Valora, S.A. is a banknote printing company which is fully owned by the Banco de Portugal. It has operated at the Banco de Portugal’s premises in Carregado since 1999, the year it started production.
Valora produces the share of euro banknotes allocated to the Banco de Portugal.
Within the Eurosystem, production of euro banknotes is decentralised: each national central bank is responsible for the annual production of one or more denominations, either for internal issue or to distribute among other central banks. This production can be carried out using in-house printing works, such as Valora, or through private printing works.