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1487
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dbpedia
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0
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https://kids.britannica.com/students/article/Bo-Diddley/606638
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en
|
Bo Diddley
|
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(1928–2008). The American singer, songwriter, and guitarist Bo Diddley was an influential performer during the early years of rock music. He created a…
|
en
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/resources/icons/favicons/bkids/bkids-favicon-57c.png
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Britannica Kids
|
https://kids.britannica.com/students/article/Bo-Diddley/606638
|
(1928–2008). The American singer, songwriter, and guitarist Bo Diddley was an influential performer during the early years of rock music. He created a beat—chink-a-chink-chink, ca-chink-chink—that became one of the most widely imitated rhythms in rock. This signature sound has been called the Bo Diddley beat.
Diddley was born Ellas Bates on December 30, 1928, in McComb, Mississippi. He was raised mostly in Chicago, Illinois, by his adoptive family, from whom he took the surname McDaniel. He studied violin but switched to guitar after hearing the music of blues master John Lee Hooker. After playing for several years in Chicago, in 1955 he signed with Checker, a subsidiary of the legendary blues record label Chess. He recorded for Chess as Bo Diddley—a name most likely derived from the diddley bow, a one-stringed African guitar popular in the Mississippi Delta region.
The sound that became known as the Bo Diddley beat was a variation of the hambone, a beat with African origins that had surfaced in some big-band rhythm-and-blues songs of the 1940s. Diddley made his version of this beat into an irresistible rock rhythm. Johnny Otis’s “Willie and the Hand Jive” (1958), the Strangeloves’ “I Want Candy” (1965), and the Rolling Stones’ version of Buddy Holly’s Diddley-influenced “Not Fade Away” (1964) are just a few of the many songs that borrowed the beat. For all his influence, however, Diddley hit the pop charts just five times and the Top 20 only once (even though his 1955 debut single, “Bo Diddley,” backed with “I’m a Man,” was number one on the rhythm-and-blues charts).
The lyrics to Diddley’s songs were filled with African American street talk, bluesy imagery, and raunchy humor. He used tremolo, fuzz, and feedback effects to create a unique guitar sound. During his stage shows, he often dressed in a huge black Stetson hat and loud shirts, no doubt influencing the dress of the Rolling Stones and other British Invasion groups. The odd-shaped guitars that he played added to his arresting look.
In the 1960s Diddley recorded everything from surf music to straight-ahead blues. His last big hit was the song “You Can’t Judge a Book by the Cover” (1962), although the British Invasion reinvigorated his music long enough for a minor 1967 hit, “Ooh Baby.” Diddley toured only sporadically after the 1970s, appeared in a few movies, and made occasional albums. He was inducted into the Rock and Roll Hall of Fame in 1987. Diddley died on June 2, 2008, in Archer, Florida.
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1487
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dbpedia
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3
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https://www.udiscovermusic.com/stories/the-beatles-singles/
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en
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The Beatles’ Singles: 22 Songs That Changed The World
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[] |
[
""
] | null |
[
"Paul McGuinness"
] |
2022-11-25T05:21:19+00:00
|
The Beatles may have ushered in the album era of music, but their singles were no less influential on the course of pop music. Here’s why…
|
en
|
uDiscover Music
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https://www.udiscovermusic.com/stories/the-beatles-singles/
|
When we look back at The Beatles’ career, it’s only natural that we trace their progress through the groundbreaking albums they made between 1963 and 1969. But that only tells part of the story. The Beatles may have helped shift the focus from singles to long-playing albums, but at the start of their career they were, first and foremost, a band that made phenomenal singles, many of which didn’t actually appear on their albums. With pop music still primarily a singles market in the mid-60s, The Beatles’ singles, then, offer something of a parallel discography: a different lens through which to trace their artistic trajectory.
1962: ‘Love Me Do’
The group had actually recorded a single even before signing with Parlophone. Credited as The Beat Brothers, John, Paul, George and Pete Best backed the English singer Tony Sheridan on a rocked-up version of “My Bonnie Lies Over The Ocean,” which was released on Polydor in West Germany. It was a customer’s request for that recording that led to Liverpool record-shop owner Brian Epstein tracking down and eventually managing The Beatles.
Once Brian had secured them a short contract with George Martin’s Parlophone Records, a subsidiary of EMI, the producer began looking into which songs to include on their first single. “I picked up on “Love Me Do” mainly because of the harmonica sound,” Martin later recalled. And so it was that the first Beatles single, “Love Me Do”/“PS I Love You,” was issued in the U.K. on October 5, 1962, and entered the U.K. singles charts. After a few weeks of going up, then down, then back up and down again, it finally peaked at No.17 in the last week of 1962. They were off and running.
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1963: ‘Please Please Me’, ‘From Me To You’, ‘She Loves You’, ‘I Want To Hold Your Hand’
For the follow-up, Martin decided to play it safe and get the boys to record a song that he knew would be a hit – “How Do You Do It?,” by songwriter Mitch Murray. The only snag was, The Beatles didn’t like it. But, being good Beatles, they took the song away and rehearsed it, before returning to EMI Studios to give it a go. Martin was not unsympathetic to their renewed protests, and asked them what they had of their own that could compete. It was at this point that they played him “Please Please Me,” a song composed by John at his Aunt Mimi’s house in Liverpool, in the summer of 1962. Originally a slow-rocker in the style of Roy Orbison’s “Only The Lonely,” they sped the song up on Martin’s advice, and set to work recording it. “They played me ‘Please Please Me’ but it was very slow and rather dreary,” Martin recalled. “I told them if they doubled the speed it might be interesting.”
The single was recorded on November 26, 1962, and, towards the end of the session, Martin told the boys: “You’ve just made your first No.1.” Released on January 11, 1963, “Please Please Me”/“Ask Me Why” topped both the NME and Melody Maker charts, but stalled at No.2 on the Record Retailer chart – the one that would later become the U.K.’s official listing.
“Please Please Me” was the first of four astonishing singles the group released in 1963, with the next three all topping the U.K. charts. First off was “From Me To You,” which John and Paul wrote while touring the U.K. on a bill with Helen Shapiro. By now, the band was almost continually on the road, driving the length and breadth of the United Kingdom in their cramped van, often playing two or more shows a day, as well as recording TV and radio appearances. Living out of suitcases, John and Paul would have no option but to write on the move.
For their fourth Parlophone single, Paul McCartney remembered a songwriting session in their hotel room in Newcastle: “We must have had a few hours before the show, so we said, ‘Oh, great! Let’s have a ciggie and write a song!’” “She Loves You” broke all records and became the biggest-selling single of the 60s in the U.K.; its catchy “Yeah! Yeah! Yeah!” chorus became a universal refrain. In mere months, The Beatles had gone from provincial upstarts to national treasures – though not everybody loved the song. Paul recalled how they finished it at his family home on Forthlin Road, Liverpool, before proudly taking it into the living room to play to his dad. “He said, ‘That’s very nice, son, but there’s enough of these Americanisms around. Couldn’t you sing ‘She loves you. Yes! Yes! Yes!’?”
By now, George Martin was becoming increasingly frustrated with EMI’s Capitol Records in the U.S., who steadfastly refused to release The Beatles’ singles stateside. But their next offering proved too tempting even for Capitol. It seemed as though there was no doubt by now that “I Want To Hold Your Hand” would be another No.1 – The Beatles’ fourth of the year, depending on which charts you read. But more than just another sonic smash for Liverpool’s finest, “I Want To Hold Your Hand” would be the single that broke them across the Atlantic – and, subsequently, around the globe.
1964: ‘Can’t Buy Me Love’, ‘A Hard Day’s Night’, ‘I Feel Fine’
The Beatles began 1964 in fine fettle. Whereas 12 months earlier, they had been fighting to get a Lennon/McCartney composition released as an A-side, 1964 found them writing hit records seemingly to order. With their whirlwind first visit to the U.S. having been perhaps the greatest success in show-business history, the group returned to the U.K. to begin work on their first feature film for United Artists. The first single to be taken from the movie was “Can’t Buy Me Love,” written by Paul at the Olympia Theatre in Paris, and recorded at the city’s Pathé Marconi Studios, making it the only Beatles single recorded outside of London.
With a number of working titles, the work-in-progress movie finally found its identity when John wrote “A Hard Day’s Night,” a song based on a comment from Ringo. “I was going home in the car and Dick Lester suggested the title from something Ringo had said,” John later explained. “I had used it in In His Own Write, but it was an off-the-cuff remark by Ringo, one of those malapropisms – a Ringoism – said not to be funny, just said. So Dick Lester said, ‘We are going to use that title,’ and the next morning I brought in the song.” “A Hard Day’s Night” was their next release. Needless to say, both the movie’s singles topped the charts.
However, the idea of lifting their singles from albums went against The Beatles’ belief that this was taking unfair advantage of their fans. Aside from their two movie soundtracks, where the singles and album were a part of the deal, The Beatles preferred that their singles be standalone cuts. And so it was with their final single of 1964.
“I Feel Fine” is notable for being the first Beatles single to feature the sort of sonic innovation that would become their trademark over the coming years, as they spent more time playing around with sounds in the studio. The single opens with a burst of feedback – believed to be the first deliberate use of feedback on a pop single. As George Harrison explained in Anthology, “John got a bit of feedback unintentionally and liked the sound and thought that it would be good at the start of the song. From then on he started to hold the guitar to create the feedback for every take that we recorded.”
1965: ‘Ticket To Ride’, ‘Help!’, ‘We Can Work It Out’/‘Day Tripper’
Much as with the previous year, The Beatles kicked off 1965 as actors. Filming on their second movie, Help!, began in the Bahamas in February. Though the film wasn’t released until the summer, the first single from its accompanying soundtrack appeared in April 1965, and, with it, a new period in Beatles singles was born.
“Ticket To Ride” was in so many ways an artistic advance from their output of even just a few months prior. As Ian MacDonald put it in his book Revolution In The Head, “As sheer sound, ‘Ticket To Ride’ is extraordinary for its time – massive with chiming electric guitars, weighty rhythm, and rumbling floor tom-toms.” John Lennon described it as “one of the earliest heavy metal records”.
With the movie came the soundtrack album and title song. But while the film was a madcap comedy in which The Beatles whizz around the world to increasingly exotic locations (for no real reason other than the four of them fancied going there), the title song hid in plain sight the mounting pressures of being a Beatle – especially on John Lennon: “I didn’t realize it at the time – I just wrote the song because I was commissioned to write it for the movie – but later I knew, really I was crying out for help. ‘Help!’ was about me.”
Its B-side, the Little Richard-inspired “I’m Down,” would be the last time the group would look backwards on a single until consciously doing so in 1969. From here on, everything they put out would signal another advance, beginning with their first double-A-sided single, the remarkable “We Can Work It Out”/“Day Tripper.”
Paul had written”‘We Can Work It Out” as a “more uptempo thing, country and western”. But the band all contributed to its evolution, with John helping on the “Life is very short” middle eight (John: “You’ve got Paul writing ‘We can work it out’, real optimistic; and me, impatient: ‘Life is very short and there’s no time for fussing…’”), and George suggesting the waltz-time section.
For John’s “Day Tripper,” Paul’s driving bass guitar underpins a great R&B track, his simple rhythmic playing on the middle eight serving to build that passage to a frenzied climax. The combination of the two gave the group their third No.1 hit of a year that also featured two albums, a full-color movie, a US tour that included a record-breaking concert at New York’s Shea Stadium, and the MBE, awarded by the Queen.
1966: ‘Paperback Writer’, ‘Eleanor Rigby’
By comparison, 1966 might on the surface seem something of a quieter year. Just the one new album, Revolver, no movies, and only two singles – one of which having uncharacteristically been lifted from an album. However, where they may have reduced the quantity, they ramped the quality up to hitherto unimagined levels.
Spending much of April to June at EMI recording their revolutionary new album, The Beatles’ first single of the year was breathtaking, both in its vitality and innovation. The A-side, “Paperback Writer,” was a song Paul had begun while driving out to John’s house in Surrey. “Because I had a long drive to get there, I would often start thinking away and writing on my way out, and I developed the whole idea in the car. I came in, had my bowl of cornflakes, and said, ‘How’s about if we write a letter: “Dear Sir or Madam,” next line, next paragraph, etc?’ I wrote it all out and John said, ‘Yeah, that’s good.’ It just flowed.”
“Paperback Writer” featured layers of harmony vocals and a stinging electric guitar from George. On the flipside was John’s “Rain,” which became the first Beatles record to use backwards music, and was also notable for its brilliant rhythm section, in the shape of Ringo’s drums and Paul’s bass. Released on June 10, 1966, the single soundtracked a baking-hot British summer that saw the England football team win the World Cup at Wembley, and the streets of London throb with hip young people, as swinging London’s Carnaby Street and King’s Road boutiques fitted the dedicated followers of fashion with the latest fab gear.
For The Beatles, however, that summer was a very different scene, as they courted controversy on their world tour. They landed first in Japan, where locals protested their performance at Tokyo’s Budokan, a venue previously only used for sacred traditional martial arts. Things boiled over in the Philippines, as a perceived snub on President Marcos and his wife saw them pleased to escape the country with their lives. And in the wake of John Lennon’s comments about how The Beatles were becoming more popular than Jesus Christ, their tour of the United States was marred by protests again his supposed blasphemy.
The band returned to England on August 31, determined never to tour again, and promptly all took a well-earned few months off.
With the demand for a Christmas single and the new album growing, but with no new product on the horizon, Brian Epstein and George Martin made the decision to release the Revolver album and, on the same day, a single with two tracks – “Eleanor Rigby” and “Yellow Submarine” – lifted from it, despite the group’s hesitance to make fans pay twice for the same song. That Christmas saw the release of A Collection Of Beatles Oldies (But Goldies!), a compilation of singles, B-sides, and album cuts. Had The Beatles finally run out of ideas?
1967: ‘Strawberry Fields Forever’/‘Penny Lane’, ‘All You Need Is Love’, ‘Hello, Goodbye’
In December 1966, they regrouped at EMI to begin work on their next project. Initial ideas included making a concept album about their childhood, and the first songs they recorded reflected that. First up was “Strawberry Fields Forever.” John had begun writing the song during breaks from filming How I Won The War, in Almeria, Spain. The title referred to Strawberry Field, a Salvation Army children’s home close to John’s childhood home with his Aunt Mimi in the leafy Liverpool suburb of Woolton, where John would play while growing up, and which became an escape as a teenager.
Two versions of the song were recorded, one with orchestration from George Martin, the other a heavier and faster version with the full band. Unable to choose between the two, John asked Martin to create a third version by splicing the two together. This “cut-and-shut” was achieved as much by luck, as the two versions were in different pitches and speeds. By chance, slowing one down matched the pitches perfectly.
Paul’s foil to this was “Penny Lane,” written about a district of Liverpool that he would pass through on his way into the city center. The song perfectly evokes life under the blue suburban skies, with its fireman, barber, and “four of fish and finger pie” behind the bus stop in the middle of the roundabout. Layering pianos one on top of the other, Paul created a bright piece of pop on top of which he wanted to add a “tremendously high trumpet” that he’d heard on the TV. George Martin hired the same player, David Mason, to play a piccolo trumpet part that stretched even perhaps the country’s finest trumpeter to the limit.
With recording taking so much longer now, and the group in no apparent hurry to deliver a finished album, demand for new Beatles product became so great that Epstein and Martin opted to release “Strawberry Fields Forever” and “Penny Lane” as a double-A-side in February 1967. Still considered by many critics to be one of the finest 7” singles ever released, it seems impossible now to think that this was The Beatles’ first single not to top the charts since “Love Me Do,” being kept from the top spot by Englebert Humperdinck’s “Release Me.” The Beatles were philosophical about this, however, with Paul remarking, “It’s fine if you’re kept from being No.1 by a record like ‘Release Me,’ because you’re not trying to do the same kind of thing. That’s a completely different scene altogether.”
With their attention now firmly on completing Sgt Pepper’s Lonely Hearts Club Band, it began to look as though the group was shifting their focus from the singles market to albums. And yet, no sooner had they finished Sgt Pepper than they were back in the studio, working on yet another hit single written to order.
Brian Epstein had been approached to invite The Beatles to represent Britain on Our World, the world’s first live, international satellite-television broadcast. John wrote “All You Need Is Love” for the occasion. As George Harrison explained in Anthology, “Because of the mood of the time, it seemed to be a great idea to perform that song while everybody else was showing knitting in Canada or Irish clog dances in Venezuela.”
“All You Need Is Love” became the anthem for what would go down in history as the Summer Of Love, and the single was backed with a tasty tune called “Baby, You’re A Rich Man,” boasting the Flower Power refrain, “How does it feel to be one of the beautiful people?”
But the group wasn’t done for the year. Following the accidental death of manager Brian Epstein in August, they embarked on their latest project, a self-made movie for TV, called Magical Mystery Tour. While these days, most people consider the Magical Mystery Tour album to be part of The Beatles’ catalog, it was originally only ever released as an album in the U.S.; in the U.K. it was released as a beautifully packaged gatefold double-EP. But before that came “Hello, Goodbye”/“I Am The Walrus” – another No.1 hit, which featured one of the greatest B-sides in history, as Lennon’s Lewis Carroll-inspired masterpiece featured all kinds of psychedelic sound effects, random radio sounds, backwards music and surreal lyrics. His ideas, it seemed, just wouldn’t stop flowing.
1968: ‘Lady Madonna’, ‘Hey Jude’
For John, Paul, George, and Ringo, 1968 would be dominated by two major events. Firstly, from mid-February, the four bandmates, plus wives and girlfriends, as well as other friends, journeyed to Rishikesh, India, to study Transcendental Meditation under Maharishi Mahesh Yogi. Though Ringo and then Paul left within around a month, John and George remained at the Maharishi’s Ashram until mid-April.
The second major Beatles event of 1968 was recording “The White Album”, which consisted of many songs written in India. Recording started on the sprawling double-album in May and took up most of their time until its completion in October.
Despite these two events spanning three quarters of the year, The Beatles still managed to find time to record two more No.1 singles. The first of these was released while the group was in India, in order to maintain a public profile. Written by Paul on the piano, ‘Lady Madonna’ was inspired by Fats Domino – hence the distinctly New Orleans flavor to the song. The B-side, however, traced its origins to the other side of the world, in India. “The Inner Light” marked the first time a George Harrison song was included on a Beatles 7” in the U.K. and featured no Beatles on the instrumental backing, which was created by Indian musicians under Harrison’s supervision.
The group’s next single would be one of their biggest-selling and one of their most enduring. It would also be the first release on their newly established Apple record label. Written again by Paul, this time after visiting John’s estranged first wife, Cynthia, and their son, Julian, “Hey Jude” began life as “Hey Jules.” At over seven minutes long, it was an unusual choice for a single, and yet its nine-week run at the top of the US charts was the longest of any Beatles single.
The song’s famous singalong ending had its first outing in the unlikely venue of a pub in a Bedfordshire village called Harrold, chosen simply because Paul and some friends liked the name. As publicist Derek Taylor recalled, “In the pub, Paul got to a piano and a sing-song was started – he’d always been good at that sort of thing – and he said, ‘Well, here’s a new one,’ and he played ‘Hey Jude’. Taught them how it went: ‘Na, na, na, na, na, na, naa…’ so they were all at it! That was the premiere of ‘Hey Jude’. It was an unbelievably wonderful night. We didn’t leave there until dawn was coming up.”
“Hey Jude” was backed by a ferocious rocker from John, which reflected the social upheaval in the air. 1968 was a year of riots on the streets of Paris, Chicago, London and other cities, as civil-rights issues and increasing opposition to the war in Vietnam brought tensions around the world to a head. John’s “Revolution” called for change, while at the same time leaving the Beatle on the fence when it came to his involvement. On the single version he sings, “When you talk about destruction/Don’t you know that you can count me out,” but on other versions he’s more ambiguous, changing the lyric to “… count me out/in”.
The filming of a promo clip for each side of this latest single saw The Beatles performing in front of an audience for the first time in two years. Their enjoyment of interacting with a roomful of people would inspire their next project.
1969: ‘Get Back’, ‘The Ballad Of John & Yoko’, ‘Something’
Having spent much of 1968 in the studio, The Beatles entered 1969 with another No.1 album to their name; but their work rate showed no signs of stopping, and the group reconvened on January 2 to begin a new project. The idea was to film The Beatles preparing new songs to be performed at an unspecified venue, with the result being issued as an album. The group began filming rehearsals – known as the “Get Back” sessions – at Twickenham Film Studios, before moving to their own Apple Studios, recently built in the basement of their Savile Row office building, where they staged the famous rooftop concert.
While the sessions have gone down in Beatles-lore as their darkest hour, much of the footage from Savile Row shows the band enjoying playing together, working on songs that would eventually form the Let It Be album. After the rooftop performance, however, the sessions wrapped without a full project having taken shape, though the single “Get Back”/“Don’t Let Me Down” was released in April. Joining the four of them at Savile Row was an old friend, the American keyboardist Billy Preston. Such was his contribution that the single was credited to “The Beatles with Billy Preston” – the only time the group credited an outside artist on a single.
“Get Back” was still at the top of the charts when The Beatles issued a follow-up. Unusually, only two of the group appeared on “The Ballad Of John & Yoko.” The song told the story of the titular couple’s whirlwind wedding and honeymoon, and Lennon was keen to get it recorded and released as quickly as possible. “John and Yoko came round to see me,” Paul remembered. “And John said, ‘I’ve got this song about me and Yoko, and I’m hot to record it. I’d like to ring up the studio, get some time and we could do it right now. You could play bass and you could play drums,’” which is exactly what happened.
If The Beatles were getting towards the end of their time working together, it didn’t seem to be denting their productivity. With the bulk of one album and a film already in the can, they began work in earnest on their third album within 12 months that summer (though the first session for what became Abbey Road dated back to February 1969). With that album having been issued in September, the release of “Something”/“Come Together” as a single in October proved the only time in their lifespan as a group that The Beatles put out a single of tracks in the U.K. that were already available.
1970: ‘Let It Be’
By now, the group’s energy and enthusiasm was waning. With each band member moving in a different direction, the final session for Abbey Road, in August 1969, had marked the last time the four Beatles would ever work together. No more recording took place at all in 1969, but on January 3, 1970, Paul, George, and Ringo returned once more to Abbey Road, where they spent two days working on songs for the revived “Get Back” project. Their last recording session together involved overdubs on what would become their next single, “Let It Be.” Paul’s gospel-tinged ballad had first surfaced during a break in recording “While My Guitar Gently Weeps”, in September 1968.
And that was it. In April 1970, in a “self-interview” press release accompanying advance copies of his first solo album McCartney, Paul announced a break from The Beatles. Replying to the question of whether it was “temporary or permanent”, he said, “I don’t know.” Nevertheless, news media around the world reported The Beatles had split up. Rumors persisted for years to come of a reunion, all of which were silenced by the murder of John Lennon in December 1980. And yet…
The 90s: ‘Free As A Bird’, ‘Real Love’
Fast-forward a quarter of a century. Since before their split, long-term associate Neil Aspinall had been charged with the task of acquiring rights to footage of the group, as they sought to tell their own story in a documentary style. But it wasn’t until the mid-90s that the project, by now expanded to a multi-part series entitled Anthology, saw the surviving Beatles reunited – and not just to recount their history.
After Paul had been given a cassette of some of John’s unfinished home demos by Yoko Ono, he, George, and Ringo returned to the studio to finish them off. The result was two new Beatles recordings – the first in 25 years. First came “Free As A Bird,” released for Christmas 1995, and then “Real Love.” The Beatles always had impeccable timing, and so it was that these new recordings emerged just as Britain was enjoying its most vibrant music scene for decades. Dubbed “Britpop”, the music created by bands like Blur, Pulp, and avowed Beatles fanatics Oasis had journalists recalling the glory years of the 60s, when The Beatles and their string of hit singles had first made Britain No.1 in the world for pop music…
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The Beatles: every song ranked in order of greatness
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2023-11-02T14:00:30+00:00
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As The Beatles release 'Now And Then', billed as their "final" song, we dig through one of music's greatest catalogue for their best song
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en
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NME
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https://www.nme.com/features/the-beatles-every-song-ranked-3121214
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First published in 2021
If you ever doubt that The Beatles were the greatest band that ever existed, try ranking their songs. Out of 185 self-penned tunes they released commercially during their initial seven-year run – so not including covers, fan club releases, alternative versions – you’ll list well over a hundred tracks before you get to anything you wouldn’t call sublime, and hit 150 or so before anything verging on average appears. Of their entire catalogue, only six or seven songs could be classed as ‘shonky’, and most of those have still got something historic going for them.
Among them you’ll find songs which caused seismic shifts in pop, psychedelia and rock and the formative roots of punk, metal and electronica, amongst a panoply of other styles they pioneered and popularised in such a short time. It’s a feat unmatched by any act before or since.
As the band release ‘Now And Then’, their “final” song and salvaged with the use of AI, let’s pile back in to the most magical mystery tour pop music has ever known, with each track ranked in order of greatness.
Read more – Inside ‘Now And Then’: With a little help from AI, The Beatles live again
188
‘Wild Honey Pie’ (‘The Beatles’, 1968)
An experimental ‘White Album’ interlude recorded entirely by Paul, ‘Wild Honey Pie’ had a mild element of redneck Grieg menace, but little else to it.
187
‘Dig It’ (‘Let It Be’, 1970)
50 seconds of a far longer studio jam, during which Lennon makes random references to the FBI, the CIA, the BBC, BB King, Doris Day and Matt Busby over a pretty dreary rock’n’roll dirge, ‘Dig It’ only really existed to exemplify the fact that The Beatles cut loose a lot during the ‘Let It Be’ sessions. Now we’ve got seven-plus hours of Get Back, it’s rendered superfluous.
186
‘You Know My Name (Look Up The Number)’ (B-side of ‘Let It Be’, 1970)
“Good evening and welcome to Slaggers…” The Beatles spend an inordinate amount of studio time trying to perfect this frankly silly combo of blues rock, lounge samba, music hall clowning and a bit sung by Crazy Frog’s jazz Granddad. Don’t do drugs, kids.
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185
‘Why Don’t We Do It In The Road?’ (‘The Beatles’, 1968)
Even before Google Street View, Paul’s uber-horny blues squeal about dogging like a champion was at best inadvisable and at worst just plain creepy. Everyone will definitely be watching you, so stop. Think. Don’t do it in the road.
184
‘Revolution 9’ (‘The Beatles’, 1968)
Of interest as an avant-garde curio exemplifying the fact that The Beatles had entirely dismissed all sonic boundaries by the ‘White Album’, John and Yoko’s epic sound collage of radio interference, studio chatter and orchestral samples is more notable and influential than it’s often given credit for. But you wouldn’t bung it on repeat.
183
‘Flying’ (‘Magical Mystery Tour’, 1967)
An incidental instrumental to accompany a psychedelic segment of Magical Mystery Tour, ‘Flying’ was little more than 12-bar rock’n’roll played, very stoned, on an organ for two minutes. Some distance from a Welsh male voice choir.
182
‘Only A Northern Song’ (‘Yellow Submarine’, 1969)
Designed as a piss-taking dig at Northern Songs, the Beatles’ publishing company, which George felt rewarded him pitifully for his songwriting efforts, ‘Only A Northern Song’ is intended to sound weird, wonky and half-baked, even as Harrison came into his own as a songsmith.
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181
‘Ask Me Why’ (‘Please Please Me’, 1963)
A formulaic shake shack ballad of little note other than the sneaking suspicion that Morrissey took his entire vocal style from Lennon’s end-of-chorus flicks.
180
‘Little Child’ (‘With The Beatles’, 1963)
By-numbers Merseybeat that was one of the few unmemorable originals Lennon and McCartney ever penned.
179
‘Blue Jay Way’ (‘Magical Mystery Tour’, 1967)
Written by George while waiting for houseguests to arrive at the place he was staying on the titular Hollywood Hills street in 1967. They presumably arrived just after he’d perfected the ominous psychedelic organ mood but before he’d really gotten his teeth into the chorus.
178
‘Not A Second Time’ (‘With The Beatles’, 1963)
A song desperately in search of a hookline, ‘Not A Second Time’ finds John’s voice flapping wildly around the verses as if desperate to find somewhere solid to land.
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177
‘Her Majesty’ (‘Abbey Road’, 1969)
A lightweight folk frippery that sounds particularly throwaway when tacked on the end of ‘Abbey Road’’s monumental side two medley as a secret final track.
176
‘Run For Your Life’ (‘Rubber Soul’, 1965)
As The Beatles shifted away from love songs, John contributed this out-and-out hate song to ‘Rubber Soul’ – a nifty country rocker and arguably the proto-‘Last Train To Clarkesville’, but notorious as The Beatles’ most problematic track. John would claim to regret having written it, calling it his least favourite Beatles song.
175
‘Free As A Bird’ (single, 1995)
The first of two songs released by the reunited Beatles for the ‘Anthology’ project was the most disappointing of the pair. Built around a very lo-fi and muffled mono demo of a song recorded by Lennon in 1977, gifted to the band by Yoko Ono when they decided they wanted to create something new and produced by ELO’s Jeff Lynne, the Wilbury-esque finished song sounded very Beatles-by-numbers, only with the lead singer recording his part halfway to Narnia.
