The new 500 and 5,000 escudo banknotes are already in circulation in Cape Verde, with the 200 escudo note honoring poet Jorge Barbosa (1902-1971) and the 5,000 escudo note featuring the country’s first president, Aristides Pereira (1923-2011).
The 500 escudo banknote also highlights the island of Santiago, the birthplace of Jorge Barbosa, a founder of the Claridade literary movement that marks a phase of contemporary aesthetics and language in Cape Verde and which called for cultural, social and political emancipation of society, bringing attention to the realities of daily life and whose poetry translates the archipelago’s problems and the social drama of the Cape Verdean people, in constant struggle with adversity due to drought, famine, emigration, isolation and insularity.
The 5,000 escudo banknote is also a tribute to the home of Aristides Pereira, Boa Vista Island, and depicts a landscape with the chimney of a pottery factory buried by sands in the foreground.
Bank of Cape Verde has the exclusive right to issue banknotes and coins, including commemorative coins. To their holders, banknotes represent a claim on BCV in the amount of the denomination. The banknotes in circulation have the following denominations: 200, 500, 1000, 2000 and 5000 escudos.
The Bank of Cape Verde (aka Banco de Cabo Verde) is Cape Verde’s central bank. It is located in the national capital of Praia on Santiago in Cape Verde. It was established in 1975, as a bank that combined commercial banking and central banking functions. The government created the bank by nationalizing the operations of the Portuguese colonial and overseas bank, Banco Nacional Ultramarino, which had established its first branch in Cape Verde in 1865. In 1993, the government split-off the commercial banking functions into the newly established Banco Comercial do Atlantico, which it then privatized after 1998.
1 USD = 101.5 CVE