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​Banco de Cabo Verde was established on September 29, 1975 and was then entrusted with the duties of central bank and issuer, foreign exchange authority, treasury and commercial and development bank.

In August 1993, a new Banco de Cabo Verde Organic Law was passed, with the bank starting to act exclusively as a central bank, having successively been given increased responsibilities in the area of supervision and control of the various institutions operating in the money and financial markets, including the insurance sector and the capital market. Banco de Cabo Verde's main mission or task is to maintain price stability. The Bank’s secondary objective is to promote liquidity, solvency and proper functioning of the financial system, based on market stability and never in a manner inconsistent with the its main purpose.

Banco de Cabo Verde must also perform the following duties:

collaborate with the Government in setting monetary and exchange rate policy, in order to maintain price stability; 
implement Cabo Verde's monetary and exchange rate policy independently;
hold and manage the country's official foreign exchange reserves and act as an intermediary in the Government’s international relations;
advise the Government on financial matters.

As part of monetary and exchange rate policy implementation, the Bank is responsible for guiding and overseeing the monetary, financial and foreign exchange markets with, among others, the following duties:

regulating the operation of the monetary, financial and foreign exchange markets, adopting generic measures or intervening, whenever necessary, to ensure fulfillment of the economic policy objectives, in particular with regard to developments in interest and exchange rates.
supervising credit and non-bank institutions, in particular by establishing guidelines to ensure credit risk centralization services;
supervising insurance, reinsurance, insurance brokerage, pension funds and related or complementary activities. 

Banco de Cabo Verde is responsible for directly ensuring or regulating, supervising and promoting the smooth functioning of clearing and payment systems;

The Bank is responsible for centralizing and compiling monetary, financial, foreign exchange and balance of payment statistics and may require any public or private entity to directly provide the information necessary to carry out this duty, as well as a result of its duties as regards monetary or foreign exchange policy and the functioning of clearing and payment systems.

Banco de Cabo Verde is the country's foreign exchange authority and, in this capacity, it is responsible for:

supervising and overseeing external payments, establishing the regulatory principles for gold and foreign currency transactions and authorizing external payments that require it;
entering into clearing and payment agreements or any contracts with the same purposes with similar entities based abroad, whether public or private, in its own name or on behalf of the Government of Cabo Verde.