Skip to main content
Economy and Finance

Portugal and the euro

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


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.