Banco de Cabo Verde
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International Relations

In order to strengthen its international role, the Bank of Cape Verde has been taking a more strategic and proactive stance with regard to the treatment of international affairs, whether through negotiations, participation in international forums, or even in its relationship with other central banks and similar entities.

1. Introduction


The Bank participates, pursuant to its Organic Law (legislation), in the capital of some financial institutions and international organizations, has privileged a close relationship with its partners, and has promoted contacts with central banks, and foreign and domestic institutions of higher education, with the aim of improving the capacity of their employees, and encouraging research.


2. International Financial Institutions
The Republic of Cape Verde has been a member of the IMF (International Monetary Fund) since 1978, and the Governor of the Bank currently holds the position of Alternate Governor at this institution.


3. Regional Financial Organizations
3.1 West African Monetary Agency
In May of 1992, the Bank of Cape Verde joined the West African Clearing House (WACH), which later came to be called the West African Monetary Agency (WAMA).
3.2. Association of African Central Banks
The Bank of Cape Verde has been a member of the Association of African Central Banks since 1983.
3.3. The African Export Import Bank (AFREXIMBANK)
The Bank of Cape Verde is a shareholder in The African Export Import Bank (AFREXIMBANK), established in 1993 through an initiative of the African Development Bank, with the objective of supporting exports from African countries.


4. Relations with other central banks or similar organizations
In terms of bilateral relations, the Bank of Cape Verde has been strengthening cooperation with other central banks, widening and deepening exchanges with similar institutions.
4.1 Bank of Portugal
The Bank of Cape Verde has a privileged cooperative relationship with the Bank of Portugal based on the Cooperation and Technical Assistance Agreement signed in 1991. The actions that have been developed revolve around internships and technical visits, as well as technical assistance missions and multilateral meetings with participants such as the central banks of other countries of the CPLP and East Timor. Within the framework of this cooperation, and in partnership with Portuguese institutions of higher education, the Bank of Portugal has made available, in recent years, a scholarship for a masters and doctorate, which has already covered some BCV employees.
4.2 Central Bank of Brazil
Since November 2010, the first cooperation plan with the Central Bank of Brazil has been implemented and has benefited employees from various fields, whether through actions like internships/study visits conducted in Brazil, or in technical assistance missions provided in Cape Verde.
4.3. Central Bank of Luxembourg
In 2002, the BCV signed a cooperation protocol with the Central Bank of Luxembourg, covering mainly the areas of reserve management and banking supervision, but also including the provision of scholarships for postgraduate studies. Several training sessions on the financial sector as a whole have taken place with the Luxemburgish Financial Technology Transfer Agency (ATTF).
4.4 Central Bank of West African States (BCEAO)
The BCV has had a special relationship with the BCEAO, and participated in various activities promoted by this bank.
4.5. The Bank of France and Bundesbank
The BCV has used short-term internships offered by Bundesbank and the Bank of France to update the training of its staff.


5. Bank of International Settlements (BIS)
The Bank of Cape Verde participates as a guest in the annual assemblies of this oldest international financial organization.


6. Relations with Lusophone Supervisors
As the overseer of the insurance sector, the Bank of Cape Verde is a member of the Association of Lusophone Insurance Supervisors (ASSEL), which is a forum for discussing ideas related to the insurance business in CPLP countries.
In the field of bilateral cooperation, the Bank of Cape Verde has established cooperation with the Insurance Institute of Portugal based on technical assistance, training of technicians, and the exchange of technical and scientific documentation.


7. Relations with Portuguese Universities
A protocol of cooperation with the Institute of Economics and Management (ISEG) of the Technical University of Lisbon was signed and aimed at training Bank of Cape Verde staff at the masters and doctorate levels.