History of Cape Verde Guinea (now Guinea-Bissau). This largesse ultimately backfired on the Portuguese, however, as literate Cape Verdeans became aware of the pressures for independence building on the mainland, while the islands continued suffering from frequent drought and famine, at times from epidemic diseases and volcanic eruptions, and the Portuguese government did nothing. Thousands of people died of starvation during the first half of the 20th century. Although the nationalist movement appeared less fervent in Cape Verde than in Portugal's other African holdings, the African Party for the Independence of Guinea and Cape Verde (PAIGC, acronym for the Portuguese "Partido Africano da Independência
Bank of Cape Verde Bank of Cape Verde The Bank of Cape Verde () is Cape Verde's central bank. Its headquarter is located on Avenida Amílcar Cabral, in the national capital of Praia on the island of Santiago. Its current governor is João António Pinto Coelho Serra, who is in office since December 2014. The government established the Bank of Cape Verde in 1975, as a bank that combined commercial banking and central banking functions. The government created the bank by nationalizing the operations of the Portuguese colonial and overseas bank, Banco Nacional Ultramarino, which had established its first branch in Cape Verde in