Cape Verde is an island nation in the Atlantic Ocean atop an archipelago of volcanic origin. It is divided into two island groups, the Barlavento (windward) and the Sotavento (leeward) islands. The Cape Verdean Escudo (CVE) is the currency of the country. Amounts are decimally separated by the cifrão, such as 20$00 for 20 escudos or 1.000$00 for 1000. The escudo became Cape Verde's currency in 1914, replacing Cape Verdean real at a rate of 1000 réis = 1 escudo. Beginning 1865, banknotes were specifically issued by the Banco Nacional Ultramarino for Cape Verde. During the independence in 1975, the Cape Verde escudo was equal to the Portuguese escudo.
In 1914, the Banco Nacional Ultramarino introduced notes in denominations of 4, 5, 10, 20, and 50 centavos and notes for 1, 5, 10, 20, 50, and 100 escudos in 1921. In 1953, 10 notes were replaced by coins. The 5 escudo note was also withdrawn. In 1977, notes were issued for 100, 500, and 1000 escudos. The next series introduced in 1989 consisted of 100, 200, 500, 1000, and 2500 escudos. The third series introduced had denominations of 200, 500, 1000 and in 1999, 2000, and 5000 escudo notes. The Banco de Cabo Verde produced a new series of banknotes in 2014, honoring Cape Verdean figures in literature, music, and politics. It was in denominations of 200, 1,000, and 2,000 escudos. Banknotes of 500 and 5,000 escudos were issued in 2015.
Cape Verde is considered a middle-income country and is a member of the Small Island developing states. Based on Oanda, a currency data provider, the country's economy lacks adequate resources to support itself. The economy is mainly based on service industries, which represent roughly 73% of the GDP. The economy has been steadily growing, and in 1994 and 1995, the country earned 50 million USD in foreign investments.
According to Oanda, concerning the industry, agriculture represents 9% of the whole GDP, and industry represents 16.5% of the total GDP. The main export products are hide, fish, garments, fuel, and shoes. The main import products are industrial, foodstuffs, transport equipment, and fuels. Top industries are food, beverages, garments, fish processing, salt mining, shoes, and ship repair. The ratio of unemployment is estimated at 13.4% of Cape Verde's population. The inflation rate is estimated at 1.1%.