The official currency of Cape Verde (Portuguese: Cabo Verde), a former Portuguese colony, is called Escudo. Its ISO 4217 code is CVE. Since 1999, the Cape Verde escudo was tied to the Portuguese escudo at a rate of CVE 1 = PTE 1.8182, PTE 1 = CVE 0.55. After the replacement of the Portuguese escudo with the euro, it is currently pegged to the euro at a rate of EUR 1 = CVE 110.265. National coins were introduced in 1977 to the value of 20 and 50 centavos (1977&1980) Escudo coins were denominated at 1 (1977,1980 & 1985), 2.5 (1977 &1980), 5, 10 and 50 all dated 1977. Modern coinage issued in 1994 was inn 3 series, all the same denominations but one withn birds another with ships. Banknotes of the 1977 series came in values of 100, 500, 1000 Escudos. 1989 series 100, 200, 500, 1000 and 2,500 Escudos. Current 3rd series was issued in 1992, 200, 500, 1000, with the addition in 1999 of 2000 and 5000 Escudo notes. The escudo was the official currency of Portugal prior to the introduction of the euro in January 1, 1999 (euro coins and notes were not introduced until 2002). ...
CapeVerde was uninhabited when the Portuguese arrived in 1456, and the islands were thus made part of the Portuguese empire.
In CapeVerde itself the PAICV (affiliated with the PAIGC) governed until elections were held in 1991 that resulted in a change of government.
CapeVerde has a large cooperation with Portugal in every level of the economy, leading it to make its currency fixed, through the Portuguese escudo, to the Euro since 1999.
CapeVerde is a party to international agreements regarding biodiversity, climate change, desertification, environmental modification, law of the sea, and marine dumping.
CapeVerde is located in the midst of rich fishing grounds, although the industry has yet to develop to its potential.
CapeVerde is attempting to capitalize on its strategic location at the crossroads of mid-Atlantic air and sea lanes by expanding, with the assistance of foreign aid, airports, and port facilities.
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