Date: 27/11/2017 Cape Verde Government announces liberalisation of currency movements.
- The Government of Cape Verde has announced the entry into force, from 2018, of a new Foreign Exchange Law aimed at liberalizing all capital movements in the archipelago.
The announcement was made on Friday evening by Finance Minister Olavo Correia at a business dinner in Porto (Portugal), part of the four-day state visit program that President Jorge Carlos Fonseca has been holding since Wednesday to Portugal.
"We have a fixed parity with the euro. We have approved, in the Council of Ministers, and now goes to Parliament, a new Foreign Exchange Law, which will liberalize all capital movements of Cape Verde with the outside. Once approved, I think that at the beginning of next year, any transaction from and to Cape Verde will be free, without any bureaucratic restriction, "said Olavo Correia.
"Any citizen or company can open accounts in national or foreign currency, without any restriction, and any transaction of Cape Verde out, in any currency, will be done without bureaucratic or administrative intervention," added the Cape Verdean ruler at the meeting, which took place at Palácio da Bolsa.