04/06/2020: Exchange rate stabilization
Efforts were made to stabilize the exchange rate of the Djiboutian franc to reduce inflation and encourage economic growth.
04/05/2020: COVID-19 impact on currency
The outbreak of COVID-19 and its economic consequences led to a depreciation of the Cape Verdean escudo against major international currencies due to reduced tourism and economic activity.
30/09/2017: New escudo banknotes issued
Cape Verde introduced a new series of banknotes for the escudo, featuring enhanced security features, updated designs, and improved durability.
31/12/2014: End of the peg to the euro
Cape Verde decided to abandon the peg to the euro, shifting to a managed float exchange rate system to allow the currency to fluctuate based on market forces.
01/09/2013: Replacement of coins with bi-metallic coins
Coins of lower denominations of the Djiboutian franc were replaced with bi-metallic coins.
01/01/2005: Decimalization of the escudo
The Cape Verdean escudo underwent a decimalization process, with the subdivision of 1 escudo into 100 centavos.
01/01/2002: Introduction of new banknotes
New banknotes of the Djiboutian franc were introduced with enhanced security features.
01/01/1998: Currency pegged to the euro
The Cape Verdean escudo was pegged to the euro at a fixed exchange rate of 1 euro = 110.265 CVE, ensuring stability and facilitating trade.
15/09/1997: Second devaluation
The Djiboutian franc was devalued by 33% as a result of economic instability and high inflation.
17/11/1977: Introduction of the new escudo
A new version of the Cape Verdean escudo was introduced, replacing the previous version with a new design and updated security features.
08/05/1977: First devaluation
The Djiboutian franc was devalued by 50% due to economic difficulties faced by the newly independent country.
05/07/1975: Independence of Cape Verde
The Cape Verdean escudo (CVE) was officially adopted as the currency of Cape Verde upon gaining independence from Portugal.
27/06/1973: Independence from France
Djibouti gained independence from France and the Djiboutian franc became the national currency.
01/01/1949: Introduction of the Djiboutian franc
The Djiboutian franc was introduced as the official currency of French Somaliland, replacing the French franc at a 1:1 exchange rate.