174
‘Don’t Bother Me’ (‘With The Beatles’, 1963)
“I don’t think it’s a particularly good song,” George said of his debut Beatles writing credit, “it mightn’t even be a song at all.” Actually, it’s a pretty nifty homage to the surf rock craze of the time. And definitely a song.
173
‘For You Blue’ (‘Let It Be’, 1970)
Standard, formulaic slide guitar blues given a sweetness and light by George’s weightless vocals and exclamation, “Elmore James got nothing on this!”
172
‘What Goes On’ (‘Rubber Soul’, 1965)
Honky-tonk pastiche written by John in 1959 and passed over for several albums before landing half-heartedly on ‘Rubber Soul’. You can actually hear the band lose interest midway through.
171
‘Thank You Girl’ (B-side to ‘From Me To You’, 1964)
Recorded by John with a heavy cold, it’s perhaps understandable that this thank you letter to their fans – a “hack song”, according to McCartney – sounds muddy and under-developed. On this evidence you’d assume EMI Studios doubled as a bomb shelter.
170
‘One After 909’ (‘Let It Be’, 1970)
Plucked from the catalogue of early Lennon/McCartney compositions when the band were short on material for ‘Let It Be’, Paul’s locomotive skiffle knockabout had a retro charm but never really escaped the formula.
169
‘I Me Mine’ (‘Let It Be’, 1970)
A lovely choral waltz ballad from George, totally ruined by nobody bothering to write a proper chorus and just bawling the title over some 12-bar sleaze rock riffing instead.
168
‘I’ll Cry Instead’ (‘A Hard Day’s Night’, 1964)
Bitterness, heartbreak and romantic revenge; Lennon’s dark side was on show even on the skiffly, tucked-away tracks of the Beatlemania era.
167
‘Yer Blues’ (‘The Beatles’, 1968)
Passionate, characterful and a raw exorcism of John’s harrowed late-‘60s mindset, certainly. But The Beatles were way past by-numbers blues rock by ‘68 and ‘Yer Blues’ stood out as an unimaginative throwback on the ‘White Album’.
166
‘When I Get Home’ (‘A Hard Day’s Night’, 1964)
Formulaic Beatlemania fare in which John gets excited at the prospect of telling his wife about all the screaming girls, drugs and parties on tour. Bet she was thrilled.
165
‘Being For The Benefit Of Mr Kite!’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
For some, John’s cabaret pastiche is the very essence of ‘Sgt. Pepper…’, capturing the sepia carnival vibe in its circus poster lyrics and carousel interlude. To these ears, though, it’s club-footed, corny and unnecessary.
164
‘I’ll Get You’ (B-side to ‘She Loves You’, 1963)
John’s songwriting sparkles on the B-side of their first single, yet lacks the confidence of more head-waggling numbers of the era.
163
‘This Boy’ (B-side to ‘All My Loving’)
Faithful homage to the harmony groups of the ‘50s and early ‘60s, and a rare example of a Beatles song that could be mistaken for that of any other band.
162
‘Real Love’ (single, 1996)
Graced with the same somewhat tragic tone as ‘Free As A Bird’, thanks to the woeful fidelity of John’s original demo at its core, ‘Real Love’ nonetheless had far more of a melodic lilt to it, bringing a mild sense of fresh Beatles magic to the ‘Anthology’.
161
‘I’m Down’ (B-side to ‘Help!’)
Nifty Little Richard-style rock’n’roller that doesn’t sound all that “down” at all.
160
‘Love Me Do’ (single, 1962)
Legendary and all that, being the debut single, but let’s face it: a bit of a plodder.
159
‘Hold Me Tight’ (‘With The Beatles’, 1963)
Even when rehashing some pretty standard rock’n’roll chord progressions and melodic structures on a song that McCartney himself would call “filler”, The Beatles exuded a fundamental magic that set them apart from the Merseybeat horde.
158
‘There’s a Place’ (‘Please Please Me’, 1963)
Early signs of spiritual and philosophical musings from John as he tries his hand at Motown.
157
‘She’s A Woman’ (B-side to ‘I Feel Fine’)
Basic, bluesy rock’n’roller notable for some pretty savage guitar work and McCartney clearly working his way up to the sort of full-throated blues bawls he’d let loose once the ‘60s were ready for them.
156
‘Misery’ (‘Please Please Me’, 1963)
The exuberance of being in a studio recording ‘Please Please Me’ made this shameless homage to the ‘50s crooners sound like the cheeriest song about existential despair ever recorded. No bad thing.
155
‘I Call Your Name’ (‘Long Tall Sally EP’, 1964)
A pre-Beatles Lennon tune originally given to British popper Billy J. Kramer. The Beatles’ version swung harder.
154
‘What You’re Doing’ (‘Beatles For Sale’, 1964)
George’s proto-indie-pop guitar line lifted one of Paul’s less eventful tunes, but not an un-influential one – somewhere in here is the root of The La’s’ ‘There She Goes’.
153
‘Now And Then’ (single, 2023)
Vastly improved AI sound separation technology finally brought Lennon’s 1977 vocal fully back to life for a stately piano-led ballad McCartney dubbed the “final Beatles song”; a deeply touching tribute to John and the band rather than a continuation of their work, lashed with (ironically) Spector-esque strings and lightly brushed with Harrison’s guitar touches (recorded in 1995) and the lustrous band harmonies of old. Quite literally – some were culled from “Here, There & Everywhere”, “Because” and “Eleanor Rigby”. Get a bit squiffy? Us too.
152
‘Octopus’s Garden’ (‘Abbey Road’, 1969)
Seemingly envisioning a future in children’s entertainment as The Beatles fell apart, Ringo’s second-ever writing credit involved oompah larks and underwater adventure (sound familiar?), adorned with George making bubble noises by blowing into a glass of milk through a straw.
151
‘Polythene Pam’ (‘Abbey Road’, 1969)
‘Pinball Wizard’ power chords, nifty solo, broad Scouse accent, low-rent S&M; there was so much going on in John’s throwaway 70-second rocker about a bizarre sexual encounter in Jersey in 1960 (involving beat poet Royston Ellis) that you wish he’d written a chorus for it.
150
‘You Like Me Too Much’ (‘Help!’, 1965)
It’s baffling that The Beatles only really began recognising and appreciating George’s songwriting come ‘The White Album’, since he was displaying solid melodic chops way back on ‘Help!’.
149
‘Maxwell’s Silver Hammer’ (‘Abbey Road’, 1969)
You’ve written some of the finest children’s songs of the century, why the hell shouldn’t you try to make a vaudevillian family singalong from the story of an insane, hammer wielding psychopath? Basically Wes Craven’s ‘When I’m Sixty-Four’.
148
‘Tell Me What You See’ (‘Help!’, 1965)
Sometimes The Beatles’ harmonising could carry an entire song alone, as on this shift towards a more contemplative folk maturity. Includes an entire verse nicked from a religious passage that hung in John’s childhood home.
147
‘The Ballad Of John And Yoko’ (single, 1969)
The sorry tale of John and Yoko’s troubled and press-hounded attempts to wed at short notice in various European locales, delivered as impassioned country lament.
146
‘Sun King’ (‘Abbey Road’, 1969)
The Beatles’ impression of The Beach Boys doing Fleetwood Mac’s ‘Albatross’ (in cod-Spanish) fell between two stools on ‘Abbey Road’; not as plush as ‘Because’ nor as melodically bright as ‘Here Comes The Sun’. Lovely, then, but slight.
145
‘I Need You’ (‘Help!’, 1965)
Gorgeous flamenco strumble from George, finding his songwriting feet on ‘Help!’.
144
‘Ob-La-Di, Ob-La-Da’ (‘The Beatles’, 1968)
Macca Marmite: one either adores the cheery Jamaican lilt of Desmond and Molly’s story and considers it pivotal in attuning British pop culture to ska music or, like Lennon, deems it “more of Paul’s granny music shit”.
143
‘I’m Happy Just To Dance With You’ (‘A Hard Day’s Night’, 1964)
A Lennon/McCartney composition given to George to sing. You likely owe your very existence to this dance hall romance, since it probably gave your Granddad the nerve to chat up your Nanna down the Mecca.
142
‘I’ll Be Back’ (‘A Hard Day’s Night’, 1964)
Flamenco-flecked and downbeat, the closer of ‘A Hard Day’s Night’ – rewritten from Del Shannon’s ‘Runaway’ – was an early sign of The Beatles’ sophisticated tonal ambitions within what were, at the time, strictly regimented ‘60s pop structures.
141
‘The Continuing Story Of Bungalow Bill’ (‘The Beatles’, 1968)
The crackle of boy scout campfire virtually enshrouds this charming tale of bravery and derring-do out on the hunt in the days of empire. Twitter would rip it a new arsehole, mind.
140
‘Lovely Rita’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Of all of Paul’s outlandish character songs, ‘Lovely Rita’, in which our narrator develops affection for a traffic warden, is by far the least believable, but remains charming thanks to some gorgeous band harmonies and nifty work on the paper and comb.
139
‘I Wanna Be Your Man’ (‘With The Beatles’, 1963)
An energised if one-trick jitterbugger written by Paul on a night out with The Rolling Stones in Richmond. It became The Stones’ second single before The Beatles gave it to Ringo to holler on ‘With The Beatles’.
138
‘The Word’ (‘Rubber Soul’, 1965)
The link between ‘Drive My Car’ and ‘Taxman’, ‘The Word’ added a touch of harmonic funk to ‘Rubber Soul’ as Lennon took a stab at a one-note song in homage to ‘Long Tall Sally’.
137
‘Old Brown Shoe’ (B-side of ‘The Ballad Of John And Yoko’, 1969)
George in righteous, piano-thumping boogie-woogie mode. Upstaged its own A-side.
136
‘Piggies’ (‘The Beatles’, 1968)
Tainted in retrospect by Charles Manson’s murderous interpretations, George’s harpsichord satire of the selfish and gluttonous rich, smothered in porcine snorts and grunts, is a stirring but unsettling listen.
135
‘Fixing A Hole’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
The pot-fixated ‘Fixing A Hole’ makes great use of harpsichord (played by both Paul and George Martin) to give a psychedelic lilt to a music hall pastiche on which Paul makes the utmost of a one-note chorus.
134
‘If I Needed Someone’ (‘Rubber Soul’, 1965)
This fine Merseybeat evolution offers early indications of George’s Indian influence and of the psychedelic storm the band would later kick up on ‘Tomorrow Never Knows’.
133
‘I’ve Got A Feeling’ (‘Let It Be’, 1970)
Suitably blustery for a song recorded on a rooftop in January, Paul’s dive into The Band-style bluesy Americana rock is long on feel and passion, short on melodic impact.
132
‘Think For Yourself’ (‘Rubber Soul’, 1965)
Incorporating Motown beats and an open-mindedness gleaned from encounters with Dylan, George’s first major foray out of romantic odes was targeting at society’s regressive and narrow-minded elements, quite possibly in government.
131
‘You Can’t Do That’ (‘A Hard Day’s Night’, 1964)
A tuneful precursor to ‘Run For Your Life’, which also finds John’s jealousy getting the better of him.
130
‘Sgt. Pepper’s Lonely Hearts Club Band (Reprise)’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Rocking up the title track, the reprise rips off the neon military blazers to expose the Hamburg leathers beneath.
129
‘Every Little Thing’ (‘Beatles For Sale’, 1964)
A marriage of the melancholy and upbeat, this was a rare example of John singing a Paul song.
128
‘Wait’ (‘Rubber Soul’, 1965)
The Beatles as pop toreadors. A certain Mediterranean fire creeps into Macca’s plea to Jane Asher to give him at least until the end of tour.
127
‘I Don’t Want To Spoil The Party’ (‘Beatles For Sale’, 1964)
John plays the party-pooping wallflower on this beautifully forlorn skiffle lament and a thematic precursor to ‘How Soon Is Now?’.
126
‘Tell Me Why’ (‘A Hard Day’s Night’, 1964)
An all-barrels harmonic doo-wop assault which Paul, in retrospect, thought might have been a window onto John’s troubled marriage to Cynthia.
125
‘Doctor Robert’ (‘Revolver’, 1966)
Perhaps spurred on by The Rolling Stones’ ‘Mother’s Little Helper’ and Donovan’s ‘Candy Man’, Lennon penned his own tribute to a drug-supplying medic, rumoured to be Dr Robert Freymann, known for supplying B-12 injections liberally laced with amphetamine. They kick in on the blissed-out middle-eight, clearly.
124
‘It’s Only Love’ (‘Help!’, 1965)
One of Lennon’s prettiest early-period tunes (he hated it, natch), built around sumptuous 12-string rhythms and a twee but fan-friendly lyric. Working title: ‘That’s A Nice Hat’.
123
‘The Inner Light’ (B-side of ‘Lady Madonna’, 1968)
Based on a Taoist poem and recorded with Indian musicians in Bombay, The ‘Lady Madonna’ flipside was one of only four Beatles songs with no Beatles playing on it (quiz compilers: the others are ‘Good Night’, ‘She’s Leaving Home’ and ‘Eleanor Rigby’), but magnificently emulated the serenity of the Transcendental Meditation techniques the band were learning from the Maharishi.
122
‘Rocky Raccoon’ (‘The Beatles’, 1968)
Cartoonish Wild West soap opera larks and one of Paul’s better novelty tunes, thanks to a popcorn guzzling plot and George Martin’s honky tonk piano solo tumbling past like a saloon fight.
121
‘Good Night’ (‘The Beatles’, 1968)
As reward for getting all the way through ‘Revolution 9’, Ringo turned up with a full Busby Berkeley orchestra to tuck you in with this sleepyhead lullaby. Night night, Ringo.
120
‘When I’m Sixty Four’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Central, stylistically, to the pre-war cabaret conceit of ‘Sgt. Pepper’s…’, Paul’s cheery/corny bandstand ode to somehow reaching your 60s without murdering your spouse was among the first he ever wrote, aged 16. Now go on, give Nanna a kiss.
119
‘Oh! Darling’ (‘Abbey Road’, 1969)
Updating 1950s US swing for the psychedelic era, McCartney put his all into ‘Oh! Darling’, even coming into the studio early to have one crack at it every day before his voice lost its edge. The song’s part in getting glam underway has gone woefully unrecognised.
118
‘Yellow Submarine’ (‘Revolver’, 1966)
Ringo’s most legendary moment, the quintessential psychedelia ditty and arguably the most overplayed Beatles song of all. You came for the chant-along chorus aged four and stayed until adulthood for the ‘shroom-friendliness and Lennon shouting, “Full speed ahead, Mr Boatswain / Full speed ahead, bop-dibbetty-bip-bop!” Features The Stones’ Brian Jones on ocarina. No shit.
117
‘Don’t Let Me Down’ (‘Let It Be’, 1970)
Louche and languid (read: almost certainly on heroin by now), Lennon’s plea to Yoko flits between the vulnerable, optimistic, lovestruck and desperate. Find yourself someone who “does” you like Yoko “done” John.
116
‘Girl’ (‘Rubber Soul’, 1965)
Melding Greek and German music into a mournful mood piece, Lennon pointed the way to The Beatles’ more sophisticated latter period with ‘Girl’, probably the best song ever to have a chorus that’s mostly just inhaling.
115
‘Dig A Pony’ (‘Let It Be’, 1970)
One of the more inventive and engaging blues numbers the band worked up for ‘Let It Be’, not least because of Lennon’s acid-fried lyrics. Just exactly how one does “a roadhog” or “syndicate[s] any boat you row” remains unspecified.
114
‘Things We Said Today’ (‘A Hard Day’s Night’, 1964)
Idyllic strumbler penned by Paul on a yacht called Happy Days in the Virgin Islands with glamorous new girlfriend Jane Asher. And sounds like it.
113
‘Do You Want To Know A Secret’ (‘Please Please Me’, 1963)
Inspired by a song from Snow White And The Seven Dwarves, which John’s mother used to sing to him as a child, the strength of ‘Do You Want To Know A Secret’ was in its childlike simplicity and coy teen naivety.
112
‘Baby’s In Black’ (‘Beatles For Sale’, 1964)
Hoedown homage so gorgeous it’ll give you an ounce of sympathy for a man trying to pull a hot widow while her husband isn’t yet cold in the ground.
111
‘The Fool On The Hill’ (‘Magical Mystery Tour’, 1967)
Flutes! Recorder solos! Meditation! The budget for the Magical Mystery Tour TV special was severely stretched when Paul allegedly decided the sequence for his wistful portrait of the Maharishi should be filmed in a beach near Nice.
110
‘And I Love Her’ (‘A Hard Day’s Night’, 1964)
Doe-eyed flamenco vibes abound on one of Paul’s early run-ups to ‘Yesterday’.
109
‘Mean Mr. Mustard’ (‘Abbey Road’, 1969)
Blur basically got their entire ‘90s out of John’s engrossing one-minute oompah tune inspired by a newspaper story of a “dirty old” miser – in real life, one John Mustard of Enfield, Middlesex – who hid his money so he wouldn’t be forced to spend it. His level of personal hygiene was unrecorded.
108
‘Altogether Now’ (‘Yellow Submarine’, 1969)
While ‘Yellow Submarine’ and ‘Octopus’s Garden’ were story time classics, ‘Altogether Now’’s nursery-level track easily stands up as The Beatles’ best children’s song.
107
‘Hello, Goodbye’ (single, 1967)
Brisk, bright-eyed and boasting one of the best pre-choruses in pop, ‘Hello, Goodbye’ would be the best single in most bands’ careers. It’s the 107th best song The Beatles wrote. That’s how great they were. Strap in: everything from here gets fucking brilliant.
106
‘Good Morning Good Morning’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
The Beatles did a fine line in rise-and-shine tunes, although John’s compulsive dawn chorus on ‘Sgt. Pepper…’ came with a hearty dollop of cynicism, everyday mundanity and casual adultery.
105
‘Another Girl’ (‘Help!’, 1965)
The Help! scene set the blueprint for The Monkees‘ entire career, as the band played this Beatlemania cracker on a beach in the Bahamas, with Paul using a bikini-clad girl as a guitar.
104
‘I Want You (She’s So Heavy)’ (‘Abbey Road’, 1969)
The last song all four Beatles recorded together; you can hear the sheer weight of the occasion. At almost eight minutes and smothered in doomy textures and white noise, it would have seen John invent heavy metal if Paul hadn’t beaten him to it with ‘Helter Skelter’. Instead it invents Pink Floyd’s ‘Meddle’ and provides proof, if any were needed, that stoner rock is basically the blues on military grade tranquilisers.
103
‘Within You Without You’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Probably the ultimate expression of George’s Indian immersion, ‘Within You Without You’ opened many a Western third eye to the wonders of ‘world music’ and Eastern philosophies.
102
‘I’m So Tired’ (‘The Beatles’, 1968)
When you shout for ‘Help!’ and nobody listens, this is where you end up. Tortured, wasted, exhausted and desperate. Even three weeks of solid insomnia at the Maharishi’s retreat can’t dampen Lennon’s melodic prowess, as he knocks out the perfect song for day three of the prom night that forgot to finish.
101
‘The End’ (‘Abbey Road’, 1969)
Masterful and historic as the climax of the ‘Abbey Road’ medley, even taken in isolation ‘The End’ is exultant mood-making, from Ringo’s drum solo to the gathering gospel storm and Paul’s thought-provoking orchestral coda.
100
‘Birthday’ (‘The Beatles’, 1968)
Along with Stevie Wonder’s ‘Happy Birthday’, The Beatles’ impassioned 12-bar well-wishing – written and recorded in one night – is usually the best thing about scratching off another year on this godforsaken hellhole of a planet.
99
‘All I’ve Got To Do’ (‘A Hard Day’s Night’, 1964)
A Smokey Robinson homage aimed at the US market – British teens of the ‘60s would never dream of calling a girl up “on the phone”, Lennon later claimed.
98
‘It’s All Too Much’ (‘Yellow Submarine’, 1969)
The sheer euphoria of George’s peak acid song, floating through a blissed-out clamour of noise rock, trumpet and disintegrating beats, makes us all yearn for the days before you’d pay 50 quid for a bag of blotting paper soaked in balsamic vinegar off the dark web.
97
‘Baby, You’re A Rich Man’ (B-side of ‘All You Need Is Love’, 1967; ‘Magical Mystery Tour’, 1967)
Because we’re all as loaded as Bezos inside, you dig? Sublimely funky ode to our spiritual wealth that’s still begging the decades-old question: just where in a zoo, exactly, might you stash a bag full of cash?
96
‘Don’t Pass Me By’ (‘The Beatles’, 1968)
Ringo’s long underrated songwriting debut doesn’t get the credit it deserves for holding its own on ‘The White Album’. The sheer clod-hopping junk shop exuberance (unsurprising, since Ringo had been trying to get it recorded since 1962) makes it an album highlight, along with the fiddle player so drunk he doesn’t realise the song’s finished. A Number One single in Denmark – and don’t think we didn’t consider making it number one in this list too, just for the traffic.
95
‘She Came In Through The Bathroom Window’ (‘Abbey Road’, 1969)
Plush, proto-Wings country rocker inspired by a fan breaking into Paul’s house to steal photographs. Key to the ‘Abbey Road’ medley’s impression that the band had melodic wonders aplenty to toss into the pile.
94
‘Glass Onion’ (‘The Beatles’, 1968)
Woooah! Meta… A Beatles song about The Beatles. Walruses, Strawberry Fields, Lady Madonna and the Fool on the Hill all reprise their roles in Beatles history as Lennon mocks people reading too much into the band’s lyrics to a chamber rock backing that ELO got at least three early albums out of.
93
‘Carry That Weight’ (‘Abbey Road’, 1969)
It takes a certain classical majesty to slip a grand orchestral reprise of ‘You Never Give Me Your Money’ into a stonking great lad rock anthem chorus in search of a song.
92
‘Yes It Is’ (B-side of ‘Ticket To Ride’)
Effortlessly reinvented the blue-eyed crooner genre on a frickin’ B-side. Just try not playing it twice.
91
‘P.S. I Love You’ (B-side of ‘Love Me Do’, 1962; ‘Please Please Me’, 1963)
The song The Shadows would have written, had they been the world’s greatest band in the making.
90
‘Get Back’ (‘Let It Be’, 1970)
We’ve all seen it chug into life in the documentary of the same name, its simple blues strut brought to life by Billy Preston’s wild-at-heart organ. Still slaps.
89
‘Sgt. Pepper’s Lonely Hearts Club Band’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Pre-war nostalgia meets counterculture psychedelia explosion to landscape obliterating effect. And all, the story goes, because Paul didn’t know that the ‘S’ and ‘P’ on his in-flight meal pots stood for ‘Salt’ and ‘Pepper’.
88
‘Michelle’ (‘Rubber Soul’, 1965)
In Parisian mood, Paul tries out some schoolboy French to woo a continental bohemian lass. Originally written as a pastiche of a bloke singing a song in French at an art party.
87
‘Hey Bulldog’ (‘Yellow Submarine’, 1969)
A masterclass in rock dynamism and melodic tension, and testament to the fact that The Beatles buried genius in all corners of their catalogue, smothered in barking noises, ripe for re-evaluation.
86
‘Any Time At All’ (‘A Hard Day’s Night’, 1964)
Trying to write another ‘It Won’t Be Long’, Lennon came up with something a touch more mature – an early sign that The Beatles were on a fast-track out of Merseybeat, bound for somewhere rather more Dylanish.
85
‘Lady Madonna’ (single, 1968)
Marrying his revived interest in 1920s radio jazz (see also: ‘Martha My Dear’, ‘Honey Pie’) to a dirty ‘50s swamp blues rock’n’roll riot, McCartney imagined a gender-swapped version of Fats Domino’s working man blues rocker ‘Blue Monday’ and came up with a song that rocks until the wheels damn near come off.
84
‘I’m Looking Through You’ (‘Rubber Soul’, 1965)
A fine, fond farewell to the ‘old Beatles’ as they approached their giant leap. And yes, that is the riff from The Travelling Wilburys’ ‘End Of The Line’ at the start – nice recycle, George.
83
‘I’m A Loser’ (‘Beatles For Sale’, 1964)
Considered the first sign of Dylan’s influence on The Beatles, and one of John’s early cries for help hidden beneath a storming country-pop melody.
82
‘I Feel Fine’ (single, 1964)
“I’ve written this song, but it’s lousy,” Lennon said to Ringo one day in the studio. We call bullshit. One of the first deliberate uses of feedback on record.
81
‘The Night Before’ (‘Help!’, 1965)
“Love was in your eyes, ah, the night before / Now today I find you have changed your mind.” She was pissed Paul, but at least you got a definitive slice of ‘60s pop out of it. Perfect for playing at, um, Stonehenge (if Help! is anything to go by).
80
‘Eight Days A Week’ (‘Beatles For Sale’, 1964)
A flippant remark Paul’s chauffeur made en route to John’s house in Weybridge inspired, that very afternoon, a timeless pop demand for more weekly loving than is reasonable or realistic. But then, ‘Twice A Week Unless It’s My Birthday’ wouldn’t have been so catchy.
79
‘No Reply’ (‘Beatles For Sale’, 1964)
While Paul was in the Virgin Islands with Ringo writing ‘Things We Said Today’, John was in Tahiti with George, knocking together this tropical tale of an unfaithful and unresponsive partner. “You’re getting better now – that was a complete story,” publisher and Beatles pantomime villain Dick James (sssss!) told John on hearing it.
78
‘I Should Have Known Better’ (‘A Hard Day’s Night’, 1965)
Much harmonica jollity as, with Beatlemania in full swing, John bags himself a good ‘un. Nanna probably thought it was written specifically for her.
77
‘With A Little Help From My Friends’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Ringo’s finest hour. For once nobody stood up and walked out on him when he sang out this aural hug of a tune, acknowledging his eternal debt to the bandmates without whom he might be slogging the clubs with Merseybeat nostalgia acts to this day.
76
‘Getting Better’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
With George adding Indian tambura drones and John lumping on world-weary falsetto cynicism (“it can’t get no worse”), another of Paul’s optimistic pop bangers gained deliciously dark edges. Much of the magical frisson of The Beatles can be heard in how clearly John doesn’t want to be singing this one.
75
‘Honey Pie’ (‘The Beatles’, 1968)
We can blame the widespread malaise of ‘White Album’ fatigue for the back end of the album being under-appreciated for decades. Case in point: Macca’s utterly charming tribute to the jazz age, complete with authentically crackled gramophone clarinets.
74
‘I Want To Tell You’ (‘Revolver’, 1966)
LSD musings and dissonant rock as George comes into his own as a rounded songwriter circa ’66.
73
‘It Won’t Be Long’ (‘With The Beatles’, 1963)
Effervescent call-and-response “yeah”s. Chord sequences Dylan would call “outrageous”. The promises of imminent romantic reunion. The opener of ‘With The Beatles’ is almost Fabs-by-numbers – but boy, what numbers.
72
‘You Never Give Me Your Money’ (‘Abbey Road’, 1969)
If only all fractious business disputes could be argued out like this. With Paul and John looking to lose control of their stakes in their own songs, Paul penned this sublime multi-style paean to manager Allen Klein that basically boiled down to “show me the mon-aaay!”
71
‘For No One’ (‘Revolver’, 1966)
Cracks appear in Paul’s relationship with Jane Asher; hiding in a toilet in a Swiss Alps chalet he writes a lament for “a love that should have lasted years”, his second chamber ballad for ‘Revolver’.
70
‘Magical Mystery Tour’ (‘Magical Mystery Tour’, 1967)
Roll up (hur-hur!) for the trip of a lifetime (pfffft!). This spaced-out rock freewheeler introduced the weirdest Christmas TV special outside of the Grumpy Cat movie. It’s essentially The Who’s ‘Tommy’ inside of three minutes.
69
‘You’re Going To Lose That Girl’ (‘Help!’, 1965)
Worst. Wingman. Ever. Lennon lurks at the edges of a shaky relationship waiting to pounce, with an irresistible two-minute doo-wopper between his teeth.
68
‘Your Mother Should Know’ (‘Magical Mystery Tour’, 1967)
Corny, sure, but McCartney’s vaudevillian Broadway high-kicker was so perfectly crafted it could make the harshest critic want to swing on a sparkly trapeze dressed as a Rockette.
67
‘Long, Long, Long’ (‘The Beatles’, 1968)
Another undervalued back-end-of-‘The Beatles’ classic, in which George explores the space between drowsy serenity and stark passion and Ringo delivers a dynamic tour de force.
66
‘Back In The USSR’ (‘The Beatles’, 1968)
No political comedy Beach Boys pastiche has ever rocked so hard before or since.
65
‘Savoy Truffle’ (‘The Beatles’, 1968)
In honour of Eric Clapton’s sweet tooth, George – quite spectacularly – goes full Stax. Mmmm, crème tangerine…
64
‘Drive My Car’ (‘Rubber Soul’, 1965)
Named after an old blues euphemism for shagging – beep beep, and indeed, yeah – ‘Drive My Car’ finds Paul blues-rocking his way to a pretty sweet deal – lifelong partner and designated driver.
