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.
01/01/2020: New Currency Symbol
A new currency symbol for the dobra, resembling the letters 'STD' with horizontal lines through them, was introduced for official use.
24/05/2018: Dobra Pegged to Euro
The dobra's exchange rate was pegged to the euro, aiming to stabilize the currency and boost economic cooperation with the European Union.
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.
01/01/2016: Introduction of Polymer Banknotes
São Tomé and Príncipe started issuing polymer banknotes as a means to enhance durability and reduce counterfeiting of the dobra.
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.
01/01/2010: Currency Redenomination
The third dobra was introduced, with 1 new dobra equalling 1,000 old dobras, aiming to simplify transactions and boost confidence in the currency.
01/01/2005: Decimalization of the escudo
The Cape Verdean escudo underwent a decimalization process, with the subdivision of 1 escudo into 100 centavos.
01/01/1998: 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.
01/01/1997: Introduction of the New Dobra
A new currency, the 'second dobra,' was introduced at a rate of 1,000 to 1 to combat hyperinflation and stabilize the economy.
24/12/1979: First Currency Devaluation
The first devaluation of the dobra occurred, reducing its value by 53% as a result of economic instability and 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.
30/06/1977: Introduction of the Dobra
The São Tomé and Príncipe dobra was introduced as the official currency of the country after gaining independence from Portugal.
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.