DEFINITION of 'CVE'
The ISO 4217 currency code for the Cape Verde escudo, the official national currency of Cape Verde. The Cape Verde Escudo (CVE) subunit is called the centavo. The dollar symbol ($) is used in lieu of a decimal point, so 20 escudo would be written 20$00. The Banco de Cabo Verde issues the country's currency. It mints coins in 1, 5, 10, 20, 50 and 100 denominations and prints banknotes in 100, 200, 500, 1,000, 2,000, 2,500 and 5,000 denominations.
BREAKING DOWN 'CVE'
Cape Verde is a former Portuguese colony and the Cape Verde escudo replaced the former national currency, the Cape Verde real, which was equivalent to the Portuguese real. Portugal has since become a member of the European Union and adopted the euro as its currency. Today the Cape Verde escudo is pegged to the euro.
The currency market, also known as the foreign exchange market, is the largest financial market in the world.