Portugal

This information will be updated periodically but it also includes some materials, for example the dual circulation periods, which are no longer relevant but have been retained for reference purposes. The date that this information was last updated is at the bottom of the page.

Portuguese Government euro web sites:
www.min-economia.pt (Portugese Economic Ministry)
www.infoeuro.pt (Official euro website) (Portugese only)
www.bportugal.pt (Portugese Central Bank)

Pricing

Banking

Business Preparations

Accounting

Public Sector

General Public

Information Activities

Other Links and Sources

Pricing

Consumer Prices
The following table shows the annual percentage change on the same month in the previous year.

*on previous year

Source: HICP

Banking

Portugese Central Bank Website (Banco de Portugal):
www.bportugal.pt

Business Preparations

The percentage of SMEs who had changed over to euro on 1 January 2002 for:

	accounting systems	97 per cent
	prices	93 per cent
	invoicing	96 per cent
	computer systems and IT	75 per cent

Overall SMEs considered that the changeover to the euro:

	had been easier or much easier than they planned	49 per cent
	proceeded as they planned	48 per cent
	had been more difficult than expected	2 per cent

13 per cent of SME's had encountered practical difficulties when changing over to the euro.

When converting prices from national currency to the euro the percentage of SMEs who had:

	converted prices some upwards and some downwards	26 per cent
	converted prices on a neutral basis	61 per cent
	converted prices upwards	10 per cent
	converted prices downwards	2 per cent

EB Eurobarometer Survey EB122

Accounting

Accounting must be in euro from 1 January 2002.

Public sector

	Legislation: The final changeover plan covering the financial sectors of the public administration was approved in early May 2001. Ministerial Departments have also finalized arrangements for the rounding and conversion of historical data. Portugal has legislated to provide rules to observe during the dual currency period. The 2nd Transitional Plan covering Public Finances Management and the euro is the definitive changeover plan covering local authority finances, and covers schedules of issues being addressed by the Finance Ministry, matters outstanding and proposals for their resolution. Portugal has legislated to make dual display of price in euros and escudos (with exceptions) compulsory and to stipulate that banks must accept both currencies as legal currency for the period starting on 1 January 2002 and concluding on 28 February 2002. Notice No 2/2001 of 7 February 2001 noting the approach of the 1st January 2002 and the introduction into circulation of euro cash, this notice encourages the use of cheques denominated in euro, and restricts some aspects of the use of cheques denominated in escudos.
	Public procurement: Public Sector procurement will switch to euro from December 2001.
	Main utilities: Portuguese utilities started switching utility bills to euro from October 2001.
	Civil Servants Salaries: by February 2001 60% of salaries were already expressed in euro.

ECSR

General Public

	76 per cent felt that the introduction of the euro went well or fairly well.
	61 per cent felt that the changeover to the euro went without any difficulties or with some temporary difficulties for them personally and 77 per cent for everyone.
	63 per cent said that they found it easy to remember prices in euro, 63 per cent compare prices in euro and 70 per cent to understand bills in euro.
	60 per cent thought that dual pricing of goods was essential or fairly useful.
	For dual pricing in shops:

	18 per cent thought that prices when converted to euro had either not been rounded or had been rounded down.
	When asked which organisations had helped the most.
	52 per cent thought the media
	30 per cent thought shops and other retailers
	26 per cent thought the banks
	4 per cent thought consumer or other representative groups
	52 per cent thought family and friends

Information Activities

In Portugal, two main information campaigns took place. One of them promoted by the Euro National Commission (ECN) and the other by the Portuguese Central Bank.

The ECN campaign "Lets do business in the euro", provided information and awareness tools to push corporations to adopt the euro in business to business relations. Scheduled activities include 450 seminars, visits to 20,000 shops, 300 hours of non-stop session followed by Q&A sessions, entailing 1,000 man-hours. Activities were coordinated with trade associations, and the initiative included preparations for the distribution of 200,000 information kits.

A mailshot with information on the euro (such as images of the notes & coins, key dates, the length of the dual circulation period, and countries adopting the euro), sent by ECN to 4.2 million households. It also stated that the physical introduction of the euro will not necessarily raise the prices of goods and services.

The second phase of the Portuguese National Bank information campaign Euro a NOSSA moeda (euro our new money), from September to December 2001 giving more detailed information about the euro. This phase included two new TV adverts (one covering the use of cheques in euro, and the other on conversion of pensions to euro), posters were displayed on billboards and public transport vehicles, and conversion tables were also be distributed.

A programme designed to train key "training instructors" within the public sector was also been completed.

A "Euro Municipios" initiative was launched by the National Euro Committee in partnership with one of the major Portuguese banks which established euro trainers covering 85% of local authorities.

Other Links and Sources

European Commission:
www.europa.eu.int/index_en.htm (all EU languages for most documents)

European Central Bank:
www.ecb.int (All EU languages for most documents)

Foreign and Commonwealth Office, Embassy site:
http://www.uk-embassy.pt

For information for travellers, including business travellers, click here to see the joint FCO/HMT/DTI Government leaflet "Euro notes and coins and how they will affect you" on this site.

Sources:

ECSR European Commission Second Report: 10 October 2001
Second report on the preparations for the introduction of euro notes and coins
EB Eurobarometer survey E121 January 2002
http://europa.eu.int/euro/html/dossiers/00716/00716-en.pdf
HICP. Harmonised Indices of Consumer Prices. Eurostat February 2002.
http://europa.eu.int/comm/eurostat/
EB Special Eurobarometer 171- May 2002 http://europa.eu.int/comm/public_opinion/archives/eb/ebs_171_tables_en.pdf