As the central bank of the Portugal, it is an integral part of the European Systems of Central Banks (ESCB).A mission assigned to the Bank is to provide for the stability of the domestic financial system, through the supervision of credit institutions and financial companies.  The Bank "have the right to issue banknotes and put into circulation metal coins, although the ECB has the exclusive right to authorise the issue of banknotes". The Bank also manages the foreign assets of the country and acts as intermediary in the international monetary relations of the state", as well as advises the Government in the economic and financial fields and ensures the collection and compilation of the monetary, financial, foreign exchange and balance of payments statistics. The management of the Banco de Portugal is carried within a framework marked by large independence from the political power, which implies responsibilities in the fields of accountability and transparency.  |
The Banco de Portugal was established by a royal charter of November 1846, and in 1891 it became the sole issuer of bank notes for the mainland, the Azores and Madeira.