The value of gold reserves held by the Bank of Portugal (Banco de Portugal or BdP) rose by 46% in 2025, reaching 45 billion euros despite the quantity of gold remaining unchanged at 382.7 tonnes. While the central bank's total balance sheet grew to 211 billion euros, it reported a loss of 304 million euros for the year, which was covered by accumulated provisions. Governor Álvaro Santos Pereira noted that the national banking sector remains stable and continues to reduce debt levels.
Gold price surge boosts Banco de Portugal balance sheet
Thursday, 23 April 2026AI summary
Context & Explainers
- Governor of Banco de Portugal (2020–present)
- Former: Minister of Finance (2015–2020), President of the Eurogroup (2018–2020)
- Party: Independent (PS-affiliated)
- Background: Economist (PhD, Harvard)
Mário José Gomes de Freitas Centeno (born 1966) is Portugal's central bank governor and one of the country's most internationally recognized economic figures. As Finance Minister under António Costa's first PS government, he became known as "Cristiano Ronaldo of European finance" for turning Portugal's deficit into a surplus while reversing austerity.
He was elected president of the Eurogroup (the informal body of euro area finance ministers) in 2018 — the first Portuguese to hold the role. Since becoming Governor of Banco de Portugal in 2020, he sits on the ECB's Governing Council and oversees Portuguese banking supervision and financial stability.
Álvaro Santos Pereira is a Portuguese economist who served as Minister of Economy from 2011 to 2013. He is a frequent public commentator on economic and public-policy issues and has used X and LinkedIn to call for radical changes to Portugal’s disaster preparedness after recent storms, so residents and policymakers often pay attention to his proposals.