63
‘Good Day Sunshine’ (‘Revolver’, 1966)
A wonderfully lightweight greet-the-dawn ditty inspired by The Kinks‘ ‘Sunny Afternoon’ and, in turn, inventing ELO‘s ‘Mr Blue Sky’.
62
‘Love You To’ (‘Revolver’, 1966)
George’s first and finest Indian-influenced song, galloping along on compulsive tabla rhythms. Alongside ‘Strawberry Fields…’ and ‘Lucy In The Sky…’, this was the absolute epitome of the psychedelic era. Don’t, however, try to making love while singing songs. Doesn’t go down well.
61
‘Julia’ (‘The Beatles’, 1968)
The separations of the ‘White Album’ sessions allowed John to finally broach the subject of his mother in song, utilising the finger-picking style Donovan had taught him in India. “Half of what I say is meaningless, but I say it just to reach you, Julia,” he sings in stunningly intimate manner, imagining her as a siren lost to the sea.
60
‘Ticket To Ride’ (‘Help!’, 1965)
Said to be about the clean-health certificates received by Hamburg sex workers, ‘Ticket To Ride’ is acclaimed more for its significance than anything – here was where The Beatles left plain old Merseybeat behind to embrace Indian textures, proto-Byrdsian plushness and future-facing drumwork.
59
‘Day Tripper’ (single, 1965)
Increasingly dabbling with ‘secret’ drug and sex references, ‘Day Tripper’ had a pop at weekend hippies in the shape of a squeaky-clean slice of go-go ‘60s pop. I mean, look how high Ringo is in the video.
58
‘I’ll Follow The Sun’ (‘Beatles For Sale’, 1964)
Written by Paul at the age of 16. The 1950s clearly missed a trick in not realising there was a school kid in Liverpool surpassing all of its wistful guitar balladry.
57
‘Revolution’ (B-side of ‘Hey Jude’, 1968)
Delivered as an opiated, horn-blasted shoo-wop shuffle called ‘Revolution 1’ on ‘The Beatles’, the definitive version of Lennon’s most politically direct Beatles number was the ballsy strut on the flip of ‘Hey Jude’. Not saying this is where Marc Bolan got the idea for glam rock, but, y’know…
56
‘Because’ (‘Abbey Road’, 1969)
Originating from John asking Yoko to play Beethoven’s ‘Moonlight Sonata’ backwards, The Beatles’ merging of Moog synthesiser, harpsichord and triple-tracked harmonies makes for one of the most magical moments of the ‘60s.
55
‘Please Please Me’ (‘Please Please Me’, 1963)
Second single and the first real sign of The Beatles’ devastating pop brilliance. Lennon originally conceived it as a slow-tempo ballad a la Roy Orbison’s ‘Only The Lonely’, but a more dynamic version made them superstars.
54
‘If I Fell’ (‘A Hard Day’s Night’, 1964)
Lennon’s first ballad attempt turned out to be a crooner masterclass.
53
‘Everybody’s Got Something To Hide Except Me And My Monkey’ (‘The Beatles’, 1968)
Lennon sheds his psychedelic satins and rocks out – fire bells and all – around phrases learned during the Transcendental Meditation retreat – only the monkey bit wasn’t taken verbatim from the lips of the Maharishi. The monkey in question, John would later claim, was Yoko.
52
‘Cry Baby Cry’ (‘The Beatles’, 1968)
Another under-appreciated side-four-of-‘The White Album’ treasure, wherein John twists the nursery rhyme ‘Sing A Song Of Sixpence’ into an eerie vaudevillian rock piece akin to Lewis Carroll going goth.
51
‘You’ve Got To Hide Your Love Away’ (‘Help!’, 1965)
Arguably the Beatles song showing the greatest Dylan influence – Lennon even lands one of Bob’s trademark backflipping “hey”s in the chorus – ‘You’ve Got To Hide Your Love Away’ has been read as either a song about Brian Epstein’s homosexuality or Lennon’s frustration at having to keep his marriage secret.
50
‘You Won’t See Me’ (‘Rubber Soul’, 1965)
More Jane Asher woes from Paul, delivered like a honeymoon serenade.
49
‘Mother Nature’s Son’ (‘The Beatles’, 1968)
Paul’s balladry could verge on the schmaltzy and sentimental, but the gentle, pastoral tone of this ‘White Album’ favourite about the Maharishi struck a more idyllic note.
48
‘Sexy Sadie’ (‘The Beatles’, 1968)
John’s Maharishi tribute, however, wasn’t quite so rosy. The last song he wrote at the retreat in Rishikesh, in the wake of hearing about the spiritual leader’s alleged advances on Mia Farrow, ‘Sexy Sadie’ became a sultry piano-led groover once Lennon had rewritten some of the more expletive-laden original lyrics.
47
‘I’ve Just Seen A Face’ (‘Help!’, 1965)
Capturing the breathlessness of love at first sight, Paul presumably sang this fantastic bluegrass frenzy while breathing through his ears.
46
‘I Will’ (‘The Beatles’, 1968)
“A complete tune,” McCartney said of one of his favourite acoustic ballads, written with Donovan’s help in Rishikesh, throwing back to the rhumba numbers they played in Hamburg and featuring John on maracas.
45
‘I’m Only Sleeping’ (‘Revolver’, 1966)
John Lennon – “the laziest person in England”, according to friend Maureen Cleave – could even turn his lie-ins into melodic gold. Features the first backwards guitar solo in popular song.
44
‘Happiness Is A Warm Gun’ (‘The Beatles’, 1968)
Instigating a new form of mainstream songwriting in the shape of the multi-sectional song (see also: ‘Bohemian Rhapsody’, ‘Paranoid Android’, all prog music ever, etc.), Lennon himself separated the three parts of ‘Happiness…’ into ‘The Dirty Old Man’, ‘The Junkie’ and ‘The Gun Slinger’. All about shagging Yoko, apparently.
43
‘Norwegian Wood (This Bird Has Flown)’ (‘Rubber Soul’, 1965)
John relates a luxuriantly appointed – if rather short on furniture – one-night stand gone awry to the point of casual arson, while George introduces the sitar to Western audiences.
42
‘She Loves You’ (single, 1963)
Cue Beatlemania! The band’s best-selling UK single and the song that launched a billion wobble-headed “woooo!”s (though Little Richard got there first).
41
‘Dear Prudence’ (‘The Beatles’, 1968)
The Beatles’ time on the ashram was one of their most productive songwriting periods, producing plenty of ‘White Album’ greats, not least John’s superlative pastoral rock plea to Mia Farrow’s sister Prudence to stop meditating for days on end.
40
‘From Me To You’ (‘With The Beatles’, 1963)
The sheer simplicity and familiarity of The Beatles’ early hits often makes us forget how impactful they were – ‘From Me To You’ is so embedded in the bedrock of popular culture precisely because it hit like a pop revolution, set apart from the skiffle, blues, country and croon, and behind formative rock’n’roll. Almost 60 years on, it’s still breath-taking.
39
‘Lucy In The Sky With Diamonds’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
Not a drug song – I mean, what could possibly give you that idea? – Lennon’s psychedelic calling card was apparently actually inspired by a crazy painting his son Julian brought home from school. Still great on drugs, though.
38
‘She Said She Said’ (‘Revolver’, 1966)
Definitely a drug song, John’s garbled LSD conversation with Peter Fonda, set to three different tunes and two time signatures, lay the blueprint for acid rock which the noble heads of Haight Ashbury would soon follow.
37
‘Taxman’ (‘Revolver’, 1966)
With George, in surprise breadhead mode, slashing out acerbic chords and biting political lyrics, his song-bomb dropped on HMRC has been considered the first punk track. Certainly inspired The Jam’s ‘Start’.
36
‘Nowhere Man’ (‘Rubber Soul’, 1965)
Here’s another truth for you all: the Nowhere Man was John. ‘Rubber Soul’’s harmonic wonder came to him wholesale during a particularly lost and directionless morning. “I was starting to worry about him,” said Paul.
35
‘She’s Leaving Home’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
The true story of Melanie Coe running away from home, as read by McCartney in the Daily Mirror, and among the most touching and sophisticated ballads of all time.
32
‘Can’t Buy Me Love’ (single, 1964)
Getting his priorities straight early on, Paul defined The Beatles as categorically not in it for the money on their jubilant sixth single, a fact that publisher Dick James had already taken advantage of by screwing them on their contract.
31
‘Rain’ (B-side of ‘Paperback Writer’, 1966)
“Ja, the god of marijuana,” reportedly gifted John this immaculate piece of drone pop that came to him in a spliff stupor – the-first ever reversed section on a pop record was the result of Lennon accidentally playing his tape backwards. You pull a whitey; Lennon invents psych rock.
30
‘The Long And Winding Road’ (‘Let It Be’, 1970)
Even with Phil Spector’s syrupy Golden Age orchestra drowning the track, Paul’s grand rambling anthem remains spectacularly powerful.
29
‘Come Together’ (‘Abbey Road’, 1969)
Even slowing his (ahem) homage to Chuck Berry’s ‘You Can’t Catch Me’ down to a sleazy crawl couldn’t stop ‘Come Together’ garnering Lennon a lawsuit. As part of an agreement with the plaintiff, Morris Levy, he’d have to record an entire album of covers (‘Rock ‘N’ Roll’) in 1975 to shake it off. In the realm of dank blues, though, The Beatles were never better. I’d get that joo-joo eyeball looked at though, mate.
28
‘I Saw Her Standing There’ (‘Please Please Me’, 1963)
At the very start of their very first album, The Beatles essentially summed up all of rock’n’roll to that point, perfected it – and then swiftly moved on.
27
‘I Want To Hold Your Hand’ (single, 1963)
Their best-selling single worldwide and the tune that made them the One Direction of their day. Still sounds like a pop revolution in the making.
26
‘Helter Skelter’ (‘The Beatles’, 1968)
Macca’s depiction of a simple fairground frolic summoned forth heavy metal; the slide must have been built over an ancient burial ground. Written to be as feral as possible in riposte to critics describing him as “the soppy one”.
25
‘I Am The Walrus’ (‘Magical Mystery Tour’, 1967)
Written to confuse those studying Beatles lyrics, ‘I Am The Walrus’ incorporated three Lennon songs stuck together, lines that came to him during acid trips, an old school song, George’s personal mantra from the Maharishi, references to Lewis Carroll, Hare Krishnas, Allen Ginsberg, Sergeant Pilcher of the British Police’s Drug Squad and a 16-person choir babbling nonsense. Eric Burdon of The Animals has claimed to be the Eggman.
24
‘Help!’ (‘Help!’, 1965)
John sang it through a smile that was more like a wince – he really was crying for help from the eye of the Beatlemania tornado – but the title track from The Fabs’ second film rattled by with such jubilance that nobody noticed. Also helped instil the belief that John and Paul were so close they could finish each other’s sentences.
23
‘Two Of Us’ (‘Let It Be’, 1970)
As The Beatles fractured and frayed during the ‘Let It Be’ sessions, it was heartening to hear Paul and John clearly at the same microphone again, homeward bound, harmonising what sounded like a Simon & Garfunkel style ode to their own friendship: “You and I have memories longer than the road that stretches out ahead…” (Spoiler: actually about Linda).
22
‘Let It Be’ (‘Let It Be’, 1970)
If ‘Julia’, Lennon’s tribute to his mother, was subdued, McCartney spared no bombast in honouring his own. He wrote her one of the greatest gospel ballads ever put to tape, following a dream in which she told him: “It will be alright. Just let it be.”
21
‘Penny Lane’ (single, 1967)
Describing the scenes that the young John, Paul and George would witness while waiting for buses en route to each other’s houses ‘Penny Lane’, married to its double A-side ‘Strawberry Fields Forever’, injected a childlike magic into the psychedelic era.
20
‘All You Need Is Love’ (single, 1967)
Simplistic by design, in order to speak most directly to the global audience of the first international TV satellite broadcast Our World, John’s definitive flower power anthem proved a striking political statement in the age of Vietnam and Cold War hostility.
19
‘Got To Get You Into My Life’ (‘Revolver’, 1966)
An “ode to pot”, as Macca once put it, Motown rocker ‘Get To Get You Into My Life’ was another late-‘Revolver’ statement that, as a studio band, The Beatles of 1966 had discarded any concept of boundary or limitation on their music. Still two-and-a-half of their most thrilling minutes.
18
‘Across The Universe’ (‘Let It Be’, 1970)
John on a transcendental cosmic trip to the heart of the ‘60s. In 2008 it became the first song ever beamed into deep space when NASA played it at Polaris. Imagine the disappointment of the aliens showing up at the source only to find that LadBaby is Number One.
17
‘Martha My Dear’ (‘The Beatles’, 1968)
The best of McCartney’s tributes to the ‘20s on ‘The White Album’, thanks to a string section, marching band and a bit where it forgets itself and almost turns into a sequel to ‘Taxman’. The Martha in question, trivia fans, was Paul’s sheepdog.
16
‘In My Life’ (‘Rubber Soul’, 1965)
John would call ‘In My Life’ his first major work (although Paul would claim to have written the music) thanks to its reflective and philosophical tone. Inspired a spate of albums featuring harpsichords, despite the solo actually being played on piano, then sped up.
15
‘Golden Slumbers’ (‘Abbey Road’, 1969)
Thomas Dekker’s Elizabethan poem ‘Cradle Song’ had been set to music by four previous composers before McCartney spotted it on some of his father’s sheet music and made up his own epic lullaby to it. Not that it’s too easy to drop off to a 30-piece orchestra going full balls, mind.
14
‘Yesterday’ (‘Help!’, 1965)
Famously working-titled ‘Scrambled Eggs’, Paul’s most successful Beatles song ($60 million in royalties and counting) came to him in a dream; he spent two weeks playing it to music industry people to try to work out who he’d stolen it from.
13
‘And Your Bird Can Sing’ (‘Revolver’, 1966)
Lennon dismissed the song as “throwaway”, but it’s George’s molten mercury riffs that elevate ‘And Your Bird Can Sing’ into the upper echelon of the Beatles canon. Marianne Faithfull claimed the song was directed at Mick Jagger, whom she dated in 1966; sadly, the dates don’t match up.
12
‘Eleanor Rigby’ (‘Revolver’, 1966)
Taking loneliness, solemnity and death to the top of the charts, ‘Eleanor Rigby’’s tender, intimate chamber balladry shifted the goalposts in terms of what a pop band could do in 1966.
11
‘Here Comes The Sun’ (‘Abbey Road’, 1969)
Spotify’s most-streamed Beatles song, written by George in Eric Clapton’s garden during what was, at the time, the sunniest April on record.
10
‘We Can Work It Out’ (single, 1966)
Paul in optimistic mood amid his increasingly turbulent relationship with Asher, playing off against John’s more pessimistic “life is very short” middle-eight waltz. Damn near to pop perfection.
9
‘All My Loving’ (‘With The Beatles’, 1964)
Pop perfection, eh? The harmonies coming in on the third verse of ’All My Loving’ did for ‘60s pop what The Wizard Of Oz did for colour cinema.
8
‘Paperback Writer’ (single, 1966)
Feeling the pain of the world’s wannabe Barbara Cartlands, McCartney penned this fictitious open letter to a publisher, spun into harmonic gold by the staggered – and staggering – vocal intro.
7
‘Blackbird’ (‘The Beatles’, 1968)
Paul’s civil rights plea is a ‘White Album’ high-point that remains The Beatles’ most poignant and accomplished folk moment.
6
‘While My Guitar Gently Weeps’ (‘The Beatles’, 1968)
The ascendance of George. Every bit the songwriting equal of his bandmates by ‘The White Album’, his tour-de-force was a captivating treatise on humanity’s unrealised capacity for love, topped off with Eric Clapton’s sensational, uncredited solo.
5
‘Something’ (‘Abbey Road’, 1969)
The Beatles’ greatest love song and second-most covered track (after ‘Yesterday’), written for Pattie Boyd and very nearly given to Joe Cocker. Elton John would call it “the song I’ve been chasing for 35 years.”
4
‘Strawberry Fields Forever’ (single, 1967)
Even at a time when The Beatles were crushing musical barriers at every session, ‘Strawberry Fields Forever’ was among their most ground-breaking moments. Strapping two different versions of the song together, smothered in Mellotron, tape loops, Indian swarmandal and backwards tomfoolery, they forged a psychedelic masterwork that set the tone and raised the bar for the era.
3
‘Hey Jude’ (single, 1968)
Won’t somebody think of the children? Well, Paul did, composing The Beatles’ most rousing sing-along to comfort Julian Lennon over the break-up of his parents. Rumour has it that if you put your ear to the ground at Glastonbury’s stone circle, you can hear the “na-na-na” bit from Macca’s set in 2004 still reverberating through the leyline.
2
‘A Day In The Life’ (‘Sgt. Pepper’s Lonely Hearts Club Band’, 1967)
The internal universe exploded; the everyday made epic. Lennon’s ‘Sgt. Pepper…’ closer viewed a series of newspaper articles – about the death of Guinness heir Tara Browne and road repairs in Lancashire – through LSD specs and came out with a world-beating vision. Includes arguably the most famous crescendo in rock.
1
‘Tomorrow Never Knows’ (‘Revolver’, 1966)
It’s possible to trace the origins of most modern music, bar rap, back to The Beatles catalogue. But ‘Tomorrow Never Knows’ was perhaps their most influential track of all. In trying to recreate the sound in Lennon’s head of monks chanting in some cosmic mountain retreat, to accompany lines cribbed from the Tibetan Book Of The Dead intended to emulate a transcendental acid high, the band experimented with loops, sampling, drone and tape manipulation, creating not just the epitome of psychedelia and exposing pop audiences to anti-materialist Eastern ideas, but effectively inventing dance music.
Turn off your mind, relax, and you can hear The Chemical Brothers before The Chemical Brothers were even born…
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The 200 Best Songs of the 1960s
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2006-08-17T21:00:00-04:00
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From James Brown to Etta James, Jimi Hendrix to Patsy Cline, here are the tracks that lit up the decade
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en
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https://pitchfork.com/verso/static/pitchfork/assets/favicon.ico
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Pitchfork
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https://pitchfork.com/features/lists-and-guides/6405-the-200-greatest-songs-of-the-1960s/
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Listen: Harry Nilsson: “One”
107.
Bob Dylan: “Visions of Johanna” (1966)
A song that never really ends, about a girl he’s never really gonna find, in a place that he’ll never really leave. Joins fellow Dylan track “Stuck Inside of Mobile With the Memphis Blues Again” as one of the most immaculate songs about being eternally, existentially, stuck in the same place. “He’s sure got a lot of gall, being so useless and all…” –Zach Baron
Listen: Bob Dylan: “Visions of Johanna”
106.
Desmond Dekker & the Aces: “007 (Shanty Town)” (1967)
The King of Ska brought this loping anthem, about rudeboys that “bomb up de town,” to hordes of tenderfoots. But with a voice as compact and emotive as his, Dekker was capable of enrapturing even the biggest xenophobe. The only reason people can get away with loving ska is still Dekker. –Sean Fennessey
Listen: Desmond Dekker & the Aces: “007 (Shanty Town)”
105.
Simon & Garfunkel: “America” (1968)
A short, wistful trip, Bookends’ soft-focus acoustic highlight “America” wasn’t actually a single until it appeared on 1972’s Greatest Hits. Whenever. Dewily harmonious Paul Simon and Art Garfunkel do the she’s-leaving-home myth maybe half as good as Nabokov, but it’s priceless for the gabardine spy alone. –Marc Hogan
Listen: Simon & Garfunkel: “America”
104.
King Crimson: “21st Century Schizoid Man” (1969)
King Crimson announced itself to the world with this seven-minute hellstorm of gonzo guitar, shifting meters, and nasty sax. Greg Lake sounds like he’s being eaten by robots, and there’s hardly anything more fantastically filthy than Robert Fripp and Ian McDonald’s opening guitar/sax riff. –Joe Tangari
Listen: King Crimson: “21st Century Schizoid Man”
103.
Merle Haggard: “Mama Tried” (1968)
Why Steve Goodman felt the need to pen the perfect country song (his attempt was the 1975 hit “You Never Even Called Me by My Name”) is baffling, as Haggard had done it seven years previous. It’s all here: trains, prison, mama, and the outlaw thread that ran through the country movement for most of the ’70s. –Cory D. Byrom
Listen: Merle Haggard: “Mama Tried”
102.
Sly & the Family Stone: “Everyday People” (1968)
Family Stone member Larry Graham claims that the first chart-topping single from one of the first racially integrated mainstream bands also includes the first instance of slap bass. Sly smoothed out his incendiary funk into a couple minutes of gently buoyant pop leavened with nursery-rhyme bridges and soaring choruses, bringing his message of tolerance to less adventurous ears. –Brian Howe
Listen: Sly and the Family Stone: “Everyday People”
101.
Pink Floyd: “See Emily Play” (1967)
The highest-charting Syd Barrett–era Floyd single, and the recently deceased star's most accessible song, “See Emily Play” evokes lost childhood as bluntly as anything in his repertoire— it gets wistful right on the second line—but the stabs of steel guitar and the sped-up piano solo transcend cliché. –Chris Dahlen
Listen: Pink Floyd: “See Emily Play”
100.
The Isley Brothers: “It’s Your Thing” (1969)
A molten guitar-and-piano strut bleeds over some serious locked-groove drums and a few perfectly placed horn-stabs, Ronald Isley growls some second-wave feminism, and then the whole vicious lope explodes in a euphoric storm of woozy, joyous psych-funk. The Isleys already had more than a decade of hits behind them in 1969, but they still managed to completely internalize both James Brown’s rigorously amorphous stomp and former sideman Jimi Hendrix’s tumultuous squall, squishing it all into a triumphant marvel of precision-engineering, every musician involved hitting his notes hard at exactly the right moment. –Tom Breihan
Listen: The Isley Brothers: “It's Your Thing”
99.
Jimi Hendrix: “All Along the Watchtower” (1968)
This belongs to the most exclusive class of cover versions: One that not only improves on the original, but makes you forget who wrote it in the first place. The words—a comment on class disparity as represented by jokers, thieves, and princes—belong to Bob Dylan, but it’s Hendrix’s despairing performance that lend them continuing relevance, that aching first line ringing truer with each coffin that comes back from Baghdad. And the guitar solos are arguably the most dramatic that Hendrix ever laid down, sounding less like displays of technical virtuosity than pleas for sanity in a world gone to hell. –Stuart Berman
Listen: Jimi Hendrix: “All Along the Watchtower”
98.
The Zombies: “Care of Cell 44” (1968)
Fact: “Care of Cell 44,” which opens the Zombies’ psych-pop masterpiece Odessey and Oracle, is the sunniest song ever written about the impending release of a prison inmate. At the end of the first ineffably sing-song verse, Colin Blunstone tells his sweetie, “You can tell me about your prison stay”—and sounds positively tickled. To be fair, describing the song’s lush arrangement and ecstatic melodies as “sunny” is a vast understatement. Every time Blunstone belts out, “Feels! So! Good! You're coming home soon!” after the lull of a Beach Boys–style multi-part harmony, it sounds like his heart’s burst with joy. –John Motley
Listen: The Zombies: “Care of Cell 44”
97.
The Maytals: “Pressure Drop” (1969)
“Pressure Drop” was covered by the Clash and the Specials, but the definitive version is still the original, performed by the Maytals (later to become Toots and the Maytals after their lead singer, Frederick “Toots” Maytal, gained some post-incarceration notoriety). Toots’ opening melody alone is almost too sweet and desperate to bear—always faster than you remember it, far stronger than you thought possible. He less sings than rips through the rest of it. It’s a revenge song—“when it drops, oh you gonna feel it, know that you were doing wrong”—but when Toots cries, “It is you,” it sounds like love. –Zach Baron
Listen: The Maytals: “Pressure Drop”
96.
The Shangri-Las: “Give Him a Great Big Kiss” (1965)
“When I say I'm in love, you best believe I'm in love—l-u-v!” Sadly bereft of the ambient effects that feature so distinctively on Shangri-Las’ singles, “Give Him a Great Big Kiss” nevertheless features one of the foursome’s most striking spoken-word sections. One girl asks her friend how her man dances; she replies: “Close... very, very close.” The fear and excitement in those four words could make anybody want to kiss him—and enough handclap ra-ra in the chorus (plus a kiss sound-effect!) to make everybody else jealous. –Zach Baron
Listen: The Shangri-Las: “Give Him a Great Big Kiss”
95.
Sam Cooke: “Cupid” (1961)
It’s not the dumbest lyrical conceit ever, but it’s up there: Sam Cooke is worried that the girl he loves doesn’t know he exists, so he asks the Roman god of erotic love to smooth things out for him. But in the hands of Sam Cooke, it sounds as natural as breathing. The gently rippling drums, the soft and plaintive trumpet, and the frosty hum of the strings mesh together into a luxuriant bed for Cooke’s gorgeously airy falsetto. Cooke had the preternatural ability to turn any cliché into gospel truth, and that searching, wounded coo just melts over everything. –Tom Breihan
Listen: Sam Cooke: “Cupid”
94.
Simon & Garfunkel: “Mrs. Robinson” (1968)
The disparity between “Mrs. Robinson”’s jaunty music and elegiac lyrics might stem from the circumstances of its creation—asked for music for The Graduate, Paul Simon dusted off an unfinished instrumental, dropped in the jailbait-seducing lead's name, and built a requiem for America's lost idealism around it. Slinky acoustic rhythm guitars, bluesy licks, and pattering congas give out to an infectious 4/4 stomp slicked with the folkies’ seamless harmonies. An odd but true-ringing amalgamation of religious piety, stern pedantry, and suburban circumspection fills out the twilit corners of this shrine to our nation’s mythological age of innocence. –Brian Howe
Listen: Simon & Garfunkel: “Mrs. Robinson”
93.
Can: “Yoo Doo Right” (1969)
Can were digging out beats from the mud with the muscle of Community and Industry behind their electro-acoustics and MANIA ROCK POWER. Forget “krautrock”—this was actual, in-the-resonance acid-truth music; stuff that might send your buttoned-downs into the next room, but made much easier any ideas you wanted to entertain regarding quantum mechanics. Liebezeit is of course bigger than Jesus. Tape loops are the self-contained shit. “Yoo Doo Right” is the kind of thing that should keep people at shows way too late, filling the street with freak drug youths night after night. And Malcolm Mooney was a bad man. Malcolm Mooney was a bad man. –Dominique Leone
Listen: Can: “Yoo Doo Right”
92.
Nick Drake: “River Man” (1969)
Two albums before his solemn swan song Pink Moon, Nick Drake was already meditating on some oppressively heavy topics. With its fixation on the relentless passing of time, “River Man” is the loveliest and most delicate of those from his debut, Five Leaves Left. Over plaintive strums, Drake’s mournful voice paints images of fallen leaves, passing seasons, and the flowing river. What Drake does with his voice and an acoustic guitar is haunting enough, but it’s Harry Robinson’s string arrangement that makes it absolutely chilling. Singing the “Prufrock”-inspired refrain of “How they come and go,” Drake’s voice is swallowed up by the strings, which swell like a rising tide. –John Motley
Listen: Nick Drake: “River Man”
91.
The Who: “Substitute” (1966)
While rumors have long been snuffed that “Substitute” stems from Pete Townshend’s Rolling Stones–fueled inferiority complex, this self-righteous power-pop lament never took America by storm like similar rockers “Satisfaction” or “Day Tripper,” and it’s difficult to understand why. Maybe we weren't ready for the cunning lyrics, Keith Moon’s whopping fills, or, my lord, John Entwhistle’s anachronistic, shredding bassline. Even more salient with today’s listeners, Roger Daltrey turns the sunny 60s frontman persona on its head, howling about superficiality, duplicity, and social class. Ultimately the song taps just the right amount of angst, hitting that sweet spot between libertine classic rock and the austere, self-important grunge movement it no doubt helped inspire. –Adam Moerder
Listen: The Who: “Substitute”
90.
The Angels: “My Boyfriend’s Back” (1963)
Not so much about a boyfriend than about one boy coming home to beat the living hell out of another boy, this 1963 single, originally meant for the Shirelles, is one of the most flat-out mean girl-group tracks ever. College coeds will forever sing it when their high school beaus come to visit, but unless said beau is punching a few suitors in the face on arrival, he’s missing the spirit of the whole thing. –Zach Baron
Listen: The Angels: “My Boyfriend’s Back”
89.
The Stooges: “1969” (1969)
The first thing you hear is the groove: tribal drums falling down stairs, guitar and bass flaring into an eternal Link Wray jungle-stomp, before the guitar flares up into a gooey, miasmic haze. If “1969” was an instrumental, it’d be a psychedelic-funk classic. But of course all anyone talks about is Iggy Pop’s bored, detached sneer, the way he dismisses what looks in retrospect like a season of upheaval as “another year with nothing to do.” When you’ve got a groove like that behind you, anything you say starts to take on a blasphemous weight. –Tom Breihan
Listen: The Stooges: “1969”
88.
