'Cape Verde benefits from pegged exchange rates'

Fixed currency exchange rates have helped stabilise Cape Verde's economy, according to industry experts.

Following a recent review of the country's fiscal policies, the International Monetary Fund (IMF) released a statement detailing why the island nation is beginning to recover from the recession.

Lamin Leigh, from the IMF, drew attention to the republic's pegged exchange rate, which has helped stabilise its economy by avoiding large fluctuations, which may interest Brits who are considering making money transfers to the country.

In addition, Mr Leigh praised Cape Verde's social spending budget and the government's commitment to public debt management.

He said: "Cape Verde's economic and policy performance remains strong and so far the impact of global shocks remains manageable thanks to sizable buffers.

"Monetary management, which smoothes short-term capital flows, continues to be broadly appropriate."

Meanwhile, investment expert Hargreaves Lansdown recently warned that Brits who begin making money transfers to pension schemes beyond the age of 40 may have to direct a third of their wages to retirement accounts.

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By Linsey Summers