The Bank of Cabo Verde (BCV) announced this Wednesday, October 1, an increase in coin circulation across the archipelago, following complaints of shortages that have hindered daily economic activity due to the lack of change.
“In response to the growing concern over the recent shortage of coins in circulation,” the BCV stated that since July it has placed “1.4 million coins in the denominations of one, five, and ten escudos, representing 60% of the quantity usually issued annually,” the institution announced.
By the end of October, 50-escudo coins will be reinforced, and by the end of November, 20- and 100-escudo coins will follow. This year’s reinforcement is 4.4 times higher than in 2021.
The BCV also indicated that “the new production will add 23.8 million coins to circulation, bringing the total to 92.7 million coins available for the national economy.” The public is encouraged to exchange cash through commercial banks.
The central bank added that it is analyzing “other alternatives for putting coins into circulation to meet the need for change.” In February, the National Statistics Institute (INE), in partnership with the BCV, launched a survey to determine where the country’s coins have gone. BCV Governor Óscar Santos admitted in May that the coin shortage must be investigated. The current measure complements awareness campaigns encouraging citizens to return hoarded cash into circulation.
Drivers, street vendors, taxi drivers, and customers have been particularly affected by the shortage since mid-last year, according to Lusa. The problem has sparked disputes on buses, caused losses for street sellers, and led some businesses to hand out candies instead of low-value coins.
Source: Diário Económico