The Kinks: “You Really Got Me” (1964)
Van Halen’s equally popular 1977 cover added an orgasmic breakdown chorus of “oohs” and “aahs,” but that was just DLR being redundant. Because the original’s caustic riff says it all: These guys are packing the biggest set of blue balls known to man. But what makes “You Really Got Me” so fearsome and ferocious after 41 years isn’t its everlasting theme of unrequited teenage lust. It’s that within Ray Davies’ sneering, leering delivery, we hear the threat of violence that will result if he doesn’t get what he wants. –Stuart Berman
Listen: The Kinks: “You Really Got Me”
87.
The Miracles: “The Tracks of My Tears” (1965)
The hit factory at Motown built songs to last and this Miracles tune is one of its most enduring. “The Tracks of My Tears” is so meticulously constructed that it rolls over the competition. And it’s so deceptively simple that its genius actually isn’t easy to trace. But from the moment the drums drop over the gentle, twanging guitar intro to Smokey Robinson’s vocal improvisations over blasting horns as it fades out, every piece fits together perfectly. –John Motley
Listen: The Miracles: “The Tracks of My Tears”
86.
The Left Banke: “Walk Away Renée” (1967)
Double-edged sword: If the pseudo-classical pop-rock band the Left Banke’s keyboardist, Michael Brown, hadn’t been obsessed with guitarist Tom Finn’s girlfriend, the band might’ve lasted longer, but never would’ve written the fey weeper about secret longing and unrequited love upon which the Left Banke made their name. The saturated strings and mincing harpsichord are moving in and of themselves, but Steve Martin’s aching rendition of Brown’s teary-eyed proto-emo lyrics are more essential to the song’s longevity—most everyone can identify with the gloomy romance of rain on empty sidewalks, and pining away for your buddy’s girl never goes out of style. –Brian Howe
Listen: The Left Banke: “Walk Away Renée”
85.
Roy Orbison: “Crying” (1962)
Roy Orbison never shied from rockabilly swagger, but it was his ballads of unrequited love that made him a legend. In this pocket-sized soap opera, Orbison discovers he’s far from over an ex when the touch of her hand sends him over the edge, wringing his eyes out in agony. He’s not just “crying,” either. He's “cry-i-i-ing” in an angelic falsetto—with a cooing chorus of voices backing up his sob story. You’d never guess melodrama could be so wrenching until Orbison moves a couple octaves deeper for his show-stopping finale. –John Motley
Listen: Roy Orbison: “Crying”
84.
The Rolling Stones: “You Can’t Always Get What You Want” (1969)
Color me raised by a boomer, but this song contains one of the most important pieces of information to come out of the 1960s: Despite all the shit you go through to get what and who you want, and despite any good you might have accidentally done on the side, sometimes you just don’t have it. This was a surprising thing to hear from the Stones, but it could have been a Zen koan—“Try, and do not try. Nothing is achieved.” And let’s be real: This band never sounded better than in 1969-71. Listen to the girls singing backup. Really, anytime you have the Stones using maracas and bongos, something good is going to happen. –Dominique Leone
Listen: The Rolling Stones: “You Can’t Always Get What You Want”
83.
Neil Young & Crazy Horse: “Down by the River” (1969)
Written in the throes of an illness, “Down by the River” grew into an epic fever-nightmare tortured enough to state more clearly than any other song why Young was so out of step with his idealistic peers. The silly hippie dreams of redemption—“she could take me over the rainbow”—are immediately quashed by murder imagery, sung in pained, off-key Crazy Horse harmonies. Then the rest of the song is a blank two-chord page for Neil to scrawl his jagged guitar tone all over, two marathon solos played with zero technical flash and every note taking another awful stab into that failed hope’s body. –Rob Mitchum
Listen: Neil Young & Crazy Horse: “Down by the River”
82.
Elvis Presley: “Suspicious Minds” (1969)
Perhaps controversially, I find late-period Vegas showman Elvis more thrilling than Elvis in his historic Sun Records days; it’s an image that better lives up to the massive mythology he inspired. Fortunately, “Suspicious Minds” offers the best of both worlds: It’s gritty and funky enough to recall those Memphis days, but laden with enough garish audio glitter—the backup singers, the false ending, the swooping strings—to befit a legend. –Rob Mitchum
Listen: Elvis Presley: “Suspicious Minds”
81.
Sam & Dave: “Hold On, I’m Comin’” (1966)
Look, it’s not brain surgery. You come up with an absolutely undeniable monster of a six-note horn riff. You put it over a wound-tight funk vamp that breathes and lunges and builds to a fiery climax. You find a couple of guys to bray and scream and plead and rage over it with a sort of churchy zeal. That’s it. You are now Isaac Hayes and Dave Porter, and you’ve written maybe the greatest Southern soul song of all time. You’ll start getting burger-commercial royalties in about 30 years. –Tom Breihan
80.
Bob Dylan: “Subterranean Homesick Blues” (1965)
This flurry feels like a how-to farmer’s almanac for the 1960s counterculture—a speed-freak call from the streets and the Invisible Man’s basement, offering tricks, warnings, puns, paranoia, LSD concoctions, protest, and fire hose–toting cops. It’s famous for the cue card–toting video from Don’t Look Back (complete with Allan Ginsberg cameo). I’d venture to say Dylan was ultimately the more interesting poet and this spazzed Beat stuffing breeds the blues with Jack Kerouac and Pete Seeger. Even the seemingly tossed-off notions—writing in Braille or watching parking meters— bloom into great thought lines. Everyone’s trying to blend in one way or another—the plain clothes cops, the hippies not wearing sandals. –Brandon Stosuy
Listen: Bob Dylan: “Subterranean Homesick Blues”
79.
Gal Costa: “Baby” (1969)
Knowing no Portuguese, I imagine Costa’s singing not to a lover but to an actual baby—a six-monther, cradled in her lap and listening to a voice that’s loving and cool. And while she and the slow bossa nova are entrancing, the fantastic strings are the wild card: dipping and flittering, they collide mid-air like two matched flocks of tropical birds. If it’s sexy, it’s laughing during the act, and the baby in the crib nearby doesn’t mind. –Chris Dahlen
Listen: Gal Costa: “Baby”
78.
Sly & the Family Stone: “I Want to Take You Higher” (1969)
Sly Stone’s ode to letting music take hold is not about marching on Washington. And it’s not about spitting in The Man’s face. But it’s definitely about freedom at any cost. The baton-pass of Rose, Freddie, and Sly Stone and the basso profundo of Larry Graham elevate what is in some ways Sly’s most lyrically toothless number into a rapturous call-and-response jam that rocked thousands at Woodstock (or so Mom told us), and even more than that at supermarkets near you every day. But Sly knew what he was doing, slotting the amorphous and joyful “Higher” as the B-side to the more righteous “Stand!” It predicted everything about the next few years from Sly: joy and pain, fun and fire, truth and fucking, darkness and drugs. The perfect antithesis in a career marked by duality. –Sean Fennessey
Listen: Sly & the Family Stone: “I Want to Take You Higher”
77.
The Velvet Underground: “Heroin” (1967)
Another of Lou Reed’s inner monologues detailing the poetry of negation, this depicts the solitary sacredness of a high, the ritual of shooting up/zoning: “I have made the big decision/I'm gonna try to nullify my life.” I could retitle it “I’ll Be Your Shattered Mirror”—the protagonist feels like a fucked-up everyman, despite the first person. Sonically, it builds like it could arc forever: Drink coffee, press play, feel the noisy viola inject a frenzy. All the sounds are intensely perfect, but Moe Tucker’s drums are the manic pulse: If she stops, the high’s kaput. –Brandon Stosuy
Listen: The Velvet Underground: “Heroin”
76.
BBC Radiophonic Workshop: “Doctor Who (Original Theme)” (1963)
Where the U.S.’s “Star Trek” sent a sleek vessel into “the final frontier,” Britain’s “Dr. Who” began with a cranky old alien hurtling around in a phone booth—and the theme song couldn’t be a better fit. While Ron Grainer’s swooping melody and throbbing beat have seen slicker arrangements over the decades, this first version is an incredible piece of primitive electronic music. Delia Derbyshire constructed it in 1963 by manipulating sounds from test tone generators and mixing them together almost note by note, yet the cobbled-together, almost mismatched timbres come together in a lumpy, throbbing—and definitely futuristic—whole. –Chris Dahlen
Listen: BBC Radiophonic Workshop: “Doctor Who (Original Theme)”
75.
Simon & Garfunkel: “The Boxer” (1969)
Two reasons this is the best of many good S&G songs. First, Paul Simon never wrote a better melody. It bends and turns—and yes, drifts—like it’s going to lose its way until he tugs it back in for a chorus that every kid in the 1970s memorized before grade school. And then the lyrics, from a guy given to saying too much, are terrifically restrained and open-ended, with only the barest hints of the story fleshed out. It’s an impressionistic, painterly approach not far from where Bob Dylan would be a few years later on Blood on the Tracks. –Mark Richardson
Listen: Simon & Garfunkel: “The Boxer”
74.
James Brown & the Famous Flames: “Papa’s Got a Brand New Bag” (1965)
Almost everyone with even a passing interest in JB knows the story of how, while stopping off on tour to record a new single, the raggedy, exhausted band inched as if waist-deep in swamp water through a slower, more grinding version of “Papa’s” than the one everyone knows. Someone got the bright idea to get nice with the razor blades and the knob marked “speed everything up,” and funk got one step closer to becoming its own genre. Like a lot of music on this list, “Papa’s” can seem overfamiliar, but Brown’s shift from one of the best ballad singers and soulmen of the early 1960s to the Godfather is still one of the most remarkable transformations in pop history, and this is one of its key moments. –Jess Harvell
Listen: James Brown & the Famous Flames: “Papa’s Got a Brand New Bag”
73.
Bob Dylan: “Don’t Think Twice, It’s All Right” (1963)
With the millions of words written on the political and cultural significance of Bob Dylan’s career, it’s easy to forget that dude could write a pretty damn fierce breakup song, when he wanted to. “Don’t Think Twice, It’s All Right” may be the most venomous of Dylan’s “so long, honeybabe” tracks, in part due to the laid-back, icy delivery of its original version. When he gets to the cruel punch line of “you just kinda wasted my... precious time,” it’s shrugged off like a business transaction, a relationship diss track he can hardly be bothered to sing. –Rob Mitchum
Listen: Bob Dylan: “Don’t Think Twice, It’s All Right”
72.
Van Morrison: “Sweet Thing” (1968)
Surely, scores of grass-kissing, mass Romantics have tried to hole away with a couple of their jazzbo buds for a couple deep nights in search of the next Astral Weeks. Such is the seduction of the quick muse. Of course, it’s going to sound like shit because, however hard your scatman broheim tries to grimace and spasm like he’s feeling the force, he’s not channeling his past with folky pathos set to stun—he’s not Van Morrison. “Sweet Thing” is that one thing; sprightly bows sloping down streets, flutes searching through the mist, and elated bass leading to a fountain of youth. “It feels right, but I can’t say for sure what it means,” Lester Bangs said of it. Of course he can’t. –Ryan Dombal
Listen: Van Morrison: “Sweet Thing”
71.
Jimi Hendrix: “Manic Depression” (1967)
A showcase for Hendrix’s wholly original guitar techniques, “Manic Depression” is dizzying with its odd time signature and winding, cyclical melody. And while Hendrix will always be the focal point of his songs, the Experience shouldn’t be entirely written off. Drummer Mitch Mitchell is a beast here, pounding every drum in the kit, often leaving bassist Noel Redding to keep things grounded. Lyrically, the song is typical Hendrix—women, drugs, music, and just getting along, man. But that’s neither here nor there: When you’re watching the World Series, what the announcers are saying is beside the point. –Cory D. Byrom
Listen: Jimi Hendrix: “Manic Depression”
70.
Patsy Cline: “Crazy” (1961)
With Top 10 performances on both the country and pop charts, “Crazy” was the first indication that Patsy Cline’s appeal is pretty damn universal. On this Willie Nelson–penned heartbreaker, the music—all loping bass and twinkling piano runs—plays it cool, but Cline’s voice is so cuttingly clear and emotive it’s like she's right there in the room with you. As she sings, “I knew you’d love me as long as you wanted/And then some day, you’d leave me for somebody new,” there’s palpable sorrow and self-loathing in her delivery that makes misery sound exquisite. –John Motley
Listen: Patsy Cline: “Crazy”
69.
Dick Dale & the Del-Tones: “Misirlou” (1962)
According to headshop t-shirts, Charlie don’t surf, but if he did, this is what would’ve been blasting out of his Victrola. Dick Dale made surf music for bikers: “Misirlou” isn’t an occasion to catch a wave, it’s an invitation to a knife fight, and that bee-swarm guitar line takes on all comers—a cha-cha rhythm, a trumpet chorus, even a piano solo—and slays them all. “Misirlou” wasn’t just punk rock before punk existed—it was punk rock even before rock’n’roll became boring enough to make punk necessary. –Stuart Berman
Listen: Dick Dale & the Del-Tones: “Misirlou”
68.
The Shirelles: “Will You Still Love Me Tomorrow” (1960)
Carole King was a better songwriter than singer/songwriter, though Tapestry is probably about due for a too-ironic revival. On this 1960 release, the Shirelles take the Brill Building doo-wop and enchantment-under-the-sea strings of King’s “Will You Love Me Tomorrow” and sanctify it with modest, youthful wisdom. Other 60s girl-group ballads would be huger, or more dramatic, but the understated pathos of “Will You Love Me Tomorrow” is singularly combustible. I feel the earth move. –Marc Hogan
Listen: The Shirelles: “Will You Love Me Tomorrow”
67.
Neil Young & Crazy Horse: “Cinnamon Girl” (1969)
The “riff” in this one is a sludge of lumbering power chords and the solo is a single note; even at the beginning of his Crazy Horse era in 1969, Young’s guitar playing had already started to crystallize into something shambolic and occasionally counterintuitive. The sweetness in the burr is all the melodic things happening: the conversations between the vocal harmonies, the guitars and bass, the high and low ends. So what if it’s one of Young’s most superficial songs—in so many other ways, its ragged musculature perfectly encapsulates everything he ever did best. –Mark Pytlik
Listen: Neil Young & Crazy Horse: “Cinnamon Girl”
66.
The Paragons: “The Tide Is High” (1967)
Violin isn’t common in reggae, but damn it sounds good on this gem from the rocksteady era. I’m amazed you can fit this much melody in one song—John Holt’s lead vocal swoops and dives, his phrases expanding and contracting like the very tide itself, while the doo-wop interjections of his mates weave around him like chips of glass in a kaleidoscope. Duke Reid’s band lays down a classic track stuffed with details—a muted guitar hook, a ridiculously sublime violin solo, the way the chorus sounds great no matter what order its halves are sung in—and the result is one of the best Jamaican tracks in pop history. –Joe Tangari
Listen: The Paragons: “The Tide Is High”
65.
The Mamas & the Papas: “California Dreamin’” (1966)
Apparently it’s so dreadful not to live in California, it drove the Mamas & Papas to create one of the most beautifully eerie harmony-pop songs in rock history. Thanks to the limitations of 1966 production, John and Michelle Phillips’ reverb-waterlogged four-part arrangement sounds apocalyptically choral, making the experience of actually suffering through four seasons sound positively ghastly. –Rob Mitchum
Listen: The Mamas & the Papas: “California Dreamin’”
64.
Del Shannon: “Runaway” (1961)
So spare it’s almost not there at all, Shannon’s masterpiece is teen heartbreak in haiku, winnowed down from a 15-minute vamp into a perfect 2:20. A No. 1 smash in 1961, rock’n’roll through and through, “Runaway” is also a proto-synth pop hit, introducing the electric musitron with a wicked solo. Shannon’s hiccuping, froggy falsetto details the most basic of breakup stories, and yet it resonates like cosmic truth. Despite lacking the “yeah, well, fuck you too” vitriol of garage groups like the Seeds, hundreds of punks and proto-punks heard, for better or worse, a whole aesthetic universe in “Runaway.” It’s one of the most coverable songs of all time. –Jess Harvell
Listen: Del Shannon: “Runaway”
63.
Stan Getz & João Gilberto: “The Girl From Ipanema” [ft. Antônio Carlos Jobim] (1964)
While the titular object of desire is described as walking “like a samba,” the breezy wisp of a song she saunters through has become synonymous with bossa nova, which emphasizes subtle melodic phrasing over dance-oriented cadence. Bossa nova pioneer Tom Jobim’s bittersweet ode to the unattainable allure of youthful beauty turned the still-young Brazilian genre into a household name in the United States. Astrud Gilberto’s dreamy lilt and João Gilberto’s succinct flecks of guitar describe the mesmerizing syncopation of rolling hips, while Getz blows his sax as sweetly as any drug-crazed wife-beater ever did. –Brian Howe
Listen: Stan Getz & João Gilberto: “The Girl From Ipanema” [ft. Antônio Carlos Jobim]
62.
The Rolling Stones: “Street Fighting Man” (1968)
On this searing call-to-arms the Stones set the impending revolution under an appropriately intense summer sun, and heat rolls off of it in waves. Brightly jagged guitars glitter like blacktop mirages; thunderous percussion cracks asphalt; Jagger’s voice is a wowing police siren. The music is emphatic; the prognosis is dire but vague; and the upshot, ambivalent: “What can a poor boy do except sing for a rock’n’roll band?” Thankfully so: If they cared too much, they wouldn’t be the Stones. –Brian Howe
Listen: The Rolling Stones: “Street Fighting Man”
61.
The Supremes: “You Keep Me Hangin’ On” (1966)
This Motown masterpiece has been rerecorded as rock, country, and new wave pop. No wonder: Its unceasing beat, bright guitar chirping, horn blasts, and bubbling bass line make it arguably the most rock-influenced hit of the group’s career, and suited for any setting. Nobody has sold it better, however, than Diana Ross, who somehow manages to sound heartbroken and sassy at the same time. –Cory D. Byrom
Listen: The Supremes: “You Keep Me Hangin’ On”
60.
Sly & the Family Stone: “Hot Fun in the Summertime” (1969)
Sly Stewart’s band could play anything, and here they lay out plush vibes over words that seem a bit realist (moral: things come and go?). No surprise, however, that it’s the sweet and psychedelic soul sounds that win out. Or do they? Sometimes, this song becomes an actual source of nostalgia for me, making me think about someone's old summers when both the sun and fun were hot. But then the bridge happens, and the bass drops out, and even though I know that summer ends soon, and that I’m constantly running out of time, and that life is just a meaningless exchange of particles—well, fuck it, things come and go. –Dominique Leone
Listen: Sly & the Family Stone: “Hot Fun in the Summertime”
59.
The Velvet Underground: “Sunday Morning” (1967)
The Velvets rap is always about “influence,” but how many artists influenced both the Strokes and Belle and Sebastian? The opener to 1967’s The Velvet Underground & Nico has more in common with the latter, as John Cale’s celeste tinkles beside the feedback wash of Sterling Morrison’s bass-guitar plod, and Lou Reed’s gentle melody explains what an early-morning comedown felt like before Crate & Barrel invented downtempo. It’s a walk of no shame, solitary and serene despite submerged bursts of paranoia. Like their non-evil twins the Modern Lovers, the Velvet Underground introduced not so much a sound as an aesthetic, and that’s pretty hard to bite. –Marc Hogan
Listen: The Velvet Underground: “Sunday Morning”
58.
The Beatles: “I Want to Hold Your Hand” (1964)
Something about a Kennedy dying, and an airplane arriving in New York. And though the Beatles got more consistently great—or at least more self-consciously artistic after their initial impact—they never really got much better than 1964 and “I Want to Hold Your Hand.” People still won’t shut up about Kurt Cobain mish-mashing the Beatles and Black Sabbath, but here are the Fabs themselves shaking up both twee and punk before either was invented. –Marc Hogan
Listen: The Beatles: “I Want to Hold Your Hand”
57.
Tommy James & the Shondells: “Crimson and Clover” (1969)
Not gonna front: I loved Joan Jett’s version first. But her cover rocks too hard. This song—quite possibly the closest white pop musicians have ever come to approximating how making love actually feels—is meant to be an afternoon roll in the hay, not an alleyway screw. Even though the climaxes are certainly there, “Crimson and Clover” isn’t about the payoff, it’s about the journey: those three chords descending like pieces of clothing hitting the floor, the sweaty droplets of reverb, the backbeat thrusts. Over and over, over and over. –Amy Phillips
Listen: Tommy James & the Shondells: “Crimson and Clover”
56.
Serge Gainsbourg and Brigitte Bardot: “Bonnie and Clyde” (1968)
During his collaborations with then-lover Brigitte Bardot, Gainsbourg nurtured a near-Warholian obsession with American iconography: Ford Mustangs (bang!), Coca-Cola, comic strips, and, of course, gangsters. Portraying himself as a cultural outlaw (which, in his most transgressive work, he undoubtedly was), Gainsbourg narrates the lives and deaths of the infamous bank robbers. For listeners who don't parlez français, it’s one of Gainsbourg’s most fascinating songs in that, from start to finish, it never really changes. Its acoustic foundation is miraculously filled out by a fat, creeping bassline, dizzy strings, and a bizarre hiccupping backing vocal, all of which turn simple strums into something hypnotizing. –John Motley
Listen: Serge Gainsbourg and Brigitte Bardot: “Bonnie and Clyde”
55.
Jackie Wilson: “(Your Love Keeps Lifting Me) Higher and Higher” (1967)
It’s no shock that the finest four-stringer to ever lay in the cut, James Jamerson, provided the base for Wilson’s late-1960s resurrection. With the can’t-miss arrangement, the then-33-year-old Detroit deity emotes with enough searing intensity to even explode through today’s layers of post-pop cynicism. Truth is, there’s not much depth. But Wilson’s idyllic, soulmate destination is so inviting that, by the time the horns sweep in, you may stop snickering at Brangelina and start to appreciate their forever bond. The thing can move mile-high peaks—or at least the Statue of Liberty. –Ryan Dombal
Listen: Jackie Wilson: “(Your Love Keeps Lifting Me) Higher and Higher”
54.
The Monkees: “Daydream Believer” (1967)
There’s something extra-touching about a band that’s ostensibly “for the kids” singing a song about the end of childhood. The lolling piano line and the big, bright chorus—“Cheer up sleepy Jean”—are irresistible to people of all ages, but there’s something moving about the way the narrator’s daydreams are ever-so-slightly punctured in the verses: Even a young kid glued to the Monkees’ TV show knows that the sweet comes with the bitter, so why try to hide it? –Chris Dahlen
Listen: The Monkees: “Daydream Believer”
53.
Led Zeppelin: “Whole Lotta Love” (1969)
According to Joy Press and Simon Reynolds’ The Sex Revolts, American soldiers in Vietnam would ride into battle blasting “Whole Lotta Love,” the part where it roars out of its fuzzed-out miasmic free-jazz middle section and back into its titanic brontosaurus riff. It’s a terrifying image, bloodthirsty heavily armed children fueling themselves with the heaviest, most violent music available. But it’s oddly exhilarating, too, and that’s the genius of the song. Zeppelin turned teenage sex-drive into apocalyptic precision-tooled violence. Even in that experimental stretch, the peals of feedback sound like bombs falling. –Tom Breihan
Listen: Led Zeppelin: “Whole Lotta Love”
52.
Ray Charles: “Georgia on My Mind” (1960)
In its conception, “Georgia on My Mind” was about songwriter Hoagy Carmichael’s sister, not the Peach State. But when native Georgian Ray Charles wrapped his sultry pipes around it, it became an obvious choice for official state song, despite the weird image of a landmass competing with “other arms” and “other eyes” for the singer’s affections. (Come to think of it, that’s a rather odd thing to write about one’s sister as well.) The string section hovers just this side of schmaltz, and Charles’ twinkling piano and supple inflections imbue the song with an elegiac sway, peaceful as those moonlit pines. –Brian Howe
Listen: Ray Charles: “Georgia on My Mind”
51.
Ike & Tina Turner: “River Deep - Mountain High” (1966)
The lyrics are a string of weak, almost corny analogies, like something someone who’s not much with words would write in a one-year anniversary card—and so Tina Turner has no choice but to belt them from every inch of her lungs to get her point across. She holds her own against one of the biggest of Phil Spector’s “wall of sound” productions, while the orchestra and chorus boom and clamor like a dictator’s rally. As hair-tearingly overpowering as the love she describes, “River Deep - Mountain High” has nothing left to hold back. –Chris Dahlen
Listen: Ike & Tina Turner: “River Deep, Mountain High”
50.
Love: “Alone Again Or” (1967)
Written by Love guitarist Bryan MacLean, “Alone Again Or” was in its original conception a simple, flamenco-tinged folk song. But as the opening and greatest track on Love’s 1967 magnum opus Forever Changes, it became a perfect reflection of the L.A. group’s unique and conflicted dynamic. Producer Bruce Botnick enlisted David Angel to supply the distinctive mariachi horn section and Nelson Riddle–like string arrangements that provide the song its strange, out-of-time luster. Meanwhile, bandleader Arthur Lee infamously mixed his own harmony vocals louder than MacLean’s lead vocal to give the track an asymmetric wobble to match its elliptical title, and lending MacLean’s heart-stirring, alone-in-a-crowd lyricism an added degree of poignancy. –Matthew Murphy
Listen: Love: “Alone Again Or”
49.
Lee Hazlewood & Nancy Sinatra: “Some Velvet Morning” (1968)
Even after thousands of listens, I still don’t know quite what to make of this bizarre, creepy song. A country-outlaw singer drowning in a pool of reverb, constantly interrupted by dazed-hippie interludes, and haunted by a storm cloud orchestra. Sure, Phaedra is part of a Greek myth and all, but I prefer to think of “Some Velvet Morning” as a love song to drug rehab, Hazlewood longing for a time when he’ll be sober enough to reminisce about his addiction (ephedra = amphetamine, natch) and Sinatra in the role of the drug-personified siren calling him back to her clutches. –Rob Mitchum
Listen: Lee Hazlewood & Nancy Sinatra: “Some Velvet Morning”
48.
David Bowie: “Space Oddity” (1969)
Bowie’s first bona fide hit, “Space Oddity” was rush-released to coincide with the Apollo 11 moon landing. The lyrics, with their strong ties to 2001: A Space Odyssey, tell the sad and paranoid story of poor Major Tom, lost in the void of space. They’ve alternately been interpreted to be about drug abuse, and the psychedelic folk backdrop certainly supports the position that Tom’s experiencing the bad trip to end all bad trips. But while the themes foreshadow the symbolic sci-fi narratives in Bowie’s first true taste of superstardom—the Ziggy Stardust era—the song stands on its own, showcasing Bowie’s gifts for building atmosphere through arrangements and thematic elements. –Cory D. Byrom
Listen: David Bowie: “Space Oddity”
47.
The Beatles: “Eleanor Rigby” (1966)
Big ups to George Martin, who wrote the score for the eight-piece string section (four violins, two cellos, and two violas) floating behind Paul McCartney’s libretto (with assistance from John Lennon and George Harrison on the harmonizing and background vocals). The meditation on loneliness is just over two minutes long, but the characters are fleshed out so strongly that each individual feels packed with a novel’s worth of details. When the stars come together—“Eleanor Rigby died in the church and was buried along with her name/Nobody came/Father McKenzie wiping the dirt from his hands as he walks from the grave/No one was saved”—think back to Rigby cleaning up the post-wedding rice. She and McKenzie partake in these solitary rituals constantly—never finding a conscious overlap. Seems bizarre that it was released as a single with “Yellow Submarine”: Let's paint the Revolver black. –Brandon Stosuy
Listen: The Beatles: “Eleanor Rigby”
46.
The Creation: “Making Time” (1967)
That riff’s an instant mod flashpoint on par with “I Can’t Explain” or “You Really Got Me,” but only in the parallel universe ruled by Max Fischer did this song achieve the same legendary status. What differentiates “Making Time” from its peers is that it trades in teen angst for ennui: Kenny Pickett sings, “Why do we have to carry on/Always singing the same old song,” so after the second chorus guitarist Eddie Phillips obliges him and changes the tune, slashing a violin bow across his fret board—years before Jimmy Page stole the shtick—and inverting the song’s riff into something far nastier. They may have been called the Creation, but they excelled at the art of destruction. –Stuart Berman
Listen: The Creation: “Making Time”
45.
Dusty Springfield: “Son of a Preacher Man” (1968)
Aretha Franklin famously rejected this song, only deciding to record it once she heard Springfield’s version. Lyrically, it's clichéd, trite even. Good girl and equally good boy meet, sneak off, give in to each other: It’s a Danielle Steel novel waiting to happen. But Springfield’s quavering tenor is clear and warm enough to turn an underwritten character into an archetype, and it dissolves into the glistening guitars and hard-rolling horn riffs just perfectly. –Tom Breihan
Listen: Dusty Springfield: “Son of a Preacher Man”
44.
The Supremes: “Where Did Our Love Go” (1964)
This No. 1—the Supremes’ first—marked the beginning of an astonishing 1960s chart reign that included 12 pop toppers. Whereas many of their sister groups barreled with boldness, this trio veered away, mastering the seductive coo led by whispery glass goddess Diana Ross. As claptrap percussion gallops away, Ross sidles up to the typical teen heartbreak sentiments and instantly matures them with breathless pathos and sensuality. Punctuated by 15 seconds of blustery sax that hints at a full recovery, “Where Did Our Love Go” is a come down that comes on strong. –Ryan Dombal
Listen: The Supremes: “Where Did Our Love Go”
43.
