“Amid concerns recently expressed regarding the scarcity of coins in circulation,” the Central Bank of Cape Verde (BCV) has been distributing “1.4 million coins in denominations of one, five, and 10 escudos, representing 60 percent of the yearly release,” the bank announced.
By the end of October, the distribution of 50 escudo coins will be reinforced, and by the end of November, the 20 and 100 escudo coins will follow.
This year’s increase is 4.4 times greater than in 2021, according to the BCV, noting that “the new production will add 23.8 million [coins] to circulation, totaling 92.7 million coins available for the national economy.”
The central bank encourages the public to exchange currency through commercial banks, adding that it is exploring “other alternatives for distributing coins into circulation to meet change needs.”
In May, BCV Governor Óscar Santos acknowledged that the shortage needed to be investigated.
In February, the National Institute of Statistics (INE) of Cape Verde, in collaboration with the central bank, launched a survey to help determine the whereabouts of the archipelago’s coins.
This initiative was part of awareness campaigns urging the recirculation of hoarded money.
Drivers, vendors, taxi drivers, and customers have been dealing with the shortage, especially noticeable by mid-last year, they reported to Lusa.
The issue led to heated debates on buses and financial losses for street vendors, as they were unable to provide change.
Some businesses opted to give out candy as a substitute for low-value coins.
