Fonds: Banco de Portugal

Date of creation: 19 November 1846

Origin: On 19 November 1846 Queen Maria II signed a Decree that provided for the merger of Banco de Lisboa, which was created in 1821 and operated as a commercial/issuing bank, and Companhia Confiança Nacional, a financial institution created in 1844. Banco de Portugal was the result of this merger.

Banco de Portugal was created as a legal person governed by private law and continued to be a public limited company up to its nationalisation in 1974. It then became a legal person established under public law, with administrative and financial autonomy and the nature of a state-owned company.

To accommodate the economic and financial developments in Portugal, Banco de Portugal ceased to perform some activities, and took on new tasks. Thus, under the terms of a contract signed by the Bank and the State in 1887, the Bank was granted the exclusive right to issue banknotes (up to that date, several banks had that right) and was entrusted with the functions of banker of the State and government cashier.

In 1931 Banco de Portugal was entrusted with the task of guaranteeing the stability of the Portuguese currency and regulating the currency in circulation and the supply of credit.

In 1962 it assumed the role of issuing, central and reserve bank, and was responsible for coordinating the cash in circulation with the cash needs of the economy, regulating the functioning of the money market, ensuring the settlement of the foreign exchange operations required by the Portuguese economy and acting as lender of last resort to the banking system.

In 1975, and in accordance with the Organic Law of 15 November, Banco de Portugal, the central bank of the Portuguese Republic, performed the functions of banker of the State and financial advisor to the Government. In addition, the Bank monitored and controlled the monetary and financial policy, managed the foreign assets of the country and acted as intermediary in international monetary relations.

For the first time, it took on the role of supervisor of the banking system. According to the Organic Law of 1995, price stability became the main mission assigned to the Bank, and its tasks in the field of payment systems were extended.

On 1 June 1998 Banco de Portugal became an integral part of the European System of Central Banks. Therefore, it is its responsibility to ensure the stability of the Portuguese financial system, manage the foreign assets of the country, act as intermediary in the international monetary relations of the State, advise the Government in the economic and financial fields, and ensure the collection and compilation of the monetary, financial, foreign exchange and balance of payments statistics.

Documentation dates: 1846 -

Finding aid: Under preparation.

Access: Some consultation restrictions.

Part of the documentation is microfilmed and digitalised.