São Tomé and Príncipe dobra

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São Tomé and Príncipe dobra
dobra são-tomense (in Portuguese)
50,000Dobra.jpg
50,000 dobras of the first dobra
ISO 4217
CodeSTN
Denominations
Subunit
 1/100cêntimo
SymbolDb
Banknotes5, 10, 20, 50, 100, 200 dobras (new dobra)
Coins10, 20, and 50 cêntimos; 1 and 2 new dobras
Demographics
User(s) São Tomé and Príncipe
Issuance
Central bankBanco Central de São Tomé e Príncipe
 Websitewww.bcstp.st
Valuation
Inflation5.0%
 SourceJuly 2015
Pegged witheuro = 24.50 STN

The dobra is the currency of São Tomé and Príncipe. It is abbreviated Db and is divided into 100 cêntimos. The first dobra (STD) was introduced in 1977, replacing the escudo at par. Due to past inflation, on 1 January 2018 the dobra was redenominated at a rate of 1000 to 1, and given the new ISO 4217 currency code STN.[1]

São Tomé and Príncipe signed a deal with Portugal in 2009, linking the dobra with the euro. The exchange rate was fixed at 1 EUR = 24,500 STD[2] on 1 January 2010, which means that the new dobra is pegged to the euro at €1 = 24.5 STN / nDb.

The name derives from Portuguese dóbra, meaning "doubloon."[3]

Coins[edit]

First dobra[edit]

In 1977, coins were introduced for 50 cêntimos, 1, 2, 5, 10 and 20 dobras. Except for the brass 50 cêntimos and 1 dobra, these coins were struck in cupro-nickel, as was the 50 dobras introduced in 1990. These coins depicted a combination of food produce and local flora and fauna. These coins, although seldom seen in circulation today due to chronic inflation have never been demonetized and can still be used as tender.

In 1997, a new coin series with larger denominations was introduced consisting of 100, 250, 500, 1000 and 2000 dobras. Of these, the 100 and 250 dobras are round, the larger of the three are equilaterally curved heptagonal. These coins were all struck in nickel-plated steel and depict wildlife-related themes.

All circulating coins bear the country's coat of arms on the obverse, with the text "Aumentemos a Produção" and the valuation on the reverse.

Second dobra[edit]

With the redenomination of the dobra in 2018, coins were introduced in denominations of 10, 20, and 50 cêntimos and one and two dobras.

Banknotes[edit]

First dobra[edit]

On 30 September 1977, notes were introduced for 50, 100, 500 and 1000 dobras by the Banco Nacional de São Tomé e Príncipe.[4] In 1996, 5000, 10,000, 20,000 and 50,000 dobras notes were introduced, with the lowest denomination notes from the previous series being replaced by coins in 1997. A new issue was released in 2006 with upgraded security features.

In December 2008, the 100,000 dobras note was introduced as continuous inflation deemed the new denomination necessary. The note has been very well received and accepted by the general public.

All notes bear the portrait of Rei Amador on the obverse, however, on the 100,000 dobras note is the printed portrait of Francisco José Tenreiro.

Second dobra[edit]

Banknotes of five, 10, 20, 50, 100, and 200 dobras were issued in 2018 with the redenomination of the dobra. The five and 10 dobra notes are printed in polymer, and all the banknotes feature various species of butterfly on the obverse with local wildlife depicted on the reverses.

In 2020, the Central Bank of São Tomé and Príncipe issued a new version of the 200 dobras banknote, to replace the previous version caused by the poor quality of the paper used to print the note, and 5 and 10 dobras banknotes, reverting to paper, as the polymer versions of the two denominations were unsuitable due to the tropical environment of São Tomé and Príncipe.[5][6][7][8]

Historical exchange rates (STD)[edit]

Date Euro United States Dollar
1995 Not yet in circulation 1,420.3
1996 Not yet in circulation 2,203.2
1997 Not yet in circulation 4,552.5
1998 Not yet in circulation 7,104.05
October 1999 - 7,200.0
August 2004 12,002.84 8,794
March 2005 11,663 9,086
25 October 2005 (Estimate) 9,275.93 7,665.00
20 October 2007 19,639.90[9] 13,738.50[10]
1 January 2008 20,499.73 14,050.00
4 March 2009 22,062.04 17,500.00
31 July 2010 24,500 18,720.00[11]
1 September 2012 24,500 19,917.00[12]
Current STD exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD
Current STN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

