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Press release of the Banco de Portugal on the 2021 Annual Report on Cooperation

Last year the Banco de Portugal participated in 174 cooperation initiatives, a record high, of which 93% were held remotely. Portuguese-speaking countries remained the main counterparts in this cooperation, with 116 activities, followed by European Union neighbouring countries with 32 and Latin America and the Caribbean with 19.

Last year the Banco de Portugal participated in 174 cooperation initiatives, a record high, of which 93% were held remotely. Portuguese-speaking countries remained the main counterparts in this cooperation, with 116 activities, followed by European Union neighbouring countries with 32 and Latin America and the Caribbean with 19.

This assessment can be found in the 2021 Annual Report on Cooperation, published today, which reports on the Bank’s technical cooperation with counterparts from emerging and developing countries, contributing to strengthen international monetary and financial stability.

In the pandemic period, the bonds forged by cooperation between central banks were essential, serving to facilitate information-sharing and institutional dialogue. Cooperation was adapted and transformed, becoming increasingly multilateral and digital, based on a predominantly remote activity model.

Press release of the Banco de Portugal on the 2021 Annual Report on Cooperation

Cooperation activities undertaken in 2021 saw statistics, supervision and financial stability, and human resources as the topics most frequently addressed, while those related to climate change and digitalisation initiatives gained prominence.

The report highlights a few initiatives, such as the XXXI Lisbon Meeting, dedicated to climate change and sustainable finance, the interest shown by staff from the central banks of Portuguese-speaking countries in the training courses of the Banco de Portugal Academy and the added interest in cash management and counterfeiting-related activities. The Bank’s technical cooperation activity in conjunction with other external and international entities is also noteworthy: with the European System of Central Banks (ESCB) regarding EU candidate and potential candidate countries and the preparation of the initiative for African central banks; with the International Monetary Fund, under its institutional capacity agenda. 

The 2021 Annual Report on Cooperation describes and frames the Banco de Portugal’s contribution to Portugal's Official Development Assistance.