Portuguese National Overseas Bank opens an office in Bolama and begins issuing paper money under 1864 charter; with the issue of 01.03.1909 the Bolama subsidiary takes over.
24.01.1903
Governor's decree gives the banknotes of the National Overseas Bank legal tender status in Guinea; effective immediately
Valuation Regimes
1903-1913
Nominal identical to the Portuguese Milreis, the convertibility of the local paper money was however limited.
Rate Arrangements
24.01.1903
Fixed
Portuguese Milreis at 1 : 1
Time Period: 1914-1976
Currency: Guinean Escudo
Transition
1 : 1
Sub-units
Escudo / 100 Cents
ISO4217
GWE
Timeline
18.09.1913
Ordinance [No. 141] implementing the Portuguese currency reform of 1911 in the colonies (except India); effective 01.01.1914.
01.01.1914
Introduction of the new currency
??.??.1929
Demonetization of the former currency
27.06.1953
Portuguese general law [No. 2066] on the Overseas Territories: §72.II prescribes the unification of all colonial currencies
31.12.1958
Begin of the banknote and coins exchange after the 1953 law; the former money was not demonetized but withdrawn gradually
08.11.1961
Portuguese law [No. 44016] establishing a colonial economic and monetary zone; effective 01.01.1962
06.11.1971
Portuguese law [No. 478] dissolving the colonial economic and monetary zone; effective immediately
Valuation Regimes
1914-1958
Nominally identical to the Portuguese Escudo, the convertibility of the local paper money was however limited
1959-1976
Fixed rate against Portuguese Escudo
Rate Arrangements
01.01.1914
Fixed
Portuguese Escudo at 1 : 1
±0.0%
Time Period: 1976-1997
Currency: Guinea-Bissau Peso
Transition
1 : 1
Sub-units
Peso / 100 Cents
ISO4217
GWP
Timeline
28.02.1976
Currency act; effective immediately
02.03.1976
Introduction of the new currency
04.03.1976
Demonetization of the former currency
Valuation Regimes
1976-1978
Fixed rate against Portuguese Escudo
1978-1983
Fixed rate against IMF Special Drawing Rights (SDR) unit
1983-1997
Variable rate, highly inflationary
1997
Fixed rate against West African CFA Franc
Rate Arrangements
28.02.1976
Fixed
Portuguese Escudo at 1 : 1
±0.0%
28.02.1977
Fixed
Portuguese Escudo at 1 : 0.85
+17.6%
26.05.1978
Fixed
SDR at 1 : 44
+7.3%
23.12.1983
Variable
initially: SDR at 1 : 88
-50.0%
26.05.1978
Fixed
West African CFA Franc at 1 : 65
-
Time Period: 1996-1997
Timeline
10.05.1996
Agreement of the member countries of the West African Economic and Monetary Union (UEMOA) on the admission of Guinea-Bissau; effective 01.01.1997
02.05.1997
Introduction of the West African currency
31.07.1997
Demonetisation of the former Guinea-Bissau currency at 65 Pesos = 1 CFA Franc