2009 deal with Portugal[edit]

In July 2009, the government of São Tomé and Príncipe signed a loan deal with Portugal, its one-time colonial mother country. The agreement was intended to tie the dobra to the euro.[13][14] Portugal will provide as much as 25 million euro in a move endorsed by the European Commission.[14] São Tomé and Príncipe claimed that linking the dobra to the euro would "guarantee stability" in the country.[13] It is also expected to attract foreign investment.[13][14]

Officials spent one year negotiating the accord, which took effect in January 2010.[13][14] The agreement follows a similar one which Portugal signed ten years previously with Cape Verde.[13]

Redenomination of the dobra[edit]

On 25 August 2017, the Central Bank of São Tomé and Príncipe (Banco Central de São Tomé e Príncipe) announced a redenomination of the dobra, in commemoration of the Central Bank's 25th anniversary, with 1 new dobra equal to 1,000 of the previous dobras. Six banknotes (in denominations of 5-, 10-, 20-, 50-, 100 and 200 new dobras, with the two lower denominations printed in polymer) and five coins (in denominations of 10-, 20- and 50 cêntimos and 1 and 2 new dobras) were issued on January 1, 2018.[15] The old and new series of notes circulated concurrently until 30 June 2018, after which they are exchangeable or depositable in commercial banks until 31 December 2018 and at the Central Bank until 31 December 2019.[16]

See also[edit]

References[edit]

  1. ^ "ISO 4217 AMENDMENT NUMBER 164, 22 September 2017" (PDF). Secretariat of the Maintenance Agency for ISO 4217. SIX Interbank Clearing. Retrieved 28 November 2019.
  2. ^ "1 euro equivale a 24.500 dobras" [1 euro is equivalent to 24,500 dobras] (in Portuguese). Téla Nón. 4 January 2009. Retrieved 16 November 2020.
  3. ^ Stevenson, Angus; Waite, Maurice (18 August 2011). Concise Oxford English Dictionary: Book & CD-ROM Set. OUP Oxford. ISBN 9780199601103 – via Google Books.
  4. ^ Linzmayer, Owen (2012). "Sao Tome and Principe". The Banknote Book. BanknoteNews.
  5. ^ BC vai emitir novas notas para pôr fim as falhas da nova dobra TélaNón (https://www.telanon.info). Retrieved on 2021-09-17.
  6. ^ Sao Tome and Principe new 200-dobra note (B316a) confirmed BanknoteNews (https://banknotenews.com). Retrieved on 2021-09-17.
  7. ^ Sao Tome and Principe new 5-dobra note (B314a) confirmed BanknoteNews (https://banknotenews.com). Retrieved on 2021-09-17.
  8. ^ Sao Tome and Principe new 10-dobra note (B315a) confirmed BanknoteNews (https://banknotenews.com). Retrieved on 2021-09-17.
  9. ^ "1.00 EUR = 21,497.42 STD". XE Currency Converter. Xenon Laboratories. Retrieved 20 October 2007.
  10. ^ "1.00 USD = 15,270.00 STD". XE Currency Converter. Xenon Laboratories. Retrieved 20 October 2007.
  11. ^ "1.00 USD = 18,720.00 STD". XE Currency Converter. Xenon Laboratories. Retrieved 31 July 2010.
  12. ^ "1.00 USD = 19,917.00 STD". XE Currency Converter. Xenon Laboratories. Retrieved 1 September 2012.
  13. ^ a b c d e Alison Roberts (29 July 2009). "Portugal signs Sao Tome euro deal". BBC News. Retrieved 30 July 2009.
  14. ^ a b c d "Portugal and Sao Tome to sign financial cooperation agreement". Macauhub. 28 July 2009. Retrieved 30 July 2009.[dead link]
  15. ^ "Banco Central de São Tomé e Príncipe celebrates 25th anniversary by unveiling new banknote series, designed and printed by De La Rue". De La Rue. 25 August 2017. Retrieved 28 August 2017.
  16. ^ "Reforma Monetária 2018" [Monetary Reform 2018] (PDF) (in Portuguese). Banco Central de São Tomé e Príncipe. Retrieved 16 November 2020.

Further reading[edit]