14/09/2020: Introduction of Currency Controls
Argentina tightens currency controls to stabilize the peso and prevent capital flight, imposing restrictions on foreign currency purchases and transfers, marking a significant shift in monetary policy.
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.
11/08/2019: Primary Elections and Peso Devaluation
Following the primary elections, uncertainty in the financial markets leads to a significant devaluation of the peso, causing economic turmoil and further exacerbating the country's financial difficulties.
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.
09/12/2015: Change in Government
Mauricio Macri assumes the presidency, bringing in economic reforms and liberalization policies, impacting the exchange rate and the value of the Argentine peso.
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.
01/01/2005: Decimalization of the escudo
The Cape Verdean escudo underwent a decimalization process, with the subdivision of 1 escudo into 100 centavos.
02/12/2001: Economic Crisis and Devaluation
Argentina faces a severe economic crisis, resulting in the devaluation of the peso, leading to a sharp decline in its value and triggering social and political unrest.
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.
31/03/1991: Introduction of Convertibility Plan
The Convertibility Plan is implemented, fixing the exchange rate between the Argentine peso and the US dollar on a one-to-one basis, as an attempt to control inflation.
06/01/1985: Introduction of Austral as a new currency
The Argentine government replaces the peso with the Austral as the new currency, aiming to stabilize the economy and tackle hyperinflation.
29/01/1983: End of the military dictatorship
After seven years of military rule, democratic elections are held in Argentina, leading to the end of the military dictatorship and the beginning of a period of economic and political transition.
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.
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.