Cape Verde Escudos (CVE)
Tue, Apr 15The Cape Verde Escudo (CVE) serves as the official currency of Cape Verde, an island nation situated in the central Atlantic Ocean, off the western coast of Africa. The currency is issued and overseen by the Banco de Cabo Verde, which functions as the central bank of the country.
The symbol for the Cape Verde Escudo is “Esc” or “$” (with specific usage to prevent confusion with other dollar-based currencies), and it is commonly abbreviated as “CVE.”
The Cape Verde Escudo is divided into 100 smaller units known as centavos. Coins are available in denominations of 1, 5, 10, 20, 50, and 100 Escudos, while banknotes come in denominations of 200, 500, 1,000, 2,000, and 5,000 Escudos.
The Cape Verde Escudo operates under a pegged exchange rate, meaning its value is fixed in relation to another currency, specifically the Euro. This pegged exchange rate aids in maintaining economic stability by minimizing exchange rate risk and fostering trade and investment. Additionally, the peg helps stabilize inflation expectations and contributes to price stability within the country.
Cape Verde has a small, open economy primarily driven by tourism, remittances, and foreign aid. The nation has limited natural resources and relies significantly on imports to satisfy its needs, especially for food and energy. While Cape Verde has made notable strides in economic development and poverty alleviation in recent years, it still grapples with challenges such as unemployment, income inequality, and susceptibility to external shocks, including natural disasters or fluctuations in global commodity prices.
In conclusion, the Cape Verde Escudo is the official currency of Cape Verde, managed by the Banco de Cabo Verde. It is divided into smaller units called centavos and is issued in various denominations of banknotes and coins. The Cape Verde Escudo's pegged exchange rate to the Euro contributes to economic stability. The economy of Cape Verde is fueled by tourism, remittances, and foreign aid, while the country continues to face ongoing challenges related to unemployment, income inequality, and vulnerability to external shocks.
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