Vince Guaraldi Trio: “Linus and Lucy” (1965)
Perhaps inseparable from images of pathetic little Christmas trees and ice-skating puppy dogs, “Linus and Lucy” is, for many kids, still the first “jazz” they ever hear. (It was certainly the only “jazz” record in my household; my mom held jazz in disregard as weird dialectic beatnik music without a beat.) That 12-note main theme (with Guaraldi’s left hand answering with five low notes) is possibly the most memorable melody on this list. Guaraldi’s crates run deeper than his Peanuts work, obviously, but there are certainly worse things to leave as your legacy. –Jess Harvell
Listen: Vince Guaraldi Trio: “Linus and Lucy”
42.
The Band: “The Night They Drove Old Dixie Down” (1969)
Nothing like a group that’s 80% Canadian singing about The War of Northern Aggression. Fortunately, the other 20% is Levon Helm, whose dramatic performance here turns a period piece that could have been a “Schoolhouse Rock” episode into a mournful piece of folk-rock. Helm’s vocals alone are perfectly evocative of the song’s character, but subtler and more crucial is his simultaneous drumming, skipping like a heartbeat whenever he gets to the really sad parts. With the rest of the Band bobbing and weaving within that perfect John Simon production, they get closer than ever to achieving their goal of escaping to a sepia-toned past. –Rob Mitchum
Listen: The Band: “The Night They Drove Old Dixie Down”
41.
Leonard Cohen: “Suzanne” (1968)
Cohen wrote this perfect ballad about a night with Suzanne Verdal, who was married at the time to the Montreal sculptor Armand Vaillancourt. It was initially a poem, “Suzanne Takes You Down,” collected in Parasites of Heaven, and the drenched dreamscape language situates the listener via all senses: “And she shows you where to look/Among the garbage and the flowers/There are heroes in the seaweed/There are children in the morning.” Suzanne, holding a mirror, supposedly really did give Cohen tea and they had some sort of slinky walking tour of Montreal and the St. Lawrence River, but, also supposedly, they didn't sleep together—didn’t want to ruin the wavelength. Still, even without the nookie, Cohen recasts the night as worthy of the Bible—turning the simplest moment into something extraordinary. –Brandon Stosuy
Listen: Leonard Cohen: “Suzanne”
40.
The Zombies: “This Will Be Our Year” (1968)
Like the rose-colored finale of a feel-good musical, this proto-twee anthem has always felt over (the top) before it begins—an incandescent, elegiac bit of closure. “Time of the Season”’s the more generally beloved track from Odessey and Oracle and has received the most Hollywood hippie lip-service, but this track’s baroque pop brevity uplifts more grandly: Like “Happy Together” lined with rays of psychedelic sunshine (vocal-harmony mouthing piano, trumpets, ornate choral harmonies, and warm drums that link it in my head to Pet Sounds and Forever Changes). When singer Colin Blunstone says, “And I won’t forget the way you said/‘Darling I love you’/You gave me faith to go on,” he creates a smeared palimpsest that tugs my heart every time. It’s ironic that the group who penned this eternally optimistic song had disbanded by the time the album hit the shelves. –Brandon Stosuy
Listen: The Zombies: “This Will Be Our Year”
39.
The Rolling Stones: “Sympathy for the Devil” (1968)
It was a ballsy move for Mick Jagger to sing about Satan in the first person, and it was even ballsier to make him so damn likable, a charming rake with a sense of decorum and a way with words. “Sympathy” may be Jagger’s finest lyrical moment; in a few quick strokes, he weaves the Crucifiction, the Hundred Years’ War, the October Revolution, World War II, and the assassinations of the Kennedys into an interlocking tapestry of human cruelty, and then he takes credit for all of it. Even ballsier may be the Stones’ use of the sort of rippling African grooves that pale-faced rockstars usually deploy when they’re trying to sound warm and life affirming. It’s an exhilarating piece of work, especially as the song builds and Keith Richards starts using his guitar the same way the Bomb Squad used sirens, a trebly fuzzbomb exploding into the sinuous mess. –Tom Breihan
Listen: The Rolling Stones: “Sympathy for the Devil”
38.
The Meters: “Cissy Strut” (1969)
When the first moments of the first song of your first album are as crisp and chilling as the “Aaaaaa-yah!” and fat chords that open “Cissy Strut,” hyperbole tends to abound. New Orleans demigods and house band for Allen freakin’ Toussaint before they were out of their infancy, the Meters were the peak of precise, slashing through each other’s instruments and whipping up funk like it was chicken salad—thoroughly, deliciously, and fast.
Art Neville ran shit from on high behind that keyboard, but the interplay between guitarist Leo Nocentelli and drummer Zigaboo Modeliste is near impossible to compute. Which explains why the track has been flipped more than 20 times on hip-hop records ranging from Onyx’s “Bacdafucup” to Raheem’s “5th Ward.” There are few songs that pop with the kind of instrumental arrogance “Cissy Strut” carries. In doing so, and basically laying the concrete for funk music, they set the standard for talking loud and saying nothing. In a good way. –Sean Fennessey
Listen: The Meters: “Cissy Strut”
37.
Simon & Garfunkel: “The Sound of Silence” (1965)
“Hello darkness, my old friend.” Few songs sink their hooks into a listener as instantly as this classic ode to alienation. Paul Simon’s tautly crafted lyrics unfold effortlessly as his harmonies with Art Garfunkel grow in emotional intensity. Those elements were already in place when the duo recorded “The Sound of Silence” for its folk-damaged debut, Wednesday Morning, 3 A.M. But after that album flopped and Simon & Garfunkel called it quits (for the first time), producer Tom Wilson took the folk frame of the original and added a rock edge. Inspired by the Byrds and Dylan’s evolution to electric, Wilson overdubbed electric guitars, bass, and drums. Not only did the new version reach No. 1, those additions also helped shed the original’s choirboy wimpiness. –John Motley
Listen: Simon & Garfunkel: “The Sound of Silence”
36.
13th Floor Elevators: “You’re Gonna Miss Me” (1966)
I need to do the research, but I doubt the electric jug was ever put to such good use. For this convulsive harmonica-singed garage-psychedelia blast, Tommy Hall pilots it as a twittering army of sopping-wet percussive mini-moogs. Then, of course, come Roky Erickson’s vocalizations, threats, and promises (“oh, you’re gonna miss me”) with patterns that feel less like rock lyricism and more like looped jazz frenetics (or, hey, Astral Weeks). This was the Austin band’s first single and only real hit, and its history seems endless: Erickson recorded it once before with his earlier band, the Spades; forty-something years later, it’s the title of Keven McAlester’s documentary about the man’s life/work. It even greets you on Erickson’s website. He’s unfortunately become one of those figures, like Daniel Johnston or Syd Barrett, fetishized by some for his mental illness. Fuck that. Listen to this track, recorded before he spent time in an institution and allegedly received shock therapy: Erickson was already possessed with rock’n’roll genius. –Brandon Stosuy
Listen: 13th Floor Elevators: “You’re Gonna Miss Me”
35.
Johnny Cash: “Ring of Fire” (1963)
That Cash could adopt a goofy conceit like this (not just any ring of fire, a burning one), drape it in mariachi music, and still come out looking twice as big a man as your favorite uncle, father, and grandfather combined says more than any glorified MOTW ever could. If composure in the face of death is proof of character, composure in the face of love is downright molecular; here’s a man singing about “wild desire” and “falling like a child” straight from the ashes at the bottom of his stomach. That “Ring of Fire” was one of his biggest hits is no easily explainable trick of the chorus either—there’s a booming posture to this that, 50 years removed, still extends out across his many decades. It’s why people loved seeing him sing even more than they loved hearing him. –Mark Pytlik
Listen: Johnny Cash: “Ring of Fire”
34.
The Who: “The Kids Are Alright” (1965)
That big opening chord sounds like a challenge to the Beatles of a “A Hard Day’s Night.” Sure enough, the Who turn in a gorgeous, sophisticated pop song that focuses the band’s sick instrumental prowess into three minutes of kinetic melancholy. Those vocal harmonies positively soar on Pete Townshend’s guitar jangle, and the modulation at the end is brilliant, preceded by just a tiny snatch of raucous Sturm und Drang. Roger Daltrey’s vocal has just the right tinge of sadness as he heaves the inner conflict stoked by his relationship on the table for all to see. –Joe Tangari
Listen: The Who: “The Kids Are Alright”
33.
James Brown & the Famous Flames: “It’s a Man’s Man’s Man’s World” (1966)
For all of its sweat-soaked machismo and fist-pump funk, Brown’s most potent 1960s statement was a relatively quiet, distinctly feminine testament to intrinsic dependence. “A man who don’t have a woman,” squeals the conflicted soul man, “he’s lost in the wilderness.” It’s as if he could foresee his post-70s wasteland, when allegations of domestic abuse outnumbered hit singles, but was utterly helpless to stop the spiral. The ballad’s titular emphasis and man-made roll call only serve to underline its loneliness and desperation. Against arch string plucks, lagging piano, and snap rimshots, the man works his demons hard. And this direct feed into his struggle is as stunning as the ensuing wreckage is stunningly pitiful. –Ryan Dombal
Listen: James Brown & the Famous Flames: “It’s a Man’s Man’s Man’s World”
32.
Ennio Morricone: “The Good, the Bad, and the Ugly (Main Theme)” (1966)
Film was the most important medium of the 20th century, and Ennio Morricone was among its chief architects. “The Good, the Bad, and the Ugly” didn’t simply reinvent soundtracks; it reinvented movies. For even the most uncouth audiences, the titular theme—hell, just the opening “wah-wah-wah”—is synonymous with stoicism, murder, and pop-art delirium. Despite the Wagnerian crescendos and theatrical irony, every effect is critical and unforgettable: pacing boots, tribal flutes, flaring surf guitar, Indian warwhoops, field-recording flotsam, meth-mangled trumpet solos. In just under three minutes, Morricone condenses all the greatest elements of music—from opera, garage, musique concrète, peyote songs, whatever—and layers them over stampeding horses and shotgun blasts. It’s kaleidoscopic, exhilarating, and incontrovertibly badass. –Alex Linhardt
Listen: Ennio Morricone: “The Good, the Bad, and the Ugly (Main Theme)”
31.
Nico: “These Days” (1967)
It’s not hard to imagine hearing Nico’s low register and ineffable sadness over a less extravagant combination of instruments on “These Days.” This could well have been another coffeehouse folk song about day-to-day drudgery and the disappearance of passion—especially because those damn strings, skipping around and over the delicate guitar, weren’t supposed to be there in the first place. Producer Tom Wilson added them after the recording, much to the chagrin of Nico, who later called its parent album, Chelsea Girl, “unlistenable.” Psssht. The grandeur of her melancholy is less restrained when there’s a viola chipping away at the melody, but there’s no gussying up or glossing over the punishing closing sentiment, perhaps an acknowledgement of the chanteuse’s already intense heroin addiction: “Please don’t confront me with my failures/I had not forgotten them.” –Sean Fennessey
Listen: Nico: “These Days”
30.
The Shangri-Las: “Leader of the Pack” (1964)
Teen melodrama was a valuable commodity in the 1960s, but few girl groups did it as darkly or as well as the death-obsessed Shangri-Las. “Leader of the Pack”—on which the Weiss and Genser twins spun spoken-word and saccharine singing into the tale of a local tough who’s killed in a motorcycle crash on the night the narrator breaks up with him, per her father’s orders—is part concise musical theater, part novelty song, and all avant-garde, thanks in no small part to George “Shadow” Morton’s inventive production. Every element of the song mimetically refers to its tacit catastrophe—the cardiac percussion limns heart-pumping urgency; stately piano chords suddenly tumble as if they’ve hit wet asphalt; and while the crisis is never explicitly named, the throaty motorcycle revs, horrible crashing sounds, and cries of “Look out look out look out!” leave little room for ambiguity. –Brian Howe
Listen: The Shangri-Las: “Leader of the Pack”
29.
The Kinks: “Waterloo Sunset” (1967)
The protagonist’s ritualistic observations have always reminded me of Death in Venice minus the overt dissipation: The “dirty old” Thames, Waterloo Station, and a 1960s orange-red nighttime London sky reimagined as a private paradise by the window pane’s light. Ray Davies’ airy harmonies compliment the rarefied aestheticism: “Busy-busy” causes vertigo, taxi lights scald eyes, it’s too cold to venture outside. This was supposedly the first track he produced on his own and every detail works to reconfirm a sensibility: The sporty intro sidesteps into the unmistakable vocal melody played first on guitar, then sung by Davies. Throughout, a scrappy rhythm guitar abuts an angelic harmonic web, balancing vicarious experience with the gorgeous hands-on pageantry of the city. –Brandon Stosuy
Listen: The Kinks: “Waterloo Sunset”
28.
Otis Redding: “(Sittin’ on) The Dock of the Bay” (1968)
Released at the beginning of 1968, Redding’s posthumous hit was a lamenting—and prescient—cry of resignation after the Summer of Love. It’s as immortal a song as R&B ever produced, renouncing all references to the transitory pleasures of love, rage, or infatuation. There’s merely Redding’s piteous hum, balanced by buoying guitar and slumberous horns. He sounds like a disappointed god, bored by infinity and captivated by his own constancy. The voice is soft and sleek, and traces of anger still disturb the serenity. The lyrics pass from calmness to sorrow, pleasure to damage, bemusement to barrenness. It’s a repudiation of empty promises: Nothing’s blowin’ in the wind, no changes are gonna come, there’s “nothing to live for, and looks like nothing’s gonna come my way.” He drives all the way to San Francisco just to remind himself that his life will never change. And then there’s that final nonchalant whistle, the most haunting and elegiac sound you could ever hear from a dead man’s No. 1 record. –Alex Linhardt
Listen: Otis Redding: “(Sittin’ on) The Dock of the Bay”
27.
The Velvet Underground: “I’m Waiting for the Man” (1967)
“The Man is never on time,” William Burroughs typed in 1959’s Naked Lunch. “First thing you learn is that you always got to wait,” Lou Reed complained eight years later on The Velvet Underground & Nico. Buffeted by krautrockist guitar blocks and insatiable jackhammer drums, Reed’s deadpan vocals makes a delinquent of early rock’n’roll piano and urban-twang lead licks. Dude takes the present-day 4/5/6 to East Harlem (that’s “SpaHa” for the noobs), $26 in hand not adjusted for inflation, then oh look at the time splits cause hey I’m running late. To think in Jamaica they’ll just plop heaping bags in your palm for a mere Andrew Jackson (I’m told)—though context suggests it’s probably the junk Reed’s really on about. Whatever, he’s feeling good, he’s gonna work it on out, and that brownstoned walk home is easy to imagine even if most of us have never experienced it. Oh, also many people heard this and then formed bands. –Marc Hogan
Listen: The Velvet Underground: “I’m Waiting for the Man”
26.
The Beatles: “I Am the Walrus” (1967)
“I Am the Walrus” wasn’t the first psychedelic song the Beatles recorded, but where the others were about the trip, this was about the destination: A tour of a surreal, strikingly vulgar place far out there (or far inside Lennon’s head), following a march beat that doesn’t quite fit your feet. Although the production is dense and full of disruptive voices and found sounds, your ear always knows where to go, thanks to that wobbly back-and-forth theme on the electric piano. And while Lennon barks the words, he also reminds us why the Beatles were the least scary available tour guide to this strange new place. After all, John (or was it Paul?) was The Walrus, a post-human growth on the collective subconscious—but he still looked silly with those giant flippers. –Chris Dahlen
Listen: The Beatles: “I Am the Walrus”
25.
The Rolling Stones: “Paint It Black” (1966)
Mick conjures his charm school squall and Brian Jones makes that sitar chirp like a newborn blue jay, but it’s Charlie Watts’ crashing kit that slugs most every other Stones tune out of the way of this depression-incarnate. Perhaps overplaying his hand too soon (subtlety has never been Mick’s fastball), Jagger’s lyrics bellyache from start, “No colors anymore, I want them to turn black,” to finish, “I wanna see the sun blotted out from the sky.” But it’s the persistent snare thumping and cymbal shattering that has led so many people to believe there’s some sort of demonic undertone to the song. There really isn’t. Seems Jags got dumped (or perhaps saw an emotional emptiness inside himself) and wants the whole world to look black. Kind of childish if you break it down to the literal, but to think about that swaggering cocksman now and imagine him crumpled and crying, scrawling, “Maybe then I’ll fade away and not have to face the facts” in 1966 is kind of heartening. –Sean Fennessey
Listen: The Rolling Stones: “Paint It Black”
24.
The Supremes: “You Can’t Hurry Love” (1966)
“If you’re not with someone, then they’re not meant for you,” Art Brut’s Eddie Argos declared in the middle of “Emily Kane” at this summer’s Pitchfork Fest. So here we are, mustache-deep in love songs and hate songs and Rolling Stones songs, and “You Can’t Hurry Love”—a little Holland-Dozier-Holland bouncer about the pointlessness (and frustrating inevitability) of getting all broke up over heartbreak—is still one of the few that tells us what we really need to hear. The ostinato bass, tingling tambourine chirp, shy Herman’s Hermits guitar, and especially Diana Ross’ suavely teenybop vocals (plus the hear-a-symphony backing oohs) stand in uneasy harmony. While the Beatles, Beach Boys, and Stones got all the white straight rock geek worship, the Supremes shimmied their way to pop perfection in 1966. Neither “Lust for Life” nor “Someday” nor any other beat-ganker does it better. Phil Collins can eat poop. –Marc Hogan
Listen: The Supremes: “You Can’t Hurry Love”
23.
Etta James: “At Last” (1961)
When love finally comes, Etta James meets it with the unhurried cool of someone shuffling to catch an early bus. Maybe she’s too wounded, or maybe she's an ascetic, but probably she's just savoring—too used to going without to remember how to be excitable. Instead she’s content to stretch the moment out like taffy, itself a new kind of wait. But where her measured delivery suggests she’s entering into this thing one limb at a time, as if slipping into an icy pool, the orchestration tells a different story. With “life is like a song,” she even confesses as much. While she stands solid and resolute, dispensing her release in controlled bursts, the strings’ backflips, twirls, and knots do the rest of her work. They’re the butterflies, the relief and the joy, and they’ve never been more beautifully expressed than they are here. –Mark Pytlik
Listen: Etta James: “At Last”
22.
Marvin Gaye: “I Heard It Through the Grapevine” (1968)
Not even the California Raisins could fuck this one up. Gladys Knight and the Pips took “Grapevine” to No. 2 in 1967, a full year before Gaye’s was released, but when was the last time you heard Knight’s version? Gaye’s take on the song remains perhaps the darkest, fuzziest, most unglued moment in Motown history. Gaye’s voice was usually an ecstatic lilt, but here it’s a frozen paranoid sneer, the sound of a man collapsing inward into doubt and regret and hate. Gaye clamps down on the “you mean that much to me” line with so much venom that we know it isn’t really true, not anymore. The murky Funk Brothers arrangement offers no respite: the organ bubbles, the Bernard Herrmann strings screech, the guitars echo and moan, and you know just as well as Gaye does that his life is about to end. There’s no hope anywhere in the song. It’s terrifying. –Tom Breihan
Listen: Marvin Gaye: “I Heard It Through the Grapevine”
21.
The Beach Boys: “Good Vibrations” (1966)
The pressure to surpass Pet Sounds and keep apace with the ante-upping Beatles set the stage for this obsessive-compulsive, career-derailing masterpiece. Wilson amassed hours upon hours of tape at multiple studios to cobble together his intricately segmented, cut’n’paste “pocket symphony,” reportedly spending anywhere between $16-50,000 to produce three-and-a-half minutes of weird yet accessible pop. Besides its haunting organs, shapeshifting riffs, and cubist harmonies, “Good Vibrations” introduced the electro-Theremin (now often known as the Tannerin, its interface involves shifting the pitch of a sine wave by sliding a knob across a dummy keyboard) to the world at large, its bright eeriness audibly echoing Wilson’s knack for blending the mundane with the extraterrestrial. –Brian Howe
Listen: The Beach Boys: “Good Vibrations”
20.
The Shangri-Las: “Out in the Streets” (1965)
The Shangri-Las perfected pop melodrama, and their best songs feel like a synthesis of Douglas Sirk, Beatlemania, Hells Angels, and a support group for middle-aged manic depressives. Yes, the group addressed the most lurid elements of 1960s suburbia, from rape and death to skull-smashing bikers and abused dropouts. But “Out in the Streets” accomplishes the tremendous feat of transforming teen-beat puppy love and leather-laced fetishism into the foundations of adulthood: nostalgia, boredom, and guilt.
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https://www.jonkutner.com/hang-on-sloopy-the-mccoys/
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Hang On Sloopy (The McCoys)
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https://www.jonkutner.com/hang-on-sloopy-the-mccoys/
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When it comes to listing some of the most underrated songwriters in the pop world, the list would vary according to the person’s age, but for middle-aged people, names like Albert Hammond and Bert Berns would certainly be in there. I was having a conversation with someone about a month ago about songs written by Albert Hammond and they could not believe how many songs of his they knew, but had no idea who he was. This week’s Single of the Week is not one by Albert, but by Bert Berns.
Bert, who sometimes used the pen name Bert Russell and wrote many songs including Under the Boardwalk, Brown Eyed Girl, Twist and Shout, Here Comes The Night, (Take A Little) Piece of My Heart , Tell Him and He Ain’t Heavy, He’s My Brother, was born Bertrand Russell Berns in November 1929 in The Bronx, New York. As a kid he suffered with rheumatic fever which caused damage to his heart and would ultimately end his life far too early.
He grew up listening to African and Latino music which he learned from his neighbours where he grew up. He got a job as a dancer in a couple of different mambo night clubs and that inspired his to head to Havana. There he learned to write music and lyrics which, when he returned to New York in 1960, gained him entry to the famous Brill Building where he sat day after day writing songs and was paid $50 a week.
His debut hit, as a writer, was in the summer of 1961 when the Jarmels took his song A Little Bit of Soap to number 12 in America. In the UK, Showaddywaddy’s cover went to number five. Here he wrote 37 hits including two number ones, He Ain’t Heavy, He’s My Brother (twice – The Hollies and the Justice Collective) and Twist and Shout by Chaka Demus & Pliers.
In 1964 he wrote a song which became a hit for the McCoys called Hang On Sloopy but started life as My Girl Sloopy and first recorded by the R&B group The Vibrations. It was originally intended for The Strangeloves as their follow-up to the hit I Want Candy which Berns had also written, but they held back on it because I Want Candy was still hanging around the chart and didn’t want to encroach on its sales, however, they toured extensively and included it nightly. One of their support bands were the Dave Clark Five and the ever innovative Dave taped The Strangeloves’ version so he could copy it for release when they returned to the UK, feeling that it could have been a big hit.
One of their tour dates took them to Dayton, Ohio where, in 1965, they met a local band called the Rick Z Combo who were led by Rick Zehringer who would later change his name to Derringer. He was keen for his parents to be proud of him and didn’t want to deviate too much so decided on Derringer after seeing a small derringer gun on the logo of Bert’s own label Bang records. They formed a friendship and the three members of the Strangeloves – Bob Feldman, Jerry Goldstein and Richard Gottehrer, who were producers really, arranged a recording session for Rick and his crew to cover the song. Once in the studio, they changed their name to The McCoys, a name taken from a Ventures track and also changed the title to Hang On Sloopy. Rick Derringer recalled, “They gave us a small record player and a copy of the musical track and told us exactly what they wanted us to sing. We went out into the park for a few days, practiced singing it, and put the vocal on. They jumped up and down in the control room and yelled, Number One! and a few weeks later, it was.”
The Sloopy was inspired by a jazz singer called Dottie Sloop who hailed from Steubenville, Ohio. She was born Dorothy Sloop Heflick in 1913 and after graduating from the College of Steubenville, joined the all-female quartet, Southland Rhythm Girls, who appeared along the East Coast from NYC to Miami before she settled in New Orleans and launched a solo career. Bert and the song’s co-writer, Wes Farrell, both liked her nickname and wrote My Girl Sloopy.
The first chorus says, ‘Sloopy lives in a very bad part of town’ which refers to the French Quarter of New Orleans which was not quite as notorious as old Storyville, but was still a haven for lonely sailors and folks walking on the wild side. The Quarter offered Cajun food, jazz music, nightclubs and assorted working professionals. The next line, ‘Sloopy, I don’t care what your daddy do’ may explain that Berns and Farrell knew that her father, Fred Sloop, was a musician and songwriter like themselves. Her grandfather, Fredrick Sloop Sr. was born in Switzerland and settled in Hancock County, Ohio, and he ran a music store in Findlay. Fred Jr. worked with Tell Taylor who wrote, Down By The Old Mill Stream, before moving to Steubenville, where he played piano and organ at theatres downtown. He also performed at the Hy Hat Club with Dean Martin.
In an interview with Mojo magazine in 2008, Solomon Burke claimed that Berns, who at the time was his designated producer/writer, originally wrote an earlier version of this for him but he turned it down.
In 1985, the song was named the official Rock song of the state of Ohio. According to the John Tagenhorst, then an arranger for the Ohio State University Marching Band,who created the band’s now-famous arrangement of Sloopy, which was first performed at the Ohio State-Illinois football game on 9th October 1965.
Berns died in 1967 at the age of just 38 from a heart attack. He’d made a lot of enemies in his short time in the business and Joel Selvin recalled when researching for Berns’ biography – Here Comes the Night: The Dark Soul of Bert Berns and the Dirty Business of Rhythm & Blues, “Neil Diamond hated him, Van Morrison had mixed feelings at best, Jerry Wexler, who was his best friend and mentor, told me he would have nothing to do with the book, he said: ‘I don’t know where he’s buried, but if I did, I’d piss on his grave.’ When asked, why Berns was so unpopular with his contemporaries, Selvin replied, “He wasn’t unpopular with his friends, only his enemies didn’t like him. People loved him. Ellie Greenwich cried during our interview about him. She said, ‘He was a sweet, intense but happy-go-lucky guy, all music, all hit records but he was not someone to cross. He was a fierce Jew with a short time to live.'” When he was asked if Berns died a wealthy man, Selvin’s reply was, “He became wealthy within two years of his first hit, A Little Bit of Soap in 1961 and he kept a fishbowl in his penthouse where he stuffed royalty checks he was too busy to take to the bank.
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https://www.wjlx1015.com/music/on-this-day-aug-6-1965-the-beatles-release-their-fifth-album-help
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On This Day, Aug. 6, 1965: The Beatles release their fifth album, Help! – WJLX 101.5 FM
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"ABC News"
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2024-08-06T10:19:00
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On This Day, Aug. 6, 1965… The Beatles released their fifth studio album Help!, which was the soundtrack to their film of the same name. The album produced three #1 singles, including the title track, “Yesterday,” and “Ticket to Ride.” Help! was a critical success, […]
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WJLX 101.5 FM
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https://www.wjlx1015.com/music/on-this-day-aug-6-1965-the-beatles-release-their-fifth-album-help
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On This Day, Aug. 6, 1965…
The Beatles released their fifth studio album Help!, which was the soundtrack to their film of the same name.
The album produced three #1 singles, including the title track, “Yesterday,” and “Ticket to Ride.”
Help! was a critical success, and hit #1 on the Billboard Album chart, spending nine weeks in the top spot. It was also nominated for Album of the Year at the Grammys, marking The Beatles’ first Grammy nomination in that category.
Help! was the second film to star The Beatles. It had the band trying to protect drummer Ringo Starr, who’s the target of a sinister cult and mad scientists trying to obtain a sacrificial ring he received as a gift from a fan.
Copyright © 2024, ABC Audio. All rights reserved.
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https://www.centralfifetimes.com/leisure/national/24502074.bob-dylan-film-complete-unknown-released-christmas-day/
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Bob Dylan film A Complete Unknown to be released on Christmas Day
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2024-08-06T21:32:05+00:00
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Timothee Chalamet will star as Dylan and do his own singing in the role.
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/resources/images/17394448/
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Central Fife Times
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https://www.centralfifetimes.com/leisure/national/24502074.bob-dylan-film-complete-unknown-released-christmas-day/
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The film, featuring Dune star Timothee Chalamet as the influential folk singer, follows Dylan’s early days in the 1960s, culminating in his controversial performance at the 1965 Newport Folk Festival, after he had gone electric.
In a post announcing the release date, the film’s producers Searchlight Pictures said: “A glimpse of the future.
“A Complete Unknown, a film by James Mangold, starring Timothee Chalamet as Bob Dylan, coming only to theatres December 25.”
A trailer for the film sees the 28-year-old actor wearing Dylan-style clothing and singing A Hard Rain’s A-Gonna Fall.
The teaser begins with glimpses of Chalamet, with curly brown hair and dark glasses, walking the streets of what appears to be New York City, where Dylan’s career took off.
