Bank of Cape Verde
| Headquarters | Praia |
| founding | 1975 |
| president | Carlos Burgo |
| country | Cape Verde |
| currency | |
| ISO 4217 | CVE |
| Currency reserves | US $ 531 million (2016) |
| List of central banks | |
The Banco de Cabo Verde (BCV) is the central bank of Cape Verde . As a central bank, it is responsible for issuing Cape Verde escudo banknotes . It is based in the Avenida Amílcar Cabral in the capital Praia . The governor of the bank is Carlos Burgo.
history
In 1828 the Caixa Económica Postal was founded on Cape Verde, the first bank of its own, which was merged in 1880 by the Portuguese postal and telegraph companies (later the CTT ). In 1865, the Portuguese Banco Nacional Ultramarino (BNU) opened a branch in Praia. The BNU acted as the central bank in the Portuguese colonies . Further branches followed on Cape Verde, for example in São Vicente in 1894 and in Sal in 1948 .
At the end of 1963, the Inspecção do Comércio Bancário was founded, a banking supervisory authority that controlled the exchange rates and cash flows for the BNU.
Due to the increasing need for medium and long-term loans, especially in agriculture, which the BNU hardly met, the Portuguese Banco de Fomento Nacional (BFN) founded its own branch in Cape Verde in 1973. In this context, the Caixa de Crédito de Cabo Verde savings bank was established as early as 1962 .
After the Carnation Revolution in Portugal on April 25, 1974, Cape Verdean independence followed on July 5, 1975. On September 29, 1975, the Banco de Cabo Verde (BCV) was created as the central bank of the new country. On July 1, 1976, it took over the Cape Verdean branches of the BNU and the BFN with all assets and liabilities , in accordance with the agreement between Cape Verde and the new Portuguese government. The central bank was now in full operation. After the Portuguese escudo was devalued in 1977, Cape Verde decoupled the Cape Verdean escudo from the Portuguese currency. On the first anniversary of its full commencement of service, the BCV issued its first banknotes on July 1, 1977, with the same denominations as the old notes issued by the BNU.
During the 1980s, the one-party government of the PAICV expanded the BCV into the sole commercial bank in accordance with its planned economy , with counters in all important locations, some of which were given a bank counter for the first time. After the 1991 elections, the economic framework conditions in Cape Verde were oriented towards the market economy . In 1993, BCV was redefined as a pure central bank and its commercial banking segment was spun off into the newly founded Banco Comercial do Atlântico . In 1998, Banco Comercial do Atlântico was privatized and since then has been majority owned by the Portuguese savings bank Caixa Geral de Depósitos . Since 1998, the Cape Verdean escudo has been linked again to the Portuguese escudo and, in its successor, to the euro .
Web links
- Official website of the Banco de Cabo Verde (Portuguese and English)
- Profile of the Banco de Cabo Verde at www.economywatch.com (engl.)
Individual evidence
- ↑ Cape Verde Foreign Exchange Reserves . tradingeconomics.com. Accessed on January 29, 2017 (English)
- ↑ History of the Central Bank of Cape Verdean on its own website, accessed on May 17, 2014