Estado Novo
Unsuccessful external financing and the demands of the League of Nations contributed to a gradual tightening of financial policy, conveyed by austerity and control over public spending.
The 1931 monetary reform set out the characteristics of the new escudo-ouro and assigned responsibility for ensuring stability of the Portuguese currency to Banco de Portugal.
Coins started to be minted in metals that had never been used before – alpaca in 1927 and aluminium in 1971.