Fight Club actor Edward Norton – as fellow folk singer Pete Seeger – introduces a young Dylan to a small crowd in a venue.
He says: “I want to tell you a little story. A few months back my friend Woody Guthrie and I, we met a young man, he dropped in on us out of nowhere, and he played us a song. In that moment we got a feeling we were getting a glimpse of the future.”
Chalamet then appears performing as Dylan, with the clip interspersed with footage of him at a church venue, where he looks at The Great actress Elle Fanning as Sylvie Russo, a character based on Suze Rotolo, an artist who was Dylan’s girlfriend in the early 1960s.
Maverick actress Monica Barbaro co-stars as folk singer and counter-culture figure Joan Baez, who performed with Dylan on duets such as With God On Our Side.
The movie is directed by James Mangold, who also helmed acclaimed Johnny Cash biopic Walk The Line, starring Joaquin Phoenix and Reese Witherspoon, which was nominated for five Oscars, winning one for best actress for Witherspoon.
Dylan, 83, is to return to the UK to play the Royal Albert Hall in November as part of his Rough And Rowdy Ways tour, which will also see him perform in Wolverhampton, Nottingham and Liverpool.
He is one of the most acclaimed songwriters of all time, winning 10 Grammys and being nominated another 38 times. He has had six top 10 singles and nine number one albums in the UK.
He began his career in 1962 with the single Mixed-Up Confusion, which failed to chart in the UK or the US.
But he shot to stardom with a string of singles in 1965, including The Times They Are A-Changin’, Subterranean Homesick Blues and Like A Rolling Stone.
Dylan’s songs have been covered by the likes of the Jimi Hendrix Experience, the Rolling Stones and Adele.
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https://www.thecurrent.org/feature/2022/09/30/september-30-in-music-history-isaac-hayes-releases-theme-from-shaft
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September 30 in Music History: Isaac Hayes releases 'Theme From Shaft'
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2022-09-30T00:00:00
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Two roadies had a dust-up at a Lynyrd Skynyrd and Blue Oyster Cult gig; Exile topped the singles chart; Kate Pierson protested fur fashion; Mariah Carey made chart history; Justin Timberlake dominated iTunes; Neil Young gave an unforgettable performance on 'Saturday Night Live'; Isaac Hayes releases 'Theme From Shaft' and Donovan appeared on U.S. television for the first time, Today in Music History.
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History Highlight:
Today in 1971, Isaac Hayes releases "Theme From Shaft." This was the soul and funk-styled theme song to the Metro-Goldwyn-Mayer film 'Shaft'. The theme was shortened and released as a single that went to number two on the Billboard Soul Singles chart (behind "Inner City Blues (Make Me Wanna Holler)" by Marvin Gaye) and to number one on the Billboard Hot 100 in the United States in November 1971. The following year, "Theme from Shaft" won the Academy Award for Best Original Song, with Hayes becoming the first African American to win that honor - or any Academy Award in a non-acting category - as well as the first recipient of the award who both wrote and performed the winning song. Since then, the song has appeared in numerous television shows, commercials, and other movies, including the 2000 sequel Shaft, for which Hayes re-recorded the song.
Also, Today In:
1955 - James Dean was killed in a car accident at age 24. Dean dies around the same time rock and roll comes alive (the #1 song the day he dies: Pat Boone's cover of "Ain't That A Shame").
1965 - Donovan made his U.S. television debut on Shindig! along with The Hollies, The Turtles and the Dave Clark Five. Initially emerging from the British folk scene, Donovan reached fame in the U,K. with live performances on the pop TV series, Ready Steady Go!. His most successful singles were the early U.K. hits "Catch the Wind", "Colours" and "Universal Soldier" in 1965.
1974 - Police were called to a Lynyrd Skynyrd and Blue Öyster Cult concert after a fight broke out between two sound engineers. The kerfuffle began when the Skynyrd tech claimed that the sound had been deliberately turned off during the band's set.
1977 - Mary Ford — one-half of the musical team she formed with her husband, Les Paul — died from cancer after being in a diabetic coma for 54 days. Between 1950 and 1954, Les Paul and Mary Ford had 16 top-ten hits; in 1951 alone, they sold six million records.
1978 - Exile started a four-week run at No. 1 on the U.S. singles chart with "Kiss You All Over."
1985 - Tom Waits released his ninth studio album, Rain Dogs. It features "Jockey Full of Bourbon," "Hang Down Your Head," and “Downtown Train.”
1988 - John Lennon is awarded a posthumous star on the Hollywood Walk of Fame at 1750 Vine St.
1988 - Neil Young played "Rockin' In the Free World" as the musical guest on Saturday Night Live. Young, who was 43 at the time, came onstage wearing a leather jacket, Elvis T-shirt and faded jeans stitched with Toronto Maple Leafs motifs; he was backed by Charlie Drayton on bass, Steve Jordan on drums, and longtime sideman Frank "Poncho" Sampedro on second guitar.
1989 - Bette Midler was awarded $400,000 in her lawsuit against the Ford Motor Company, which featured her former backing singer Ula Hedwig sing Midler's hit "Do You Want To Dance" in a 1985 commercial for the Mercury Sable. The verdict meant that companies can't purposely imitate the vocals of a famous singer in advertisements without consent.
1991- Liza Minnelli receives a star on Hollywood's Walk of Fame at 7000 Hollywood Blvd.
1992 - Steve Earle was arrested in Nashville, Tenn., after he failed to report for jury duty.
1993 - Kate Pierson of The B-52's was charged with criminal mischief and trespassing during an anti-fur protest at Vogue magazine's New York City offices.
1995 - Mariah Carey made chart history when she started an eight-week run at No. 1 on the U.S. singles chart with "Fantasy," making her the first woman to enter the chart in the No. 1 spot.
2002 - The Rolling Stones released Forty Licks.
2003 - Rockabilly performer Ronnie Dawson died of throat cancer in Dallas, Texas, at age 64.
2006 - Justin Timberlake started a two-week run at No. 1 on the U.S. album chart with his second solo album, FutureSex/LoveSounds. It also became the biggest album ever for pre-orders on iTunes.
2008 - Disney releases Nightmare Revisited, a cover album of songs from The Nightmare Before Christmas. The new album commemorates the fifteenth anniversary of the film's original 1993 release and features new arrangements by KoRn, Amy Lee of Evanescence, and Marilyn Manson.
2011 - Guitarist and songwriter Marv Tarplin died at age 70. He was best-known as the guitarist for the Miracles from the 1950s through the early 1970s, and he co-wrote several of their biggest hits, including "The Tracks of My Tears". Tarplin also worked with Marvin Gaye, The Marvelettes and The Supremes.
2014 - Prince released both Plectrumelectrum (with 3rdeyegirl) and Art Official Age on the same day.
2014 - Lucinda Williams released her 11th studio album, Down Where the Spirit Meets the Bone.
2021 - Tony Bennett, 95, releases an album of standards with Lady Gaga called Love For Sale, making him (according to Guinness) the oldest person to release an album of new material.
Birthdays:
Buddy Rich was born today in 1917.
Cissy Houston, singer and mother of Whitney Houston, is 91.
Singer Johnny Mathis is 89.
Dewey Martin, drummer for Buffalo Springfield, was born today in 1940.
Gus Dudgeon, producer for Elton John, was born today in 1942.
Frankie Lymon, singer, Frankie Lymon & the Teenagers, was born today in 1942. He passed away in 1968.
Marilyn McCoo, singer for the 5th Dimension, is 81.
Sylvia Peterson of The Chiffons was born today in 1945.
Marc Bolan, frontman of T. Rex, was born today in 1947. He died in 1977.
John Lombardo, founding member of the alternative rock outfit 10,000 Maniacs, is 72.
Matt Abts of Gov’t Mule is 71.
Deborah Allen (“Baby I Lied”) is 71.
Basia (“New Day for You”) is 70.
Patrice Rushen (“Forget Me Nots,” sampled in Will Smith’s “Men In Black”) is 70.
Gibby Haynes of Butthole Surfers is 67.
Marty Stuart is 66.
Miki Howard (“Ain’t Nobody Like You”) is 64.
Marley Marl is 62.
David Barbe of Sugar (and producer for Drive-By Truckers and Son Volt) is 61.
Trey Anastasio of Phish is 60.
Marion Cotillard, who won an Oscar for her portrayal of French singer Édith Piaf in La Vie en Rose (2007), is 49.
T-Pain is 40.
Ben Lovett, keyboardist for Mumford and Sons, is 38.
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https://corporatefinanceinstitute.com/resources/foreign-exchange/brazilian-real-brl/
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en
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Brazilian Real (BRL)
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2023-11-17T02:27:47+00:00
|
The Brazilian Real is the official currency of the Federative Republic of Brazil and is represented by the ISO code BRL. Brazil is the
|
en
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//cdn.corporatefinanceinstitute.com/assets/cfi-favicon-3-150x150.png
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Corporate Finance Institute
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https://corporatefinanceinstitute.com/resources/foreign-exchange/brazilian-real-brl/
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What is the Brazilian Real (BRL)?
The Brazilian Real is the official currency of the Federative Republic of Brazil and is represented by the ISO code BRL. Brazil is the biggest country in South America and is one of the BRIC (Brazil, Russia, India, China) nations – a group of countries that market analysts view as key emerging market economies. The term “real” means both “royal” and “real” in Portuguese, the official language of Brazil.
The Republic of Brazil holds several distinctions, including being the largest country in the world with Portuguese as its main language and being the most highly populated nation where Roman Catholicism is the majority religion (65% of the population is Catholic and 87% is Christian.)
Breaking Down the Brazilian Real
The Brazilian real was first introduced in 1994, replacing the country’s previous currency, the cruzeiro real, as part of a broad economic plan aimed at stabilizing Brazil’s economy. Its initial exchange rate with the US dollar was 1:1, and shortly after its introduction, the real traded at a rate as high as 1.20 USD for 1 real. Brazil pegged its currency to the US dollar and tightly controlled its foreign exchange rate up until 1999.
The real is designated as R$, and it is subdivided into 100 centavos. The real’s foreign exchange symbol is BRL. As of late 2020, USD/BRL trades at 5.10 Brazilian reals to 1 US dollar. It is a historically low exchange rate for the real and is believed to be partially due to the severe impact of the COVID-19 pandemic on Brazil’s economy.
Brazilian coins are minted in denominations of 5 centavos, 10 centavos, 25 centavos, 50 centavos, and 1 Brazilian real. Up until 2005, a 1 centavo coin was also produced. Many 1 centavo coins are still in circulation and, although no longer minted, are still recognized as legal tender in Brazil.
In addition to the current series of regular Brazilian coins – the Southern Cross series that began production in 1998 – Brazil minted a 1 real commemorative coin in 2016 to mark the occasion of Rio de Janeiro hosting the Summer Olympic Games. (The Southern Cross, or Crux, is a major constellation, frequently used for navigation for hundreds of years, in the Southern Hemisphere.)
Brazilian banknotes are printed and issued by the Central Bank of Brazil in denominations of 2 reals, 5 reals, 10 reals, 20 reals, 50 reals, 100 reals, and 200 reals. The current series of banknotes began production in 2010 and introduced several new security features designed to combat counterfeiting. The 200 real note was not produced until 2020. Brazilian banknotes differ in size, as well as in color and design, in order to make them more easily identifiable for people with impaired vision.
A commemorative 10 real note was issued in the year 2000 to mark the 500th anniversary of Portuguese explorers arriving in Brazil.
The Brazilian Economy
As previously noted, the economy of Brazil is considered among the strongest of emerging market economies. It is due primarily to the country being rich in natural resources, spawning a large, diverse economy that attracts large amounts of foreign investment. Foreign direct investment in Brazil is estimated at over $200 billion, and many major multinational companies engage in joint venture projects with Brazilian companies.
Key industries in Brazil include mining, energy, lumber, and a vast array of agricultural products. It provides approximately one-third of the world’s total coffee supply, ranking as the world’s largest coffee producer for more than a century. It is also a major producer and exporter of soybeans, cotton, sugar cane, tobacco, bananas, and oranges.
Other major export products include aircraft, textiles, electronics, and iron ore. As Brazil transitions to being a more developed economy, healthcare and other services sectors become increasingly important segments of the country’s economy.
One drag on Brazil’s economy is widespread political corruption, which exists on local and federal levels.
Learn More
CFI offers the Commercial Banking & Credit Analyst (CBCA)™ certification program for those looking to take their careers to the next level. To keep learning and advancing your career, the following resources will be helpful:
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https://coinweek.com/the-coins-of-portuguese-mozambique-part-2/
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The Coins of Portuguese Mozambique, Part 2
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[
"Tyler Rossi"
] |
2023-04-28T15:33:10+00:00
|
Tyler Rossi of Shanna Schmidt Numismatics returns with part two of his brief history of the colonial coins of Portuguese Mozambique.
|
en
|
CoinWeek: Rare Coin, Currency, and Bullion News for Collectors
|
https://coinweek.com/the-coins-of-portuguese-mozambique-part-2/
|
By Tyler Rossi for CoinWeek …..
Part 1 | Part 2
* * *
While Portugal originally claimed a massive swath of Africa–from Angola on the west coast to Mozambique on the east coast–the British Empire disputed the Iberian nation’s right to a number of central territories. A subsequent ultimatum delivered on January 11, 1890, threatened British military action against Portuguese colonial holdings scattered across the globe. King Carlos I, forced to comply with British demands, lost the last of his public support. This unrest led to a rise in republican agitation and the eventual assassination of both the king and his chosen heir on February 1, 1908. As a result, when Carlos’ younger son Manuel came to the throne, he was only 18 years old.
In the national elections of 1910, the monarchy again came under direct threat, and it was only a few months later on October 3, 1910, that an armed republican mob overthrew the king and declared a republic.
Phase Three: Private-Issue Coinage
During this period, Portugal did not have the ability to maintain its overseas economies. With few financial resources at their disposal, the royal government in Lisbon did not strike any coins dedicated for use in Mozambique for a significant period. Disregarding the foreign coins counter-stamped under Luis I (r. 1861-1889) and Carlos I (r. 1889-1909), the last royal coins struck for Mozambique were those of Maria II.
Nevertheless, the local economies still required coinage, and to fill this void, the government allowed a number of private companies to lease massive quantities of land. These privately chartered companies were granted near total control of the people and resources on the land they held.
With a handful of charters being distributed during the 1890s, Mozambique quickly became dominated by three large companies: the Mozambique Company, the Niassa Company, and the Zambezia Company.
Of these three, the only company to strike a metal coinage was the Niassa Company. This company, founded in 1891, it was granted a royal charter giving it control of the provinces of Cabo Delgado and Niassa, which totaled a combined area of over 60,000 square miles. Using an initial influx of capital sourced from British and French investors, the company struck a number of tokens denominated in 10 and 20 reis. These pieces served a similar role to those of the British East India Company. Acquired by a German bank in 1914, the company was eventually seized by the British government during World War I. Consequently, the Portuguese government was happy to refuse an extension by the time the company’s charter expired in 1929.
The Mozambique Company, which controlled the provinces of Manica and Sofala in the center of the country, did print a number of banknotes. Most were printed after the Real was discontinued in 1911 and were actually denominated in libras. The company was headquartered in Beria until 1972.
Phase Four: The Escudo
This last phase of colonial coinage in Mozambique began with the introduction of a new unit of account, the Escudo, in 1911. As a decimalized currency, each Escudo was divided into 100 Centavos. When the transition was made, the government set an exchange rate of 1 Escudo per 1,000 old Reis. By 1914, the Escudo banknotes were being printed by the Banco Nacional Ultramarino. These came initially in amounts of 10, 20 and 50 centavos, as well as 100 and 1000 Escudos denominations. Later in 1920, the bank added 1, 2 ½, 5, 10, 20, and 50 Escudo notes.
As with most of Europe, the late 19th and early 20th centuries was a time of great change for Portugal, albeit for a slightly different reason. Initially nominally neutral during the First World War, the Republic ultimately sent military expeditionary forces to its African territories to combat the German African colonial forces. Even after successfully participating in the Entente alliance, Portugal only received .75% of the German war indemnity, roughly 990,000,000 German marks. When compared to the vast economic expenses of the war effort, this trifling indemnity proved insufficient and led to a period of dramatic economic and social upheaval in Portugal. Eventually, the weakened republic fell to a military coup in 1926. Quickly taken over by General António de Oliveira Salazar, this dictatorship would remain in power until 1974.
However, due to this domestic political and economic upheaval, the first Mozambique Escudo coins were not struck until 1935. The first mintage in 1935 was comprised of only 1.2 million 2.5 Escudos and 1 million 5 Escudos. These silver coins weighed 3.5 and 7 grams, respectively, and were all struck from .650 pure silver. Both denominations had the same design and are differentiated solely by the obverse denomination and size. The obverse depicts the National Republican Coat of Arms surrounded by the legend COLONIA DE MOÇAMBIQUE and the denomination (2$50 / 5$00) below. The reverse design is centered on the old royal shield superimposed on the Portuguese globe and Maltese cross design. REPUBLICA PORTUGUESA and the date (1935) both ring this device, just inside the coin’s outer rim.
One year later, Lisbon issued five additional denominations: the copper 10 and 20 centavos, the cupronickel 50 centavos and 1 Escudo, and silver 10 Escudos. While the new silver 10 Escudos coin shared the same design as the earlier 1935 2.5 and 5 Escudos, the smaller base metal denominations were slightly different. The obverse shield was changed to the shield of Portuguese Mozambique. While retaining a similar obverse, the reverses did not have the royal shield, globe, and cross motif. Instead, they all displayed the denomination in the central field. Ultimately, these designs would all end up being single-year issues. As early as 1938, the colonial government began issuing coins with an updated obverse design.
This design, which maintained the original legend, featured the same shield superimposed on globe motif. However, the globe now displayed a modern rendition of a mural crown formed of crenelated castle towers. The first denominations updated, in 1938, were the silver 2.5, 5, and 10 Escudos. Three years later, in 1941 the copper 20 centavos was changed, followed by the bronze 10 centavos in 1942. Lastly, in 1945 the Cupronickel 50 Centavos and 1 Escudo were updated. An additional change was made, the new issue of 1 Escudo coins in 1945 was shifted to bronze. After World War II concluded, the 20 centavos was reissued in bronze over two years (1949-1950) and both the 50 Centavos and 1 Escudo Mozambique coins were struck in a nickel-brass alloy in 1950 and 1951.
By this time, the Portuguese government was trying to tamp down calls for independence from its various colonies. While unable to commit military resources, unlike other colonial powers, Lisbon was able to grant provincial status. Therefore, on June 11, 1951, a law granting provincial status to all colonies passed the Portuguese parliament. Henceforth, the colony of Mozambique became known as the Overseas Province of Mozambique or Provincia Ultramarina de Mocambique.
While still named and denominated as Escudos, Mozambique coins struck prior to 1951 and the subsequent currency reform of 1953 were technically a colonial currency and not convertible to the domestic Portuguese Escudo at a 1-1 parity. It wasn’t until the next series of coins were released that they became a unified and fully convertible currency. This allowed Lisbon to establish the Escudo Zone in 1962. This free trade monetary union proved to be a complete failure, due mainly to an imbalance in the flow of funds between the new provinces. In 1964, the Escudo zone crashed, and Lisbon once again made the Mozambique Escudo non-convertible to the home currency.
The only major design change made on these new coins was to the obverse legend. Instead of reading COLONIA DE MOÇAMBIQUE, it simply said MOÇAMBIQUE.
In 1952, the last new denomination was issued. These new silver 20 Escudos coins were struck in .720 fine silver from 1952 until 1960. When struck again for a single year (1966) the fineness was reduced to .680 silver. The last series of 20 Escudo Mozambique coins, produced over two years (1971-2), was struck on nickel planchets. This trend was similar for all of the silver coins. In 1952, the 2.5 Escudo was struck on cupronickel planchets, the 5 Escudos was shifted to cupronickel in 1971, and the 10 Escudos in 1968. Also, all denominations from the 1 Escudo down, were struck from bronze.
Ultimately, after a decade-long war of independence (1964-1974) that resulted in tens of thousands of military and civilian casualties, Mozambique broke away from Portugal. This marked the end of Portuguese control – as well as the Escudo. Coinciding with the cession of fighting, no coins were issued after 1974.
However, as a fledgling independent state with few resources to establish their own mint, the Republic of Mozambique chose to retain the Escudo. The first calls for a new currency came in 1975 with the proposal of the Metica. Five years later, in 1980, the Metical finally replaced the Escudo. The Mozambique government allowed for a three-day exchange period where the old Escudo coins could be exchanged at a 1-1 ratio, starting on June 16.
* * *
Sources
Standard Catalog of World Coins – 1901–2000, 45th Edition. Krause Publications. (2018)
https://www.academia.edu/43303017/Conflict_Potentials_in_Monetary_Unions
https://www.brookings.edu/wp-content/uploads/2016/06/20031017.pdf
https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1327&context=egcenter-discussion-paper-series
https://www.imf.org/external/pubs/ft/wp/2009/wp09146.pdf
https://projects.kora.matrix.msu.edu/files/210-808-9577/al.sff.document.nusa198007.pdf
https://uir.unisa.ac.za/bitstream/handle/10500/21785/dissertation_pateguana_c.pdf?sequence=1
https://projects.kora.matrix.msu.edu/files/210-849-30102/PWACOA12-68Portopt.pdf
* * *
About the Author
|
|||||
8738
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dbpedia
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0
| 96
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https://www.portugaljewels.com/en/content/146-escudo-symbols-of-portugal
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en
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The Symbols of Portugal: Escudo
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https://www.portugaljewels.com/img/favicon.ico?1690060783
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Discover how inspiration from symbols of Portugal gave rise to Portugal Jewels' collection of traditional jewelry. Learn about the Portuguese Escudo Collection!
|
en
|
/img/favicon.ico?1690060783
| null |
Its distinctive design incorporates historical and cultural elements, such as the five chevrons that represent the five Moorish kings defeated by King Afonso Henriques at Batalha de Ourique and symbolize the divine protection granted to Portugal during difficult times. In addition, the shield bears the armillary sphere, a symbol of the Age of Discovery and Portugal's role as a maritime and exploratory power in the XV and XVI centuries. Finally, the mural crown that surrounds the shield is a symbol of the country's sovereignty and independence.
Elements of the Portuguese Escudo: The five chevrons of Portugal
The five chevrons symbolize the five Moorish kings defeated by King Afonso Henriques at the Batalha de Ourique in 1139 and the dots inside the chevrons represent the five wounds of Christ inflicted during his crucifixion.
This emblem was adopted in Portugal during the reign of Afonso Henriques in the XII century as a way of thanking God for the protection granted during the Christian Reconquest of the Iberian Peninsula against the Moors. Since then, the five chevrons have been an essential element of Portuguese heraldry, representing faith, divine protection, and the country's national identity.
Symbols of the Portuguese flag: The armillary sphere
The armillary sphere is a symbol that dates back to the Age of Discovery, highlighting maritime and exploratory prowess in the XV and XVI centuries. It was adopted as the official symbol of Portugal during the reign of Dom Manuel I, around the end of the XV century.
Its complex and intriguing shape reflects the advanced Portuguese cartographic and naval knowledge of the time. Its symbolism transcends maritime conquests, evoking the constant search for new horizons and discoveries, thus praising the nation's historical and cultural legacy.
The mural crown: A historical symbol
The mural crown symbolizes a country's sovereignty and independence. It originated from the Roman tradition of rewarding the first soldier to climb the walls of a fortress.
Nowadays, the mural crown defines the category of the town or municipality and is made of silver with five apparent towers for cities, four for towns, and three for other parishes. The crown of arms of Lisbon, the country's capital, is the only gold one with five apparent towers.
The Portuguese Escudo is not just a symbol, but a living emblem of the soul of a resilient and persevering nation. It is a proud reminder of the epic journey, an inspiration for future generations, and a tangible manifestation of the fundamental values that unite the Portuguese people through our collection.
Jewelry with Portugal: symbols present in traditional jewelry
Our collections feature pieces inspired by the iconic Portuguese Escudo, reflecting the country's history and culture. With elegance and sophistication, the accessories, which include earrings, bracelets, necklaces, and rings, are made with high-quality silver and meticulous design, making each piece special and worthy of being a lasting symbol of Portuguese heritage.
To expand your options, we also offer a "Símbolos Portugueses" collection that hides a unique meaning in each piece, tracing the DNA of the country's collective soul.
Jewelry inspired by the Portuguese Escudo
Inspiration for the tangible symbols of Portuguese history and tradition has reinforced the creation of jewelry as a way of remembering and valuing the milestones in Portugal's history.
It is in this spirit of respect for tradition that our unisex "Escudo" collection stands out, launched in partnership with Ana Moura.
The Cross of Christ
Offer something memorable that can add a special, personalized touch to the occasion. Jewelry can be used as a lasting and meaningful reminder of the national symbol and a reminder of the importance of Portugal's cultural and historical heritage.
Jewelry for national and commemorative dates
Surprise and please your loved ones on patriotic dates such as Freedom Day (April 25th), Portugal Day (June 10th), or Independence Restoration Day (December 1st) with jewelry that demonstrates a sense of pride and respect for the country's history and culture.
To celebrate significant milestones and achievements
For someone who has completed an important stage in their life, such as graduating or starting parenthood, consider an ornament or even a set of the most iconic pieces of traditional Portuguese jewelry in silver and gold-plated silver as a way of showing recognition and support.
Popular Saints: Celebrating festive seasons with tradition
Popular Saints are a time of celebration, renewal, and sharing affection. During these religious moments, choose the ideal gift, considering the recipient's tastes and preferences. Opt for pieces that reflect their personality and unique style, ensuring the gift is significant.
Traditional Portuguese Jewelry: Take Portugal with you on your chest.
Choosing the ideal gift for the nation's different emblematic days is a way of showing value, gratitude, and recognition, taking into account the tastes, preferences, and profile of the recipient and getting the ideal gift.
Discover the entire Escudo and Portuguese Symbols collections, which brings together the meaning of Portugal.
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8738
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https://www.smoney.com.au/blog/currency-in-portugal/
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en
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What You Need to Know About Currency in Portugal
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[
""
] | null |
[
"Justin Rampono"
] |
2020-02-05T06:04:00+00:00
|
In this guide, you’ll find out about currency of Portugal and how to make your savings stretch, by saving on currency exchange in Portugal.
|
en
|
S Money
|
https://www.smoney.com.au/blog/currency-in-portugal/
|
Currency in Portugal
A Travel Money Guide to Portugal
Famous for its port wine and custard tarts, its pristine beaches, and its athletic football stars, Portugal is a fascinating destination to visit. And now you’re heading there yourself!
But to make your savings stretch, it’s helpful to know everything you can about currency exchange and spending in Portugal. In this guide, you’ll find out about:
The official currency of Portugal
The pros and cons of using a bank card in Portugal
What the Portuguese Euro looks like
The average costs of things in Portugal
How the euro converts
What to do with leftover euros
How to exchange the currency in Portugal
Some hot tips to help you save money
How to buy Portuguese currency before you leave
What Currency is Used in Portugal?
Portugal was one of the first countries to adopt the euro, replacing the former currency, the escudo, on 1 January 1999. For a while, the escudo was accepted alongside the euro until it was phased out of circulation on 28 February 2002.
The euro – the official monetary unit of the European Union – is represented by the symbol € and the currency code EUR.
In Portugal, as elsewhere in Europe, you’ll commonly see prices written with the currency sign following the numerals, as in 10€. In Portugal, the uses of the decimal point and comma are reversed: decimal points are used in thousands (e.g. €10.000 instead of €10,000 while you’ll find €1.50 written as €1,50).
The Euro: Familiarise Yourself with Portugal’s Currency
As the second most traded currency in the world, you may already be familiar with euro coins and banknotes.
There are 15 denominations. Coins currently in circulation in Portugal come in denominations of €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1, and €2.
Every euro coin shares one common side, with a map of the European Union and the numerical value of the coin. On the reverse side, coins feature a national design. In Portugal, the coins feature the royal seals, coat of arms, and castles of Portugal.
Euro banknotes are homogenous across the eurozone – the region of Europe where the euro is the official currency. Produced by the European Central Bank, these banknotes are available in the following denominations: €5, €10, €20, €50, €100, €200, €500.
Larger banknotes are more difficult to use as many smaller businesses will refuse to accept them. And the €500 banknote is so rare that you probably won’t come across it during your travels.
Euro coins and banknotes can be traded across the eurozone, regardless of their origins.
Using a Currency Converter
As one of the most important currencies in the world, many people track the rise and fall of the euro.
But its value fluctuates all the time on a whole range of factors, which include everything from politics and economics to the supply and demand of the currency itself.
The foreign currency converter below will give you a real-time comparison of the EUR to the AUD and tell you how much it would cost to buy euros with S Money.
AUD to EUR
From
Australian Dollars (AUD)
⇆
To
EUR
So is this a good rate?
0.6048
Low
0.5852 Average
0.605 High
0.6248
Today's rate is lower than the average rate to buy EUR. This chart compares today's rate to the average rate from the past 90 days.
