“It is very important for us to stay open to the opportunities that come our way, and not to close ourselves off. We must do the opposite of what many economic policies suggest is beneficial, because it is not; it is harmful,” stated Mário Centeno during the launch of financial literacy materials. This initiative is a joint effort by the Bank of Portugal (BdP), the Banco de Cabo Verde (BCV), and the non-governmental organization Mundu Nôbu, which means ‘New World’ in Creole.
“Small and open economies like those of Cape Verde and Portugal know this well, and it’s up to us to take advantage of this openness, of this global world that we are building, which has a significant financial dimension,” he declared.
The books and brochures will be distributed in schools and communities across the archipelago, noted for being the first financial literacy materials written in Cape Verdean Creole.
These materials are crucial for development, commented Cape Verdean Prime Minister Ulisses Correia e Silva, emphasizing the importance of diversifying literacy efforts.
“In addition to this financial literacy, I would add a pedagogical literacy that is attentive to phenomena happening in the world today that affect people and mobilize crowds, with consequences for everyone,” he remarked.
“This is the more political aspect, but politics and economics go hand in hand,” he added.
Mário Centeno commenced a three-day visit to Cape Verde, an archipelago he has been familiar with since the beginning of his career as an economist, he mentioned.
The governor of the BdP is participating in the distribution of the literacy materials today in Praia, at the new Liceu Cónego Jacinto, where he will also conduct an economics lesson for 11th-grade students.
Mário Centeno’s agenda includes similar events at Liceu Ludgero Lima in the city of Mindelo, Santo Antão island, on Friday, and at Liceu de Coculi, Santo Antão island, on Saturday.
“This is about enhancing a very important dimension of our lives and our day-to-day activities,” he noted, pointing out the unique relationship that the BdP shares with the BCV, described as the most intense among the BdP’s relationships with other central banks, a source of “pride and a very positive assessment.”
He highlighted the “success” in the cooperation and agreements such as the 1998 currency agreement, which ensures parity between the Cape Verdean escudo and the euro.
“The currency agreement has anchored many important variables for people’s lives,” such as inflation and other external factors, he pointed out.
Mário Centeno praised “Cape Verde’s ability, as a small economy, to project itself with levels of stability” not often seen elsewhere.
“Although agreements can be deepened, I don’t think we currently need to delve into very specific aspects of the currency agreement; it’s just a matter of managing and developing it,” he added.
The 1998 currency agreement was “a significant milestone” and continues to be so, stated Prime Minister Ulisses Correia e Silva.
“It has been a determining factor for the stability and confidence of the Cape Verdean economy: we have moved away from the exchange rate fluctuations that required complex calculations and risk predictions.”
“The predictability of commercial and investment operations with Europe gained a new impetus, alongside an excellent relationship with Portugal that continues to strengthen,” he concluded.
