Organic Law of the Banco de Portugal
Pursuant to its Organic Law, Banco de Portugal, as the central bank of the Portuguese Republic, is an integral part of the European System of Central Banks (ESCB).
In that quality, Banco de Portugal pursues the objectives and participates in the performance of the tasks entrusted to the ESCB and is subject to the provisions of the Statute of the ESCB and of the European Central Bank (ECB), acting in accordance with the guidelines and instructions of the ECB, pursuant to the same Statute.
The Organic Law of Banco de Portugal establishes the nature, head-office and tasks of the Bank, its capital, reserves and provisions, its responsibilities and powers as euro banknote and coin issuer, in addition to other central bank tasks and operations: for instance, its responsibility for monetary and exchange rate policy, for financial supervision or payment system oversight.
The Organic Law lays down the relations between the State and the Bank, as well as its responsibilities in terms of international monetary relations, namely those emerging from its participation in the ESCB, as a foreign exchange authority of the Portuguese Republic.
It also defines the competences and tasks of the different organs of the Bank as well as other aspects related to its budget and accounts and to the overall staff framework.