Bank of Portugal

Established in 1846 as a bank of issue and commercial bank. In June 1931, there was a major change in the duties and statutes of the Bank. New rules were defined that limited the growth of its liabilities, linking them to the amount the Bank held in its foreign currency reserves. These rules, together with other stringent measures, limited Banco de Portugal’s ability to finance the State and enabled effective monetary control. Its administrative dependence on the Government