S\u00e3o Tome and Principe Dobra (STD)

What Is the S\u00e3o Tome and Principe Dobra (STD)?

STD is the currency contraction for the S\u00e3o Tom\u00e9 and Pr\u00edncipe dobra, the official currency for S\u00e3o Tom\u00e9 and Pr\u00edncipe, an island nation close to the equator just off the west shore of central Africa. The S\u00e3o Tom\u00e9 and Pr\u00edncipe dobra is frequently introduced locally with the symbol "Db", and is comprised of 100 c\u00eantimos, yet inflation has made c\u00eantimos for all intents and purposes worthless.

As of December 2020, $1 USD is equivalent to approximately 20,000 STD.

Figuring out the S\u00e3o Tome and Principe Dobra

S\u00e3o Tom\u00e9 and Pr\u00edncipe was a Portuguese province from 1470 until 1975, when it acquired its independence. The S\u00e3o Tom\u00e9 and Pr\u00edncipe dobra supplanted the country's previous currency, the escudo, at a rate of 1:1 in 1977. The escudo utilized by S\u00e3o Tom\u00e9 and Pr\u00edncipe was equivalent to the Portuguese escudo and comprised of 100 centavos. The word dobra comes from the Portuguese word d\u00f3bra, signifying "doubloon".

In 1977, coins were struck in c\u00eantimos and lower denomination dobras (one, two and five dobra coins). Wild inflation has since made these coins obsolete and the government made new coins in 1997 with higher denominations to keep up with rising prices. Current denominations of the dobra incorporate banknotes of 5,000, 10,000, 20,000, 50,000 and 100,000 dobras as well as coins of 100, 250, 500, 1,000 and 2,000 dobras.

In 2010, the dobra was pegged to the euro (EUR) at a fixed exchange rate of 1 EUR to 24,500 STD.

The Economy of S\u00e3o Tome and Principe

All things considered, Sao Tome and Principe's economy was generally dependent on the production and export of cocoa beans, but since of a steady dry season in the region, exports of cocoa beans have declined in recent years. Other nearby agricultural exports from the country incorporate coffee and palm oil, and the country is actively investing in its travel industry.

S\u00e3o Tome and Principe, starting around 2020, had a gross domestic product of $418.6 million with annual GDP growth of 1.3% and inflation of 5.7% in 2019, however with limited nearby production. Thus, Sao Tome and Principe depends intensely on imports for everything from food to fuel and manufactured goods. Along these lines, domestic prices are extremely sensitive to international price vacillations. The one exception to this is oil prices, which are fixed.

There is a beginning oil extraction industry in the Gulf of Guinea, which the nation is creating related to its neighbor Nigeria. These new deep sea oil fields could assist with helping the country's economy and draw in new adjusts of foreign investment. In any case, analysts don't anticipate that production of oil should begin until after 2020.

Features

• The dobra (STD) is the official currency of the central African island nation of S\u00e3o Tome and Principe.
• Starting around 2010, the dobra is pegged to the euro at a rate of 1:24,500.
• Prior to its adoption of the dobra in 1977, S\u00e3o Tome and Principe utilized the escudo, which was designed according to the Portuguese escudo as it was formerly a Portuguese colonly until 1975.