How to Exchange Currency in Portugal
There’s so much to plan leading up to your trip that you might forget – or simply defer – organising your travel money. If that’s the case, there are three main ways to access cash once you arrive in Portugal.
Portuguese Bank ATMs
24-hour ATMs are available virtually everywhere in Portugal. These ATMs generally accept cards with Visa, Maestro, Mastercard, Cirrus, Plus, and other common logos.
There’s a maximum ATM withdrawal limit of €200 for Multibanco ATMs, though Euronet ATMs may allow higher withdrawals. Euronet ATMs claim to offer fee-free withdrawals.
Alongside the ATM fees, you might also end up paying more in fees from your own bank account for overseas withdrawals and currency conversions.
Currency Exchange Outlets
Currency exchange outlets, locally called cambios, are still common in Portugal. Exchange rates are typically more common in bigger cities like Lisbon and Porto.
Most Portuguese banks no longer offer currency exchanges so you’ll need to use a bureau de change. In touristy areas, these offices are usually open seven days a week.
Don’t be lured by currency exchange outlets that advertise ‘no commission’. They’ll likely still have hidden fees built into the exchange rate.
Although not common, some currency exchange desks request your passport so you may want to have ID on you just in case. Also, be sure to have undamaged notes as some places may refuse defiled banknotes.
Hotels and airport currency exchange counters are other exchange options but their rates vary drastically – and not normally to your advantage – so it’s best to avoid them if possible.
Travellers Cheques
You’ll struggle to find places to exchange travellers cheques these days and you’ll be hard pressed to find a retailer that will accept them as direct payment.
Better to avoid the travellers cheques altogether in favour of bank cards and currency exchanges.
Buying Portuguese Currency Before You Go
The best value when exchanging currency comes from organising your currency before you leave your home shores. You have three main options for doing this:
Buying euros online to be delivered or for you to pick up in-store.
Swapping AUD for EUR at a currency exchange store.
Buying euros at the airport.
Australian airport exchange outlets have some of the worst exchange rates in the world so we recommend skipping that option altogether.
Instead, you’ll likely find the best value using online currency exchange retailers like S Money. Here, you’ll find the same exchange rate as the one quoted on Google or XE.
If you prefer a direct, immediate transfer of AUDs to EURs, head to an inner-city exchange bureau, which will likely offer more competitive rates than those you’ll find in the suburbs.
Using Your Bank Card in Portugal
Debit Cards
While debit cards offer convenience, there are very few other advantages to using them unless you have one of the few bank cards with competitive exchange rates and low fees. These include:
Credit Cards
Credit cards come with the advantage of providing a little extra security in emergencies, but they likewise incur many fees when used overseas.
You could come home to a credit card bill filled with international transaction fees, ATM withdrawal charges, and cash advance fees if you used the card in an ATM.
28 Degrees is one credit card option that is travel-friendly with lower fees and charges.
Prepaid Travel Cards
It’s all in the name: travel money cards. So they must be great for travel, right?
Sadly, no.
Prepaid travel money cards typically come with a host of fees, such as reload fees, inactivity fees, and ATM withdrawal fees.
There can also be a wait of several days between reloading your currency and receiving it on the card.
But we understand: it can be nice to lock in an exchange rate and prepay your currency. If that’s the case, the Revolut and TransferWise debit cards are great value.
What Will the Portuguese Euro Buy Me?
Whether you’re ordering currency online or exchanging it at a bureau de change, you’ll need to have at least an idea of your budget. Coming home with excess foreign currency is always frustrating and you might end up wasting money changing back to AUDs.
So to help you cost out your trip, here are some of the average prices you can expect in Portugal:
€50-100
A double room in a mid-range hotel
€22-40
Dinner at a nice restaurant
€1.50-2.50
A cup of coffee
€24
A train ticket from Lisbon to Porto
€3-8
Entry to a museum
Leftover Euros at the End of Your Trip? What to Do with That Unused Cash
It’s annoying returning from a trip with a wad of foreign cash but there are plenty of ways to dispose of these unwanted coins and notes:
Your airline might distribute envelopes for currency collection to donate to charities (check out Qantas’s Change for Good program with UNICEF).
Australian international airports often have collection boxes for unwanted currency, which is donated to charity.
Drop off your currency at any branch of the Commonwealth Bank of Australia, which then gives every cent to UNICEF.
Change your Portuguese currency either at the airport or, better yet, with a money changer in the city.
Why not hold onto those euros for a friend just heading off? It’ll be a lovely surprise and going away gift for them!
Keep your money for later trips to Europe. The euro is the official legal currency of 19 eurozone countries and accepted by many more.
7 Travel Money Tips for Trips to Portugal
While Portugal is a veritable tourist hotspot (who doesn’t want to visit the fairytale Pena Palace?), many tourists waste money through not finding the best ways to exchange their currency.
To help you avoid this quandary, here are a few practical tips to help you get the most bang for your … euro:
Avoid the airports! Currency exchange bureaus at the airport charge epic fees. If you like a good deal – or even just a reasonable one – avoid these at all costs.
Only carry what you need – It can be expensive to change euros back into AUDs so only take what you think you’ll spend. Not only this – nobody likes to tuck wads of notes into their socks and toiletries for safekeeping on longer journeys.
Ask for a mix of denominations – Make it easy on yourself and the vendors by getting a mix of smaller notes.
Check your exchange rate – Google and XE.com are the standard market exchange rate but you’ll notice how wildly bank and currency exchanges can vary their rates. Try to get as close to the market rate as possible.
Look out for hidden fees – The bane of our (financial) existence, hidden fees will often make a huge difference to the cost of your holiday. Be particularly wary of hidden bank fees for overseas card usage.
The right card makes all the difference – Having a card is convenient but it can take a hit to the bank account if you have the wrong card. Research and arm yourself with the best card for travel for big savings.
Mix it up! Many travellers only use their credit card while some only think about cash. But the best option depends on your situation. Save the card for huge purchases such as hotels and car hire and reserve your cash for smaller wins – transport, attractions, or meals out.
Learn more about the Euro Currency Exchange
Ready to buy some euros at a great value for your trip? Use our AUD to EUR currency converter to find out how much you’ll get for your Aussie dollars today.
The Latest Euro Dollar news
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CURRENCY IN PORTUGAL
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The currency in Portugal is the euro, which makes it a very worry-free destination for many other Europeans to visit when it comes to money matters (it's the currency of 19 European countries, used by over 330 million people).
In order to recognize the euro symbol, look for an "E" crossed by two parallel horizontal lines (€).
The euro started with a circulation of seven bank notes and eight different coins: bank notes of 500, 200, 100, 50, 20, 10 and 5 euros, and coins of 2 and 1 euros and 50, 20, 10, 5, 2, and 1 cents. Coins and notes both have a common European side, along with a specific national side, but can be used in all countries that accept the euro.
Before the euro was introduced, Portugal's national currency was the escudo (1 euro = 200 escudos).
Note that in Portugal, the decimals are written after a comma and units of thousands are written before a point. For example 5.000 would be FIVE THOUSAND and 30,54€ would be 30 EUROS AND FIFTY FOUR CENTS (the euro sign is usually placed after the numbers).
You may also hear people talking about "contos". A conto is equivalent to 1000 escudos (approximately 5 euros) and the older generations still use it for large quantities, for example house prices (e.g. that house is selling for 30 thousand "contos" = 150 thousand euros). Conto comes from conto de réis, an expression used many years ago in Brasil and Portugal to mean 1000 reais (from real, the old Brasilian and Portuguese currency)
Twenty-four hour ATMs (called "multibanco") are everywhere in Portugal, from the largest towns to small villages. In Lisbon, there is always one around the corner, often several down the same street or avenue. Maximum daily withdrawal is € 400, with the most being € 200 at a time. All have onscreen instructions in English and other languages.
Banks are the easiest places to exchange money, charging around € 3 to € 5 commission. Debit and major credit cards (especially Visa and MasterCard) are widely accepted.
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The Euro in a World of Dollar Dominance
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Between Strategic Autonomy and Structural Weakness
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Issues and Recommendations
In the debate on strengthening the EU’s strategic autonomy, the question of how to give the euro more weight internationally cannot be ignored. Although the euro area is often seen in isolation from the EU as a whole, under the Treaties of the EU the euro is the currency of the entire European Union and is thus inextricably linked to the EU’s internal market. Moreover, monetary integration is one of the few areas where the EU has already managed to achieve a high degree of strategic autonomy.
The discussion on upgrading the role of the euro on the global stage is all the more necessary because the international financial system is currently undergoing dynamic changes attributable not only to the growing geopolitical rivalry between the USA and China but also to the acceleration of the digitalisation process, which will significantly impact the functioning of the international financial system in the future.
The aim of this study is to highlight the opportunities and constraints associated with the increasing internationalisation of the euro. The analysis is based on four research questions. First, what are the main factors favouring the international use of a currency and where does the euro currently stand in this respect compared to the dollar and other currencies in the international financial system? Second, what are the advantages and disadvantages of internationalising a currency? Third, what are the main obstacles impeding the further internationalisation of the euro? Fourth, how can the international use of the single currency be stimulated in light of these obstacles?
In the course of this analysis, the study arrives at the following findings:
The economic and political dimensions of European integration would benefit from an increase in the international relevance of the euro. Strengthening the significance of the single currency should be actively promoted – even if it comes with risks, including the increased necessity to stabilise the currency environment.
The main obstacle hindering an increase in the euro’s weight in the international financial system is the economic heterogeneity of the euro area countries and the lack of a sovereign behind the common currency. This heterogeneity inhibits economic integration, for example, in financial markets, which are crucial avenues for the international use of the currency. It is also exacerbated by diverging economic and political interests that complicate the stabilisation of the common currency, make economic and monetary union reforms challenging and hamper political integration.
Strengthening the international standing of the euro is a long-term process, the success of which depends not only on the stability of the common currency, but also on the fiscal stability and sustainability of the economic policies of all eurozone member states.
Equally important is the willingness of further deepening integration in the single market, because there is a symbiosis between this factor and the euro itself: European financial markets must be more harmonised and have their own financial infrastructure that is independent of companies outside the EU. The project seeking to introduce the digital euro could make an important contribution here. Moreover, the deepening of the financial markets would be a step towards financing a green transformation, which, if successful, will increase the international relevance of the euro.
Despite the problems the USA is facing domestically due to its fiscal policy framework and increasing political polarisation, the dollar is unlikely to lose its dominant position in the international monetary system in the near future. Nevertheless, increasing regionalisation in the global economy will gradually weaken the global dominance of the dollar.
Research on the development of the international monetary system should not only focus on state actors. For instance, given the increasing importance of platform companies in the global economy, it is necessary to analyse the consequences of their digital currency creation projects as well.
The Euro in the Global Financial System
The link between the role of currencies in the global financial system and the power of state actors has been one of the most debated topics in political economy for many years. Research in this area has essentially focused on the factors that influence the gain and loss of status of international currencies in the context of geopolitical rivalry or hegemony. The two key concepts here are monetary power, which is a component of economic power, and monetary statecraft whose elements include maintaining monetary autonomy, having the ability to manipulate the exchange rate, and promoting the use of one’s own currency beyond the issuer’s borders.
Monetary integration within the EU and the creation of the euro currency lacked the statehood factor, with geopolitical considerations not the primary motive. Rather, it was to ensure the stability of an increasingly integrated single market, and to avoid future negotiations on exchange rates that would give Germany a politically dominant position. The emergence of potential competition from the euro against the dollar was seen by the European Commission as a positive side effect of the EMU project. However, after the introduction of the euro, its prominent position in the international monetary system and the negative aspects of the prevailing dominance of the dollar have led to a debate among economists on whether the international use of the euro should be actively promoted and if so how.
Today, the single currency plays an important role worldwide. However, current debates on the strategic autonomy of the EU lack reference to the fact that an increased international role for the euro could strengthen these aspirations. This is all the more important as international financial relations have gained a new dynamic in the wake of geopolitical and technological changes that may challenge the international status of the single currency in the future.
Factors favouring the internationalisation of a currency
The starting point from which to analyse the international standing of a given currency is to identify the factors that determine whether it is used widely abroad and to determine the associated benefits and risks associated. The most important of these factors are summarised in Table 1.
Some of these determinants are interrelated. This is true, for example, of the strength and size of an economy, which usually correlates with the reserve currency status of the currency used in it, and with the liquidity and depth of the financial markets operating there. A large, efficient and deep financial market in the issuer’s location is widely considered to be crucial for the international use of a currency. Not all of these factors are always fulfilled at the same time, as shown by the example of Switzerland, whose currency enjoys international status despite being based on a relatively small economy.
Factors favouring the internationalisation of a currency
The dollar fulfils far more prerequisites for an international currency than the euro, which has a number of weaknesses, especially in terms of the depth and liquidity of its financial markets. The diversity of the euro area member states’ economies, as well as their political and legal systems, and the differences in their economic performance are also of great importance, as analysed later in this study (see chapter “Obstacles to the Internationalisation of the Euro Currency”, p. 17). The potential structural problems of an economic area also affect its future solvency.
The determinants of the international role of a currency are quantitative and qualitative by nature. However, some of these factors are difficult to assess or rank objectively. The hardest to rank are subjective variables such as confidence in a currency, which, for example, leads states to peg their monetary unit to that of another or even to adopt a foreign currency. Similarly incalculable is the factor of market habit, namely the degree to which institutions and market participants become accustomed to using certain currencies or buying certain assets pegged to them.
A lack of military power does not preclude the internationalisation of a currency.
The literature on monetary state power also refers to the importance of the military factor in the spread of a currency. The strength of a currency and the depth of the financial markets in which it is based, enable the mobilisation of capital to achieve political goals by military means. Military strength and alliance relations in turn influence asset allocation choices. Looking at foreign states’ holdings of US assets, almost three-quarters of them are in the hands of states that cooperate militarily with the USA in some way or another. Of these, about 50 to 60 per cent belong to countries that are “geopolitically aligned” to the USA. With increasing geopolitical polarisation, the importance of this factor could increase. Although Europe has considerable military strength, it is highly dependent on the military and technological potential of the USA. However, a lack of military power does not preclude the internationalisation of a currency. The examples of China and Switzerland show that military strength is not the most important variable for determining confidence in a currency.
The current international status of the euro
There are several criteria according to which one can examine the international importance of a currency in the financial system: Its use as a reserve currency for central banks, as a means of accumulation and as a transaction currency are the main factors that determine the extent of its internationalisation its global role. Following these criteria, the euro comfortably occupies second place in the international monetary system after the dollar.
The euro as a reserve currency
The most important indicator of the international use of currencies is usually their use as reserve currencies by central banks. In this area, the global dominance of the dollar has been unquestionable for many years, albeit its position is steadily weakening. According to data from the end of 2023, the share of the dollar in all foreign exchange reserves stood at around 59 per cent. The share of the US currency now stands at one of its lowest levels since the introduction of the euro in 1999. At that time, the dollar’s share was 71 per cent and the euro’s 17.9 per cent (see Table 2). Thereafter, the euro’s share in global foreign exchange reserves gradually increased, before the onset of the eurozone crisis in 2009. With a share of 19.58 per cent as of Q4 2023, the euro is currently the second most important international currency, ahead of the Japanese yen (JPY), the British pound (GBP) and the Chinese renminbi (RMB).
Changes in the composition of foreign exchange reserves are due to various factors, with exchange rate fluctuations considered one of the most important. Thus, a weakening of the exchange rate of one currency against another also leads to a reduction in its share of central bank reserves. On the other hand, national banks also adjust their reserve currency portfolios in response to exchange rate developments.
Shares of currencies in foreign exchange reserves, in per cent
Currency/Year
4th quarter 1999
4th quarter 2009
4th quarter 2015
4th quarter 2023
USD
71.01
62.15
65.75
59.17
EUR
17.9
27.70
19.15
19.58
JPY
6.37
2.90
3.75
5.45
GBP
2.89
4.25
4.72
4.83
RMB
–
–
–
2.37
Other currencies (incl. CHF, CAD, and AUD)
1.83
2.99
6.64
8.43
The widely predicted shift away from the dollar in reserves as a result of the sanctions imposed against Russia has not transpired, with IMF data from the end of 2023 showing that the dollar’s position in foreign exchange reserves has not changed. And while a slow downward trend of the dollar has been observed for many years, this can be generally explained by the growing share of smaller, non-traditional currencies in central bank reserves.
The euro in the international debt markets
Another indicator of the international role of a currency is its use in debt issuance. The share of the euro in in foreign currency denominated bonds worldwide (i.e. excluding domestic issues) reflects the volatility of confidence in this currency: at the end of 2008, the share of debt issuance in euros was around 32 per cent, after which it declined significantly due to the eurozone crisis, only to rise again significantly between 2020 (21.8%) and 2022 (24.7%). In this respect, too, the dollar remains by far the world’s most dominant currency. According to the European Central Bank (ECB), its share of total bond issues denominated in foreign currency amounted to more than 57 per cent in 2022. The dollar was also far ahead in the stock of international debt at 65 per cent compared to the euro at 22 per cent in 2022.
An important feature that distinguishes the European debt market from that of the USA is its fragmentation. This applies not only to the disparities in legal systems, but also to credit ratings. Apart from the European Stability Mechanism (ESM), only Germany, the Netherlands and Luxembourg have a so-called “triple-A rating,” the highest credit rating in the eurozone. This limits the possibility of issuing assets with the highest rating. Despite the significant increase in the issuance of EU common debt instruments in euros in recent years, the euro area still plays a much smaller role than the dollar in the global bond market. An important differentiator for the EU as a debt issuer compared to other markets is the target of issuing at least 30 per cent of bonds (up to €250 billion) as “green bonds”.
The euro in trade invoicing, on the foreign exchange market and in SWIFT payment transactions
The importance of a currency is also measured by the extent to which it is used in international trade and financial transactions. Here, too, the available data confirm the dominance of the dollar in the invoicing of trade transactions, exceeding what the USA’s position in global trade might indicate. The euro also plays an important role in the invoicing of international transactions, for which it is second only to the dollar. Indeed, the dollar dominates over the euro in the invoicing of imports into the EU. According to the latest available Eurostat data, 49.6 per cent of imports into the EU in 2022 were invoiced in dollars, compared to 41.5 per cent in euros. There are also significant differences among the EU member states: the Netherlands, Finland, Cyprus, Greece, Bulgaria and Poland invoice more than 60 per cent of their total non-EU imports in dollars, while for Slovenia this indicator is less than 22 per cent.
The foreign exchange market is also dominated by the dollar. According to the latest data, the dollar was used in more than 90 per cent of the world’s foreign exchange transactions, and its dominance in all foreign exchange instruments is indisputable. The euro’s share was only 31 per cent in 2022, according to the Bank for International Settlements (BIS), compared to 39 per cent in 2010, before the eurozone crisis.
The dominance of the dollar in SWIFT payment transactions.
Another important indicator of how widespread a currency is in the international financial market is its share of SWIFT transactions. SWIFT is a messaging system that allows banks to send and receive messages about financial transactions. Scrutinising payments made via SWIFT shows how frequently currencies are used for international interbank payments. Here, the primacy of the dollar can once again be observed, as this currency was used in 46.5 per cent of cases in 2023 by the end of July. In the first decade of its existence, the euro managed to overtake the dollar, but as a result of the eurozone crisis its use declined significantly (Table 3). By the end of July 2023, the euro had a much lower share of SWIFT payments than in the previous year, at 24.4 per cent. This is likely due to the fact that in March 2023, Europe moved to the new ISO 20022 payment standard, which may have led to the under-reporting of European data compared to other regions. A change of invoicing currency for the purchase of energy commodities as a result of the cessation of energy commodity purchases in Russia following its aggression against Ukraine could also have had an impact on SWIFT payments. The majority of euro-currency transactions in this system are carried out in the EU. The available data do not indicate that any shift away from the dollar in SWIFT transactions has occurred since the imposition of sanctions against Russia. Rather, a contrary trend can be observed. From the end of April 2022 to the end of July 2023, there was an increase of almost five percentage points in SWIFT payment transactions made in dollars (see Table 3). The opposite trend is detectable for the euro. Other currencies (not included in the table) had a significantly lower share of SWIFT transactions in August 2023, for example, the pound had 7.14 per cent, the yen 3.68 per cent and the renminbi 3.47 per cent.
Shares of dollar and euro in SWIFT payments 2011–2023, in per cent
30 April
2011
30 April
2015
30 April
2019
30 April
2022
31 July
2023
USD
35.3
45.3
40.8
41.8
46.5
EUR
38.9
27.1
33.2
34.7
24.4
Other indicators of internationalisation
In addition to the indicators listed above, others are also used in the analysis of the international reach of a currency. One such is the amount of cash in a certain currency outside its country or currency area. The ECB estimates that between 30 and 50 per cent of euro banknotes circulate outside the euro area, which was equivalent to at least €167 billion at the end of December 2020. In practice, this figure could be much higher, as it is based only on data on transactions conducted by the largest global banks. The euro and related local currencies are used in countries that are not part of the EU or are even geographically distant from Europe (see Map 1). These include small non-EU countries such as San Marino, Vatican City, and Andorra, which use the euro on the basis of special agreements. In addition, Kosovo, Montenegro, and Albania have unilaterally opted for “euroization” (i.e. allowing the euro to be used as a means of payment without the approval of the ECB). The 14 African countries in the CFA franc zone use the Central African franc (BEAC franc) or the West African franc (BCEAO franc). Both currencies have a fixed exchange rate against the euro, although adherence to this system is controversial. The peg to the euro in these regions has little impact on international role of this currency. In the measure of use outside the issuing territory, the dollar’s lead remains overwhelming. According to estimates by Federal Reserve Board staff, by the end of 2022 there were more than US$1 trillion in dollar notes held by foreign users, accounting for about half of all dollar notes in circulation.
In summary, the analysis of the most important macroeconomic indicators shows that the euro continues to be the second most important currency in the international financial system, while the dollar remains clearly the most dominant. Although the share of the euro is considerable in many market segments, for example, in payment transactions via SWIFT, it is still in many respects a currency with regional valence.
Map 1
Benefits, Costs and Risks of the Internationalisation of the Euro
Strengthening the role of one’s currency in the international monetary system is often considered the most important element of monetary statecraft. The internationalisation of a currency brings economic and political benefits, but there are also risks attached.
Benefits
Economic benefits include the ability to raise cheaper capital for one’s own economy, the gains from money creation (seigniorage), the boost to national trade and reduced vulnerability to adverse regulatory actions taken by other countries. The appreciation and diffusion of one’s currency internationally not only increases the prestige of the issuer as an actor in the global economy, but also increases its monetary independence and expands its capability to influence others.
Possessing a currency with a strong international status increases the potential to influence other actors.
The most important advantage of an increased internationalisation of one’s own currency is the possibility to issue debt instruments at lower interest rates compared to other countries. This “exorbitant privilege” allows the U.S. government, for example, to finance budget deficits more easily and at lower cost. This increases the scope for fiscal policy and allows Washington to pursue more active international policies, for example, in financial, development or military aid. In this sense, the possession of a currency with strong international status increases the autonomy of one’s own actions and at the same time boosts the potential to influence others.
One advantage of currency issuance is the so-called “seigniorage”. This refers to the difference between the cost of issuing a currency unit and its nominal value. An increase in international demand for a currency consequently leads to higher seigniorage profits. In the euro area, these profits benefit the individual central banks of the Eurosystem, which are passed on to the budgets of the eurozone member states. The seigniorage gains are at present relatively small and do not have a major impact on the budgetary situations of the member states. The proliferation of electronic payments and digital currencies will save central banks many of the costs associated with printing, transporting, protecting and storing physical money.
Another advantage of internationalising one’s own monetary unit is the expansion of trade in this currency. For example, the USA benefits greatly from the fact that many commodities, such as oil and gas, are sold mainly in dollars, which means that the country can eliminate exchange rate risk. Reducing the historical dominance of the dollar in the energy market in favour of the euro would bring similar positive effects to European countries. However, this is a very difficult process that requires a high degree of coordination, infrastructure development and consensus among market participants.
An enhanced circulation of one’s own currency at the global level is not only an instrument through which other international political actors can be influenced, but it also opens up the possibility of pursuing more autonomous economic and monetary policies in the sense of monetary statecraft. The most recent European example of this is the ECB’s relatively late interest rate hikes in 2022 compared to the Federal Reserve System, which kept more favourable credit conditions for the real economy for a longer period of time. The international standing of a currency is an important factor in monetary sovereignty. The system of international currencies is based on a hierarchy. As a result, the higher the rank a currency occupies, the better the issuer’s debt sustainability.
The internationalisation of a currency is also linked to an increase in the issuer’s reputation, thus resulting in more soft power.
Increased recourse to the euro on a global scale could also help deepen European financial markets. This would not only lower the cost of raising capital, but also reduce dependence on international financial institutions and jurisdictions of states outside the currency area, thus also generating a geographical advantage. However, to fully benefit from autonomy in this area, the EU would need to develop a pan‑European card payment scheme, as, at present, the European market is largely dominated by US companies (i.e. Visa and Mastercard).
Finally, the internationalisation of a currency is also associated with an increase in the issuer’s reputation and thus also more soft power, which can be used to influence other states and institutions. One of the most noticeable effects here is an increase in the influence of one’s own financial institutions in international economic relations, especially in the form of financial sanctions. But the reputation of one’s own financial institutions, especially the central bank, is also of great importance. The key role of the ECB and the eurozone central banks in the Network for Greening the Financial System (NGFS) is a useful example of how European economic institutions have successfully built reputations on the global stage. For instance, the ECB is represented at meetings of international bodies such as the G7, the G20, the IMF, the BIS and the Financial Stability Board (FSB).
Costs and risks
In the literature, the most frequently mentioned costs of internationalising one’s own currency include the obligation to stabilise parts of the global financial system, the risk of currency appreciation and external constraint.
Above all, the increasing prevalence of a currency in global payments means that the issuer must assume more responsibility for its own currency environment. Volatility can not only be triggered by external shocks, but can also be a side effect of monetary policy decisions. The series of rate hikes implemented by the Fed in 2022 and 2023 is one example of how such decisions can significantly affect the financial stability of countries that are heavily indebted in the US currency. Therefore, in the event of external shocks, the Eurosystem often needs to participate in stabilisation efforts undertaken by non-euro area countries. The two instruments most commonly used in the course of such measures include currency swaps and repurchase lines.
In the literature, the duty to provide assistance in times of stress is also referred to as exorbitant duty. A typical example of a central bank’s intervention as an international lender of last resort is the Fed’s provision of dollar liquidity during the global financial crisis of 2007–2009. The ECB also has to fulfil such a duty, albeit on a relatively smaller scale. In addition to the foreign exchange swap agreements with central banks worldwide, the ECB has also concluded currency swaps with several national banks of states that are within the EU but outside the euro area, namely Denmark, Sweden, Poland, Hungary and Romania.
Another unfavourable effect of an international increase in the status of the euro could be the risk of excessive appreciation caused by a rise in foreign demand for the common currency. This would have a negative impact on the competitiveness of export-oriented economies, especially Germany. However, taking into account the increase in international significance of the euro in its first ten years, such a trend was not observed. Moreover, the appreciation of the currency would have had a positive effect on the purchasing power of companies and households. The spread of a currency in international circulation is also associated with the risk of a restriction of its own monetary autonomy, described by Benjamin Cohen as an “external constraint”. This risk primarily takes the form of speculative attacks on the currency in question. Such constraints could impede the conduct of monetary policy or even make it vulnerable to external actors. However, the effectiveness of such attempts at interference and challenges from outside is unlikely in the case of a large currency area.
The potential benefits and costs of currency internationalisation discussed here are difficult to quantify precisely. The literature dealing with strengthening the international role of the euro lacks a concrete cost-benefit calculation, as it may differ not only for individual member states but also for individual sectors and market participants. However, it seems that further internationalisation of the common currency is beneficial for the economically highly developed euro area as a whole. In particular, the possibility of raising capital more cheaply would be an important factor in enhancing investments or stabilising public finances. This could also help in financing the costly green transformation.
Obstacles to the Internationalisation of the Euro Currency
The euro is a very nascent means of payment compared to the other major currencies of the international financial system, a point often overlooked especially when analysing currency integration in Europe. For greater context, the euro was introduced in 1999, whereas the dollar was officially introduced as early as 1792. In addition, the euro project has so far not been sufficiently accompanied by a deepening of economic integration in Europe or significant real convergence. The further internationalisation of the common currency brings with it various obstacles that also have a negative impact on the stability of the euro area. These concern the economic and political heterogeneity and structural problems of the member states, the incomplete character of the monetary union and a lack of statehood of the currency issuer. All these factors, in turn, contribute to varying attitudes among euro area countries regarding the deepening of monetary integration, especially regarding the fiscal dimension or the role that the common currency should play in the international financial system.
The heterogeneity of the euro area
One of the main challenges of the euro area relates to its heterogeneity, which is mainly due to the diversity of member states’ economies, which some interpret as an expression of different models of capitalism. This heterogeneity also manifests itself in uneven levels of resilience to external shocks, which is considered one of the main causes of the euro area crisis.
