has 4 significant digits.
- Cape Verde's economy does not have sufficient resources to sustain itself.
- Service-based industries account for 73% of the GDP and play an important role in the economy.
- Since 1990 the economy has been growing at a steady pace.
- In 1994 and 1995 the country received +/- 50 million USD in foreign investments.
- Cape Verde is recognized as an average development country. It is part of the Small Island developing states.
- Agriculture forms 9% of the total GDP and industry 16.5%.
- Export products are fish, hides, shoes, garments, and fuel.
- Import products are industrial, fuels, foodstuffs, and transport equipment.
- 30% of the population is unemployed.
- Inflation is estimated at 4%.
- Top industries are garments, shoes, salt mining, fish processing, ship repair, beverages, and food.
- Cape Verde receives a lot of cooperation from Portugal to help its economy.
- In 1914, the Escudo replaced the Rei, with 1 Escudo = 1,000 Reis.
- Until 1975, the Escudo was valued at par with the Portuguese Escudo.
- In 1998, a pegged rate was established between the Cape Verde Escudo and the Portuguese Escudo at 1 Poretuguese Escudo = 0.55 CVE.
- After the Portuguese Escudo was replaced by the Euro, the Cape Verde Escudo was pegged to the Euro at 110$265 Escudos = 1 Euro.
- The third issue of banknotes was introduced in 1992.
- In 2005, the 200-escudo note was redesigned and distributed to celebrate 30 years of independence.