Exactly one week after ECO revealed the agreement between the Banco de Portugal and Mário Centeno for the former governor's early retirement and subsequent departure from the institution, Álvaro Santos Pereira finally spoke on the subject, ensuring the entire process was legal. Furthermore, he argues that it was a good deal for...
Centeno's retirement. "Banco de Portugal saved 2.2 million euros," reacts Álvaro Santos Pereira
Friday, 20 March 2026RSS
Context & Explainers
Banco de Portugal is Portugal's central bank, founded in 1846. It is a member of the European System of Central Banks (ESCB) and the Eurosystem, working alongside the European Central Bank (ECB) to implement monetary policy in the euro area.
Its main functions include supervising banks and financial institutions, ensuring financial stability, managing Portugal's gold and foreign currency reserves, and producing economic research and statistics. It also operates the payment systems infrastructure and issues banknotes.
Banco de Portugal is led by a Governor — currently Mário Centeno (since 2020) — who also sits on the ECB's Governing Council. For residents, the central bank matters because it regulates the banks they use, sets macroprudential rules (such as mortgage lending limits), and provides a complaints mechanism for banking disputes.
