Banco de Portugal
 Banco de Portugal  (Central bank)    | |
|---|---|
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| Formation | 19 November 1846 |
| Headquarters | Lisbon, Portugal |
| The national bank of Portugal, swallowed by the Euro-system since 1998. | |
Banco de Portugal is a state owned central bank. It is the Portuguese member of the Eurosystem and has been the monetary authority for Portugal from 1846 to 1998, issuing the Portuguese escudo. Since 2014, it has also been Portugal's national authority within European Banking Supervision.[1]
History
Queen Maria II of Portugal established the bank by royal charter on 19 November 1846 to act as a commercial bank and issuing bank. The bank was designated by the Portuguese Crown as the emitter of legal tender.[2]
During the Estado Novo, the bank pursued a vigorous policy of gold acquisition starting in 1957, which has contributed towards Portugal's present-day status of having the 14th largest gold reserve in the world.[3]
Following its nationalisation in September 1974, 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 Banco de Portugal ceased emission of the Portuguese Escudo in 1999, with the country's adoption of the Euro.
