Africa Cape Verde Economy Finance Government

Cape Verde’s net foreign reserves totalled €623M on 30 August

Cabo Verde’s net international reserves amounted to 623 million euros, of which 68% in euros and 32% in dollars, as at 30 August 2019, the Bank of Cabo Verde (BCV) said in a statement issued on Tuesday in Praia.

The statement, released at the First Reserve Management Meeting of the Central Banks of the Community of Portuguese-Speaking Countries in Cabo Verde, also said that investments in government and financial securities accounted for 79% of the total, with the remaining 21% is made up of deposits with the correspondent banks of the Cape Verdean central bank.

The statement said that in order to respond to the adverse conditions facing the international financial markets, with low and negative interest rates, investment portfolios with longer maturities, denominated in euros and dollars, are managed by BCV, seeking diversification strategies to ensure more efficient placement of reserves.

The 1st Reserve Management Meeting of the Central Banks of Portuguese-Speaking Countries, to be held on 30 September and 1 October, aims to discuss issues related to reserve and risk management, among other topics.

Source: Macauhub

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