Banco de Portugal

Banco de Portugal: Banco de Portugal

Bank of Portugal branch in Oporto

Headquarters Lisbon, Portugal

Established 19 November 1846

Governor Carlos Costa

Central bank of Portugal

Website www.bportugal.pt

Preceded by Banco de Lisboa & Companhia de Confiança Nacional

Succeeded by European Central Bank (1999)¹

¹ The Bank of Portugal (Banco de Portugal) still exists but many functions have been taken over by the ECB.

The Banco de Portugal (English: Bank of Portugal) is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company specialised in the financing of the public debt. The bank issues legal tender that is designated as the national currency – the real until 1911, the escudo from 1911 until 1998, and the euro since 1999.

Following its nationalisation in September 1974 and its new Organic Law (1975), the Banco de Portugal was, for the first time, responsible for the supervision of the banking system.

It is an integral part of the European System of Central Banks, which was founded in June 1998.

The current governor is Carlos Costa.^[1]

See also

Economy of Portugal

Euro

Portuguese escudo old currency

Alves dos Reis

References

^ Central Banking: Carlos Costa replaces Constâncio at head of Bank of Portugal retrieved June 14, 2010

External links

Official website of Banco de Portugal

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