Savings deposits in banks of Cape Verdeans have increased by 30% since the start of the Covid-19 pandemic, reaching 78.3 million euros in April, according to data from the Bank of Cape Verde (BCV).
According to data compiled this Thursday by Lusa from a BCV statistical report, savings deposits in Cape Verdean banks were valued at 6,675 million escudos (60.3 million euros) at the end of 2019, before the effects of the Covid-19 pandemic, a value that amounted to more than 7,435 million escudos (67.2 million euros) in 2020 and increased by historical value of 8,279 million escudos (74.8 million euros) at the end of 2021.
However, according to the BCV, these savings deposits reached 8,629 million escudos (78.3 million euros) last April, even so, a slight decrease compared to the previous month.
In Cape Verde, eight commercial banks are licensed to work with resident clients.
Time deposits in banks, despite the fact that they also have fallen slightly compared to Marchreached 45,927 million escudos (416.8 million euros) in April, compared to 41,306 million escudos (373 million euros) at the end of 2019, before the effects of the Covid-19 pandemic.
Cape Verde is facing a deep economic and financial crisis, due to the sharp drop in tourist demand – a sector that represents 25% of the Gross Domestic Product (GDP) of the archipelago – since March 2020, in addition to a prolonged drought that has dragged for more than three years. years.
The country experienced a historic economic recession of 14.8% in 2020 and growth of 7% in 2021, driven by some recovery in the tourism sector in the last quarter of the year.
Meanwhile, due to the economic fallout from the war in Ukraine, the Cape Verdean government revised the outlook for economic growth in 2022 from 6% to 4%, given the rise in prices of various products and rising inflation.
Source: Observadora
