Cabo Verde Banking Industry Overview (Jul 2022)

Cabo Verde with a population of just 0.6m, is an archipelago of ten islands located 500km off the west coast of Africa. The population is spread across the islands that are scattered within a large area, which constitutes a major constraint to growth and development. Only 10% of Cabo Verde’s territory is classified as arable land, and the country possesses limited mineral resources. Consequently, the small island economy is driven by tourism which benefits from year-round attractive weather, and supported by a stable democracy, limited security risks and the proximity to Europe. The Cabo Verdean exchange rate has been pegged to the Euro since 1999, at a rate of 110.265 CVE/EURO.

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