The banking system in Cape Verde is reforming to modern day standards, in line with the economic growth currently underway on the Islands. This section gives you a brief insight into financial institutions and transactions in Cape Verde.
The Cape Verde’s banking institutions and procedures are in the process of full modernisation. The banking system is overseen by the central bank, which has gained greater autonomy since constitutional reforms in July 1999 and a banking law passed in May 2002.
Cash point machines are available in some of the larger towns. Some banks are offering customers credit and debit cards and some of the major hotels will accept credit cards. However, Cape Verde is still largely a cash economy.
In the main towns, travellers’ cheques are accepted. However, to avoid high exchange charges, people travelling to Cape Verde are advised to obtain their travellers’ cheques in Euros, US dollars or Sterling.
The currency is the Cape Verde Escudo (CVE) 1CVE = 100 centavos. Notes are in denominations of CVE5000, 2000, 1000 and 500. Coins are in denominations of CVE200, 100, 50, 20, 10, 5 and 1.
The Cape Verde escudo has been pegged to the Euro, which has helped to stabilise exchange rates. (1Euro = 110.265CVE)
When opening a bank account, as in all countries, investors are advised to check interest rates and charges as they can vary substantially.
Mortgages for foreign investors are becoming more readily available as bank reforms take effect and are obtainable from some local banks. Some banks offer mortgages of up to 90% and 30 years repayment to customers who meet their criteria.
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