Bank of Cape Verde
Encyclopedia
The Bank of Cape Verde is Cape Verde
's central bank
. It is located in the national capital of Praia on Santiago
in Cape Verde
.
colonial and overseas bank, Banco Nacional Ultramarino
, which had established its first branch in Cape Verde in 1865. In 1993, the government split-off the commercial banking functions into the newly established Banco Comercial do Atlantico
, which it then privatized after 1998.
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
's central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
. It is located in the national capital of Praia on Santiago
Santiago, Cape Verde
Santiago , or Santiagu in Cape Verdean Creole, is the largest island of Cape Verde, its most important agricultural centre and home to half the nation’s population. At the time of Darwin's voyage it was called St. Jago....
in Cape Verde
Cape Verde
The Republic of Cape Verde is an island country, spanning an archipelago of 10 islands located in the central Atlantic Ocean, 570 kilometres off the coast of Western Africa...
.
History
The government established the Bank of Cape Verde in 1975, as a bank that combined commercial banking and central banking functions. The government created the bank by nationalizing the operations of the PortuguesePortugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
colonial and overseas bank, Banco Nacional Ultramarino
Banco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
, which had established its first branch in Cape Verde in 1865. In 1993, the government split-off the commercial banking functions into the newly established Banco Comercial do Atlantico
Banco Comercial do Atlântico
The Banco Comercial do Atlântico is a Cape Verdean bank. The headquarters of the company is located Praia, the largest city, on Santiago Island in Cape Verde. The bank has 23 branches and sub-branches spread over all 9 inhabited Cape Verdean islands...
, which it then privatized after 1998.