Portuguese ordinance on the introduction of Portuguese coins for circulation at the same rate as in Portugal and on the rating of foreign coins (which were not demonetized); effective 22.10.1853. Ratings: - Gold: Spanish Onza de Oro = 14.6 Portuguese Milreis, 10 US Dollars = 9.2 Portuguese Milreis, British Sovereign = 4.5 Portuguese Milreis.
23.10.1865
Start of operations of the local branch of the Portuguese National Overseas Bank (est. 12.08.1864) at Praia (island of São Tiago): - Issuance of paper money that was initially not marked for Cape Verde; this began with the series issued on 02.01.1897.
01.07.1886
Portuguese ordinance on the demonetization of all foreign silver coins; effective 01.01.1887
Valuation Regimes
1865-1913
Nominal identical to the Portuguese Milreis, the convertibility of the local paper money was however limited.
Rate Arrangements
01.10.1865
Fixed
Portuguese Milreis at 1 : 1
Time Period: 1914-
Currency: Cape Verdean Escudo
Transition
1 : 1
Sub-units
Escudo / 100 Cents
ISO4217
CVE
Timeline
18.09.1913
Portuguese ordinance [No. 141] on the implementation of the Portuguese currency reform of 1911 in the colonies (except India); effective 01.01.1914
01.01.1914
Start of currency exchange: - 01.01.1914: Start of issuance of the new banknotes and coins - The banknotes denominated in Milreis were not demonetized (?).
27.06.1953
Portuguese general law [No. 2066] on the Overseas Territories: §72.II prescribed the unification of all colonial currencies; effective in stages per section
31.12.1958
Start of currency exchange: - 01.01.1959: Start of issuance of the new banknotes - The 1952 subsidiary coins remained in circulation, and the former banknotes were not demonetized.
29.09.1975
Law [No. 25] on the establishment of the Bank of Cape Verde as state-owned commercial bank with central bank function; effective upon constitution of the bank on 01.07.1976 (by law [No. 13] of 26.06.1976. - 16.07.1993: Law [No. 43] on the separation of the central bank and commercial bank functions (the latter continued in the state-owned "Commercial Bank of the Atlantic"); effective 01.09.1993.
01.07.1977
Start of currency exchange after independence: - 01.07.1977: Start of issuance of the new banknotes and coins - The banknotes of the National Overseas Bank and the former subsidiary coins were not demonetized but gradually withdrawn.
13.03.1998
Agreement ["de cooperação cambial"] between Cape Verde and Portugal on the pegging of the Cape Verdean Escudo to the Portuguese currency; effective 01.07.1998 (by Cape Verdean resolution [No. 81/V] of 18.05.1998 and Portuguese ordinance [No. 24] of 29.06.1998
21.12.1998
Resolution of the European Council [No. 98/744/EC] on the continuation of the 1998 monetary cooperation agreement between Cape Verde and Portugal and the subsequent pegging of the Cape Verdean Escudo to the Euro; effective 01.01.1999
Valuation Regimes
1914-1958
Nominally identical to the Portuguese Escudo, the convertibility of the local paper money was however limited