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Portugal and the euro

04 February 2008
by eub2 -- last modified 04 February 2008

Portugal joined the European Union in 1986 and was one of the first-wave EU countries to adopt the euro on 1 January 1999.


Portugal at a glance

Surface area: 91 910 km2
Population: 10 599 095 (Eurostat 2007, provisional figure)
Joined the European Union: 1 January 1986
Currency: Euro since 1 January 1999 (formerly Portuguese escudo, PTE)

Euro information

Status: Euro-area member since 1 January 1999.

Fixed conversion rate: €1 = 200.482 PTE

Adoption of the euro: The euro banknotes and coins were introduced in Portugal on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Portuguese escudo and the euro had legal tender status – ended on 28 February 2002.

Exchange of former national currency: The Banco de Portugal (Central Bank of Portugal) exchanged escudo coins until 31 December 2002 and will continue to exchange escudo banknotes until 28 February 2022.

Documents and publications

  • Documents from the euro changeover, as well as the 2002 information campaign, are available on the Bank of Portugal website

Opinion polls and surveys


Euro websites




Source: European Commission