Cabo Verde liberalises foreign economic, financial and exchange operations

25 July 2018

Foreign economic and financial operations and foreign exchange operations have been fully liberalised in Cabo Verde (Cape Verde) since Monday, 23 July 2018, when Legislative Decree No. 3/2018 of 22 June came into force, said the archipelago’s central bank.

With this new legislation, the statement said, prior authorisation, the prior verification procedure, and the prior and special authorisation previously required for certain operations no longer make sense.

“For example, before this new law, when travelling abroad, any resident could acquire and transport foreign notes and coins, or other means of payment abroad, up to the limit of 1 million escudos, provided that they proved it was acquired from entities authorised to trade in foreign exchange. If they intended to travel with more than that amount it was mandatory to request a special and prior authorisation from the Bank of Cabo Verde,” the document said.

The statement goes on to say that with the new law liberalises the amount to be acquired and transported, regardless of the reason, as well as no requirement to provide a valid ticket for travel.

The Central Bank of Cabo Verde recalled that foreign banknotes and coins still must be exclusively purchased from entities authorised to trade in foreign exchange.

The bank noted that one exception to the general rule is related to quick transfers of money abroad through electronic platforms, the value of which cannot exceed 300,000 escudos per person per day. (macauhub)