Communiqué of the Banco de Portugal on operation carried out in the context of the “Central Bank Gold Agreement”

Banco de Portugal informs that, during the last month, 10 tons of its gold reserves were sold, which settlement was now concluded. Similarly to the previous operations, the objective of these sales was to continue the diversification of the external reserves. The realized gains will be kept in the existing special reserve of Banco de Portugal. The sales were carried out in the context of the “Central Bank Gold Agreement” of 27 September 2004.

Lisboa, 19 December 2005