If you have ever done any research on the economic status of Cape Verdeans, you may have noticed that money plays a big role in their lives. In fact, it is one of the primary factors that led to an overpopulation of the islands. Cape Verdean culture revolves largely around financial stability and wealth, especially among men.
The islanders often avoid marrying someone unless they can prove they are financially stable enough to support a family without needing welfare services or other government assistance. Whether that is a good thing or a bad thing depends on your personal beliefs and values. Either way, if you are planning to visit Cape Verde, it is important to know about their currency before you go.
What is the Currency in Cape Verde?
The official currency of Cape Verde is called the “Escudo”. It is a type of Cape Verdean Escudo coins and notes. The escudo replaced the Cape Verdean Escudo as the official currency in 1999 when the country joined the ECU. The ECU is the European Currency Unit, which is now the Euro. Because the ECU was used across many different countries, the Escudo was created as a way to differentiate it from the other currencies. The Escudo is also used in Sao Tome and Principe.
Where to Get Cape Verdean Escudos?
If you plan to visit Cape Verde, you can purchase an unlimited amount of Cape Verdean Escudos at the airport. You can also exchange other currencies for this same amount. The same rule applies if you plan to live in Cape Verde. You can exchange your home currency for Escudos in any town or city. There are also multiple online exchanges where you can purchase the same amount of Escudos. You can also exchange your home currency for the same amount of Escudos through these sites.
How Much is 1 Escudo?
The official exchange rate for 1 Cape Verdean Escudo is 0.008 Euros. This means that 1 Escudo is worth 0.008 Euros, or $0.009 USD. It also means that 1 Pound is worth roughly 127 Escudos.
The Importance of Knowing About Cape Verde Currency
As a tourist or visitor, you will likely not need to know much about the economic status of Cape Verdeans. You will likely be treated to the same hospitality you would find in any other country. However, if you plan to reside in Cape Verde, you should be aware of how important financial stability is among the people. You should know that the majority of the people do not rely on government assistance or welfare. When you go to a bank in Cape Verde, you may notice that few people use a debit card. Instead, they exchange their currency for a monthly allowance of Escudos. This is why you may also see very few cash machines in the country.
Lastly, we want to remind you that money is just one aspect of any culture. It is important to remember that people and cultures are not defined solely by their currency. Keep that in mind when you are in Cape Verde with your new knowledge of their currency and culture. It will help you be more comfortable with their customs, avoid any potential misunderstandings, and maybe even make a few new friends. Now that you know what is important to the people of this unique island country, you can enjoy your time there even more.