European economies have very different structures, sizes, strengths and weaknesses, and currently seem to diverge more than converge. From the perspective of the typology of major economies, at least three groups can be distinguished in the euro area: CMEs (Coordinated Marked Economies), MMEs (Mediterranean Market Economies) and LMEs (Liberal Market Economies) (see Table 4 for characteristics and examples). This categorisation does not cover all euro area countries, but it does illustrate the extent of the heterogeneity within the European currency area. In the case of the economies of some countries, for example, France, such a classification is complicated by the fact that the characteristics of more than one system are fulfilled. CMEs, MMEs and LMEs place different emphases on the independence of institutions and the role of the state in the economy. In a CME, the state is defined as an “enabler”, as its role is not to mediate between economic actors but to facilitate their activities. In an MME, on the other hand, the state is seen as an “influencer”, intervening directly in the interactions and productive capacities of economic agents when it deems it appropriate.
The different roles that states play in the economy can be seen in the level of public spending in relation to gross domestic product (GDP). In France, this amounted to 59 per cent in 2021, which was the highest value of all OECD countries. In the Netherlands, the ratio was 45.8 per cent in the same year, while in Ireland it was only 24.4 per cent. These enormous disparities in state participation in the economy are also reflected in other areas, such as taxation or the functioning of pension systems. There are also considerable divergences in the openness of economies, which can be seen in the share of exports in the GDP generated. The EU member states show considerable structural differences in many other areas, for example, in labour market institutions, education and social security systems.
Diversity of economic systems in selected euro area countries
In some member states, there are also significant regional disparities. An extreme case is Italy, where there are very large differences between the northern and southern regions in terms of unemployment and per capita GDP. In 2021, according to Eurostat, the latter was only 56 per cent of the EU-27 average in Italy’s southern region of Calabria, while it was 128 per cent in Lombardy, nestled in the country’s far north.
The economic heterogeneity among member states makes it very difficult to achieve real convergence in the euro area.
The heterogeneity of the euro area economies is not only due to the diversity of the economic systems, but also to their different sizes. The three largest economies in the euro area are Germany, France and Italy. Together they account for almost 65 per cent of the GDP of the currency area, which includes 17 other states. This disparity in absolute economic performance has an impact in the form of different business cycles and on other measures such as the inflation rate. This often leads to disputes between small and large member states, especially when the main economic policy of the euro area conflicts between member states in the North and member states in the South. The economic heterogeneity among member states makes it very difficult to achieve real convergence in the euro area. Efforts to stabilise the currency area are merely constricted to trying to limit the effects of the divergence described.
Structural problems of the eurozone member states and lack of convergence
More than ten years after the start of the euro area crisis, many member states are still struggling with a number of structural problems concerning competitiveness, sustainability of public finances, the banking sector and the labour market.
The central challenge of many eurozone countries is the high level of public debt, which was a main driver of the eurozone crisis between 2009 and 2015, and which led to a strong loss of confidence in the common currency. In the first half of 2023, the rating agency Standard&Poor’s awarded the highest credit risk rating (AAA) to only three of the 20 eurozone countries, namely Germany, the Netherlands and Luxembourg. Difficulties in securing room for manoeuvre in budgetary policy, macroeconomic imbalances, negative demographic prospects, crisis situations on the labour market and high costs of the energy transition characterise many countries in the eurozone to varying degrees. Several of these problems also affect Germany.
When the Economic and Monetary Union (EMU) was created in Europe, it was assumed that convergence between member states would gradually increase. This convergence was understood mainly in nominal terms, as reflected in the securitised budget rules and the criteria for joining the euro area (see Article 140(1) TFEU). However, the objective has not been achieved. Differences in labour market regulations, especially in wage setting, led to diverging labour costs, which in turn affected real effective exchange rates. This made the competitiveness gap even more pronounced. The available research on the subject suggests that little progress has been made towards convergence in the EU-12, which consists of the original euro area member states.
Monetary statecraft begins with sustainable economic policies and political stability at the national level.
The past has shown that convergence has not increased sustainably despite the measures taken to strengthen the institutions of economic governance in the euro area, for example, through the creation of the so-called Macroeconomic Imbalance Procedure (MIP), and the further development of the fiscal framework. On the contrary, the enduring presence of numerous structural differences, which are crucial for the efficiency of fiscal transfers and thus for the pace of recovery, increases the risk of further divergence in the euro area. The ability to exert external influence and defend one’s monetary interests starts with building a certain margin of policy independence at home. The European Commission also pointed out in its 2018 Communication that strengthening the international role of the euro depends to a large extent on member states and their fiscal policies, as well as on adequate supervision of the financial sector. The eurozone, where many member states have serious structural problems, does not meet this requirement. To enhance the euro’s international importance, it is therefore considered far more important to eliminate deep-rooted systemic deficits than to expand the monetary union. In fact, the latter could even exacerbate the current divergence.
The incomplete character of the monetary union
There is a broad consensus that the Economic and Monetary Union in Europe is incomplete. The 20 EU countries that have so far joined the third stage of the EMU share have a common currency while and the ECB is responsible for monetary policy. Economic and fiscal policy, on the other hand, is simply coordinated. Diverging political interests and structural problems of some countries hamper efforts towards fiscal integration, even at such a basic level as the establishment of common fiscal policy rules. There is a lack of trust among member states which stems from the fear of uncontrollable risks arising from the disproportionately higher potential of public finances in some of the larger euro area countries.
The euro area also does not have its own stability budget (fiscal capacity). The restrictions on the option to issue common EU and euro area debt instruments mean that there is little scope for the issuance of “safe assets”, usually cited as an essential factor in strengthening a currency’s international role. Instead, the debt market in the euro area is fragmented where there exists a crowding out of foreign investors by domestic players, as in the case of Italy. A major impetus for the pooling of debt was the COVID-19 pandemic, which forced the EU member states to create a special fund based on the EU budget. The key element here is the Recovery and Resilience Facility (RRF), a special lending and grant instrument of up to €723.8 billion (in 2022 prices). However, this mechanism was adopted as a temporary and one-off measure.
The European Stability Mechanism, which was launched in 2012 and has a lending capacity of up to €500 billion, currently plays a subordinate role in stabilising the euro area, as the potential recipients of this assistance are not willing to accept the associated conditions. For these reasons, the eurozone’s consolidation efforts rely mainly on interventions by the Eurosystem (the ECB and central banks). The ECB’s measures remain crucial for stabilising the euro area debt market. The incompleteness of the monetary union also applies to the banking sector. Despite the creation of a common system of banking supervision, there is still no deposit guarantee scheme. Efforts to increase the global use of the euro are also hampered by the incomplete nature of the EU single market, especially in the area of capital markets.
Political diversity and lack of statehood
The political diversity within the euro area is a key feature that distinguishes it from other currency areas. The euro area currently comprises 20 countries of varying sizes. The lack of a single sovereign behind the common currency is seen as one of the main reasons for the failure to create a serious alternative to the dollar. For example, the coexistence of different political cycles within the euro area presents a major challenge to its cohesion. In the member states, elections and election campaigns (at the national or regional level) follow different calendars, often leaving little time to reach supranational compromises on issues related to the further direction of monetary integration in Europe.
Another problem is that some EU states are members of the eurozone, while others are not. This complicates the functioning of EU institutions in economic policy matters and poses a major challenge for further fiscal integration. For example, in order to provide financial support to euro area countries, the ESM had to be installed outside the EU legal system. Although the number of participants in the monetary union is steadily increasing, it still does not match that of the EU members. It is possible that in the future, other countries besides Denmark and Bulgaria will decide to peg their exchange rate to the euro under ERM-II (Exchange Rate Mechanism II). However, a renewed enlargement of the euro area to include Hungary, the Czech Republic, Denmark and Sweden seems unlikely as things currently stand. The accession of Poland, Bulgaria or Romania also seems uncertain. The format of the eurozone will likely remain distinct from that of the EU for an extended period, posing challenges to deeper economic integration and hindering the emergence of an effective supranational political representation for the common currency. What is more, previous attempts to establish such representation have proven unsuccessful.
The International Monetary Fund is the most glaring example of the lack of unified representation of the euro.
The lack of a unified external representation of the euro area in international economic and financial organisations is one expression of this institutional deficit. Proposals for a common representation of the euro area have been on the European policy agenda several times, but have not been realised. As early as 1998, the European Commission proposed a joint mission of the Council, the Commission and the ECB to various international bodies such as the G7, the OECD or the IMF. The necessity for a single representation of the euro area has been emphasised raised on many occasions. The most glaring example of the lack of such representation is the International Monetary Fund, whose membership is limited to states. In addition to the USA, China, Japan, Saudi Arabia and the United Kingdom, France and Germany also have a permanent seat on the Executive Board. The other euro states are part of different voting groups, which are represented by a chairperson in this body. On 21 October 2015, the European Commission presented a proposal to gradually establish a single representation of the euro area in the IMF by 2025. However, it has not been possible to overcome the mistrust between the member states and between the EU institutions regarding the role that the common currency should play in the international monetary system. Years of discussions on this issue have not yet produced any results in the form of institutional changes.
For France, currency integration in Europe was a step to counteract the supremacy of the dollar.
Particularly relevant here are the divergences of interest between France and Germany. France has a long tradition of resisting the dominance of the dollar. For Paris, currency integration in Europe was a step to oppose this supremacy. In Germany, the traditional view was that wider internationalisation of the currency should be the result of market decisions based on confidence in the stable economic fundamentals of the euro area, rather than a specific goal to be achieved. There was also a fear in Germany that strengthening the international role of the euro would lead to its appreciation, which would be detrimental to the German export-oriented economic model.
At present, there is little evidence that the above challenges are being adequately addressed. This suggests that the euro area will remain one with a relatively high degree of economic divergence, fiscal decentralisation and a relatively low degree of political integration.
Capital Markets Union, Digitisation and Greening as Ways to Strengthen the International Role of the Euro
Despite the serious shortcomings and impairments that are holding back the development of the euro area, there are certain processes through which the international role of the euro can be potentiated: a deepening of the financial market in the EU (Capital Markets Union project, CMU), digitalisation and “greening”. In all these areas, however, specific obstacles are building up that need to be overcome both at the community level and at the level of the individual member states.
Capital Markets Union
The liquidity and the degree of integration of the financial markets are important prerequisites for strengthening the international impact of a currency. With the “Capital Markets Union” project, the EU is striving to unify selected areas of the capital market in Europe. The project formally concerns all 27 EU countries. However, it is of utmost importance for the overall stability of the euro area, for the introduction of a digital euro and for the transformation to a low-carbon economy. Financial markets in the EU and euro area – unlike in the USA – remain highly fragmented. The inability to mobilise private capital on a larger scale is a strategic weakness of Europe compared to the US, for example, where the private sector contributes much more to financing the green transition.
The inability to mobilise private capital on a larger scale is a strategic weakness of Europe compared to the US
The free movement of capital is one of the cornerstones of the single market. In the past, there have been numerous initiatives designed to integrate capital markets in Europe more closely. In 1988, capital controls were abolished. In 1999, the Financial Services Action Plan (FSAP) set out guidelines to further harmonise financial markets in the following years. The main impetus given to this process in the last decade was part of the effort to stimulate recovery after the eurozone crisis.
This also applies to the Capital Markets Union project, which was launched by the European Commission in 2015. It aims to deepen and unify the capital markets of the member states of the EU in order to improve financing options for companies and also give private individuals greater scope for investment. It also intends to increase the private sector’s contribution to cushioning economic shocks, especially in the euro area. In September 2020, the European Commission published a new action plan for the Financial Markets Union. With this, it wanted to give new impetus to the Capital Markets Union project. The Commission hoped to assist the acceleration of the economic recovery from the COVID-19 pandemic. The document proposes 16 legislative and non-legislative measures – such as EU-wide access to market data – to further integrate national capital markets. These measures include the establishment of a single access point for company and investment product data, rules to increase investment protection and monitor the adequacy of pensions, the harmonisation of national insolvency procedures and the establishment of greater convergence in the functioning of national supervisory authorities. In November 2021, the Commission presented four legislative proposals, which were in various stages of legislative work until mid-2023.
The integration of capital markets in the EU is a complex process that still faces elementary obstacles. The greatest barrier to cross-border capital flows remains the diversity of legal systems regulating financial markets in the individual EU countries. Among other things, different national insolvency regulations or the problem of double taxation continue to present challenges. The lack of standardisation of accounting and reporting rules severely limits market transparency. Language barriers make access to information difficult. Many of the activities of the Capital Markets Union require interaction with or support from member states.
A factor that has also hinders the integration of European capital markets has been the United Kingdom’s exit from the European Union. Although many financial institutions have moved their offices and staff from London to continental Europe, the EU has lost its most important financial centre. This has reduced the size of the EU’s financial market compared to other global financial centres. The UK has many years of experience in the functioning of international financial markets. The loss of this knowledge makes it more difficult to draft and implement common EU legislation. Moreover, the UK has strengthened its competitiveness in the financial services sector after Brexit, among other things by lowering regulatory standards. The exit of the hitherto largest financial centre from the single market has intensified rivalry between European financial markets, which has a negative impact on integration efforts in this area.
The complexity of the legislative process within the EU is also a challenge for the realisation of the Capital Markets Union (CMU). Now that the EU has announced its major “flagship” projects in the area of financial services, the difficult task is to translate the agenda into appropriate legislation. However, this does not receive enough public attention. Instead, the effort is largely exposed to lobbying by representative market participants who resist change. Since the adoption of the CMU Action Plan in 2015, some progress has been made in integrating financial markets. For example, the European Commission monitors what is happening there on the basis of selected indicators such as the market funding ratio, the breadth of the listed equity market and the country-specific differences in selected market segments. However, the European Court of Auditors’ 2020 report was highly critical about how the CMU project was implemented and accused the Commission of lacking a clear strategy and priorities.
The fragmentation of EU capital markets will continue for many years. The measures being taken in the EU to integrate financial markets more closely are making slow progress. However, the problem is not only at the EU level, but also at the national level. Although the Commission has given high priority to the CMU since it was first announced, the potential for capital market development in Europe by mid-2023 has unfortunately still remained largely untapped.
The digital euro
Digitisation is having a significant impact on international currencies, changing the way they are used, exchanged and managed. It has led to an explosive growth of electronic means of payment and cross-border money transfers, while at the same time posing a challenge to financial market institutions in terms of regulation and stability.
The process of digitalisation within the euro area was significantly accelerated when several international social media companies and sales platforms announced plans to create their own para-currencies. This raised fears that such projects could threaten not only traditional currencies but also the status of central banks. This is because the emergence of alternative money and payment systems would have a negative impact on the stringent implementability of monetary policy. Central banks have a special task in maintaining the stability of the financial system, which is called into question by the spread of digital currencies and alternative payment systems. Such systems, characterised by high liquidity, are vulnerable to sudden changes in customer preferences, which can lead to rapid capital outflows. These risks need to be further investigated in order to take appropriate regulatory countermeasures.
The ECB seems to be one of the more advanced central banks along the path to digital currency.
Central banks have pioneered research into digital currencies because of the threat to the efficiency of their operations and because they have the necessary technical and professional know-how to do so. The aim is to exploit the advantages of cryptocurrencies while giving them greater stability. The first central bank to start experimenting with a digital currency was the Central Bank of Ecuador. In 2014, it introduced a new digital currency called “Dinero Electrónico”. One of the main reasons for this project was to promote the use of an electronic payment system for everyday activities, such as purchases and transfers between individuals. Other state banks that started experimenting with digital currencies were include the Bank of Canada, the People’s Bank of China, the Bank of England and the National Bank of Sweden. Currently, it is estimated that more than 90 central banks around the world are exploring the introduction of digital currencies.
In October 2023, the Governing Council of the ECB decided to launch a new two-year preparatory phase for the digital euro project. The preparatory phase will focus on drawing up the regulations and selecting the providers who will develop the platform and infrastructure. This work will pave the way for a potential future issuance of the digital euro. Despite advanced work on the digital euro, the ECB remains rather in progressing towards its introduction which will not happen until 2026 at the earliest and most likely only during the term of Christine Lagarde’s successor.
The digital euro could bring several benefits, for example, lower transaction costs, and faster, cheaper and more secure payments. The digital euro project is potentially relevant for the further internationalisation of the single currency. It could facilitate access to the euro outside the currency area, where there is no access to banking services denominated in euros or to a physical form of the currency, and where traditional payment units are weak and untrustworthy. It would therefore be especially important for those potential users who are not in euro area countries or in the EU single market to have access to the digital euro.
One criticism of the plans to introduce a digital euro is that its advantages compared to modern payment systems are not significant. Furthermore, there are fears that the digital euro could pose a threat to traditional bank deposits, which, given the incompleteness of the banking union, could lead to a flight of capital from these forms of investment. Finally, there are those who suggest that the project is an attempt by technocratic institutions to increase their control over citizens. In fact, the EU is the most developed economic area in terms of personal data protection. Therefore, the development of a European version of a digital currency would undoubtedly be an advantage for those countries where personal data are insufficiently protected from the interests of large economic platforms (USA) or where digitalisation is even seen as an instrument to strengthen state control over citizens (China).
Research on digital currencies also enables the improvement of existing payment systems. In this area, the internal market is characterised by great diversity due to the high number of card payment systems existing in Europe and the dependence on US companies. In some EU countries, for example, Ireland, the Netherlands, Sweden, Finland and Poland, credit card providers Visa and Mastercard serve almost 100 per cent of the market. The introduction of the digital euro could foster the development of a single European payment system, which would strengthen the autonomy of the EU single market in this area.
Scientific studies on the digitalisation of currencies also provide insights into the impact of new electronic payment systems on the traditional role of money in the economy. One of these is the aforementioned risk to financial stability and the welfare of citizens, as the digital cryptocurrencies currently on the market are characterised by a high degree of speculation. The EU has therefore made efforts to regulate the use of digital currencies in the single market. For instance, the Regulation on Markets in Crypto-Assets (MiCA) was adopted in May 2023. The EU’s ability to shape its own regulatory environment for digital assets and ensure its effective enforcement will strengthen the stability of the European financial system and thus the EU’s autonomy and independence from other jurisdictions. The European Union has also taken the lead in regulating this market and is the first major jurisdiction in the world to subject digital assets and transactions involving them to a legal framework.
The digitisation of the monetary system is a multi-layered process that is not limited to experiments with currencies or payment systems. The process must also be inclusive, meaning that the potential benefits should be shared among society to the largest extent possible. This includes educating citizens about how the financial system works, the dangers of speculating with digital assets and the security of online payments.
The euro as a currency of green change
The increasing risks of climate change and the transition to low-carbon economies are currently among the most important challenges for European institutions and member states. This involves changing economic growth models, the functioning of market-based institutions (e.g. banking regulators) and financing the enormous costs of the transition. These expenses are a major burden for European economies, especially for those countries already struggling with excessive debt.
On the other hand, a properly programmed shift towards a low-carbon economy can also be an opportunity to create or unlock new potential for economic growth. The common currency and the institutions of the eurozone can play an important role in this process.
In 2022 forty-two per cent of global green bonds were issued in euros.
Eurozone institutions have made climate risk management and the green transition their top priorities. This is particularly evident in the example of the European Central Bank, which was the first bank in the world to include climate issues in its strategic review and to take concrete measures to green its monetary policy instruments. Together with other Eurosystem banks, it is active in international forums, including the Network for Greening the Financial System, in attempt to mitigate climate risks. Such activities and a prominent position in this area can have a positive impact on the ECB’s standing in the international financial system.
For example, the European Investment Bank was the first global issuer in the green bond market. The early promotion of this fast-growing market has resulted in about half of all global issuers being based in Europe and 42 per cent of the global green bond market being denominated in euros in 2022.
The international role of the euro in greening is closely linked to financial market integration in the context of the Capital Markets Union, which – as described above – is, however, progressing very slowly. An expansion of the green segment of the European capital market would not only reduce transition risks, but could also accelerate the integration of the entire market in the future. However, there are still many challenges along the way. For example, a framework needs to be established for the disclosure of the climate compliance of companies’ business models, and EU standards for green bonds need to be set. Harmonisation of market regulation and supervision is also still pending.
The EU is currently working on the introduction of a classification system for ‘green’ activities, under which there will be an EU-regulated standard for green bonds. In the absence of such a recognised and harmonised classification of green assets, the risk of greenwashing, i.e. offering pseudo-green assets, increases. This could have a negative impact on the credibility of the entire market and ultimately on the image of the euro currency.
The greening of monetary policy, the issuance of green bonds and the new “green regulation” of the financial market can be seen as the beginning of the creation of a sustainable governance project. The announcement by the president of the Eurogroup, that the euro will become the currency of the green transition in 2021 is not merely rhetoric; rather, pursuing this goal can actually help to strengthen the role of the euro in the international financial system.
Outlook: The Euro and the Development of the International Monetary System of the Future
The future role of the dollar in the international monetary system
The end of the dollar’s hegemony has long been subject of debate. However, after sanctions were imposed on Russia following its aggression against Ukraine, this discussion has once again gained new impetus.
Some authors have hypothesised that the extension of punitive measures to Russia’s dollar reserves will reduce the willingness worldwide to hold reserves in this currency. For instance, some states, especially non-democratic ones, may develop concerns about becoming too dependent on the US currency. On the other hand, as mentioned in the first chapter, interest in the dollar is also driven by geopolitical considerations. In other words, as the global situation becomes more uncertain, the tendency to accumulate safe assets linked to economies with converging political interests increases. Consequently, states that maintain close relations with the USA are unlikely to be interested in any change in the dollar’s status as a world’s dominant currency.
This also applies to a large segment of European countries, which are increasingly dependent on the military power of the USA. On the other hand, political change in the USA in 2024 could lead to greater divergence on both sides of the Atlantic. With this in mind, it is important for the EU to achieve greater autonomy in its monetary relations with the USA, as well as with regard to payment infrastructures. The dollar will continue to hold a key place in the global economy for a long time to come, as it fulfils most of the determinants of a leading currency, such as the rule of law, liquid and deep financial markets, currency convertibility, economic power and military strength of the issuer. Even the obvious weaknesses of the US political-economic system, such as polarisation, dysfunctionality in the area of fiscal policy and problems in banking supervision, are not enough to shake confidence in the dollar.
The rivalry between the USA and China will also gradually shift to currency issues and payment systems, as total domination of the dollar is uncomfortable for Beijing. As far as the internationalisation of the renminbi is concerned, China has done a lot in this direction in the last decade, for example, by invoicing trade transactions in RMB, concluding numerous swap agreements, establishing a convertible offshore RMB market in Hong Kong and gradually building its own payment infrastructure (CIPS, Cross-Border Interbank Payment System). However, despite the geopolitically ambitious infrastructure investment programme (Belt and Road Initiative) and the fact that the IMF officially declared the RMB a reserve currency in 2016 and included it in the Special Drawing Rights (SDR) system, Chinese efforts have not yet translated into a significant strengthening of the RMB’s international role. The stance of other countries comes into play here, especially that of India, which sees the settlement of trade agreements in RMB as disadvantageous because of its political rivalry with China.
The biggest obstacle to increasing the RMB’s international role, however, is the fact that the Chinese Communist Party leadership is seeking greater consolidation of power and control over the economy, which contradicts this objective. In economic terms, this course manifests itself, among other things, in the intensification of surveillance of foreign company branches in China and the restriction of access to reliable company information. An uncertain regulatory environment, including doubts about respect for private property, prevents the RMB from further internationalisation. Against this backdrop, Western countries with their strong legal culture, access to market information and respect for civil liberties will retain a competitive advantage in the global monetary system. On the other hand, the RMB is likely to gain importance as international currency in the coming years simply because of China’s importance in finance and trade, and because of Beijing’s active policy of internationalisation of the RMB, including bilateral currency swaps and the development of digital money. The intensification of ideological, economic and military external expansion and open rivalry with the USA is unlikely to foster confidence in the Chinese currency among external users. The RMB could therefore become more widespread internationally, but not to the point of threatening the status of the US currency or the euro.
In other parts of the world, there is little sign of a currency integration dynamic that could lead to serious competition with Western currencies. In early 2023, there were plans in Brazil and Argentina to create a new common currency. The main impetus for thinking about currency integration in the region is the negative impact of dollarisation for these economies. But without a strong fiscal framework and political stability, it will be difficult to move forward on this path.
In the most important indicators for the internationalisation of currencies, such as trade and foreign exchange reserves, the dollar was still far ahead of the other major currencies in 2023. And there were no signs that this would change decisively. As for the eurozone, the decisive factor that will determine the future global role of its currency will be whether its largest member states will be able to address their structural weaknesses. Data from the last two decades show that a growing popularity of the US currency in many market sectors is leading to a decline in the use of the euro, and vice versa. The development of an alternative payment infrastructure is also an important aspect that will have an impact on the monetary system.
Gradual regionalisation
Trends towards the emergence of regional currency areas (including the euro area) are symptomatic of the fragmentation or regionalisation of the global financial system. This means that regional financial architectures are being created to accompany local efforts to deepen economic integration or to ensure macroeconomic and financial stability. This development manifests itself in many areas: in the development of payment infrastructures, in the establishment of regional financial supervisors and financial institutions, and in the form of the increasing importance of regional currencies. The most important trend that will shape the global economy in the future is the declining share of the EU and the USA in global GDP and the growing share of Asia. Since the size of a currency area correlates with the international importance of the currency, it will also be a challenge for the euro area to maintain the role of the euro in the global financial system. For this reason, the eurozone member states and the EU institutions must actively increase the international attractiveness of the common currency by advancing the Capital Markets Union project.
Another factor potentially driving the regionalisation of the international financial system is the geopolitical tensions and sanctions imposed on Russia, especially those affecting the banking sector. The freezing of foreign exchange reserves and the blocking of Russian banks’ access to the SWIFT interbank communication system has accelerated work on developing replacement structures that are independent of the punitive measures imposed by the USA and Europe. Since 2014, when there were calls for Russian banks to be excluded from SWIFT, Russia has been engaged in building its own SPFS (System of Transfer of Financial Messages). So far, however, the practical significance of this system outside Russia is marginal. China and India have also started to develop alternative interbank communication systems (China with the CIPS and India with the Structuring Financial Messaging System, SFMS). However, building such systems is a lengthy process, as the example of SWIFT shows, which started in 1973 and now covers more than 200 countries. Despite the installation of competing blockchain systems, SWIFT will continue to dominate interbank traffic for a long time to come thanks to its reach. Moreover, in the future, SWIFT could be the solution to the problem of blockchain platform fragmentation and serve as a hub for them.
An important question is whether the progressive regionalisation of the international monetary system will lead to more stability or destabilisation. Theoretically, the dominance of a single currency has a consolidating effect on the global monetary system, as competition between two or more currency blocs can lead to political manipulation of the exchange rate and thus to a disruption and weakening of the system. On the other hand, the supremacy of one currency also carries the risk of negative chain reactions. A recent example is the Fed’s interest rate hikes in 2022 and 2023, which created major problems for developing countries in repaying their debts issued in dollar.
The digitisation and development of platform companies
The future development of the international monetary system will be greatly influenced by digitalisation. This – in conjunction with the increasing importance of platform companies in the economy – will work towards a gradual regionalisation of the financial system.
Europe’s weakness is that it has no player among the world’s largest companies, especially in information and communication technology, a sphere that is dominated by US firms. Among the ten largest corporations worldwide with the highest capitalisation are five platform companies that focus on online commerce by creating dedicated internet sales spaces (Table 5).
These platform companies currently play a key role in the global economy, especially in the areas of innovation, trade facilitation and job creation. They also have a strong influence on the functioning of the foreign exchange market whose impact is likely to extend to the international monetary system. Facebook, for example, has announced plans to create its own currency (Libra, later renamed Diem). In the future, it cannot be ruled out that social media or e-commerce platforms will create new digital currency spaces in which digital money becomes the official unit of payment. The implementation of these projects will come with enormous regulatory challenges, have an impact on exchange rates and put the enforceability of monetary policy to the test. The further development of virtual platforms such as cryptocurrency exchanges, blockchain and decentralised finance (Defi) bring both benefits and challenges compared to traditional system of financial intermediation. The monetary system is also on the cusp of the next big leap, known as tokenisation. This is the process of digitally encoding claims, which could significantly increase the capacity of the monetary and financial system in the future. The challenge for the EU and the euro will be to keep pace with these changes.
The ten largest corporations worldwide in 2023 by market capitalisation
Name/Country
Economic territory
Apple (USA)
Technology company
Microsoft (USA)
Technology company
Saudi Aramco (Saudi Arabia)
Oil and chemical companies
Alphabet/Google (USA)
Online services
Amazon (USA)
E-commerce
NVIDIA (USA)
ICT
Meta Platforms/ Facebook (USA)
Platform for social media and networking
Tesla (USA)
Electric cars, batteries, photovoltaics
LVMH Moët Hennessy – Luis Vuitton (France)
Luxury goods industry
Visa (USA)
Payment cards
Digitisation generally affects all elements of the financial system, but in monetary terms it will manifest itself in the development of a market for digital currencies, payment methods and cross-border transactions. It may contribute to easier access to financial infrastructure; but it could also bring more volatility. Given the risk of sudden capital outflows, it will be important to keep an eye on the progress of market regulation by regulators and central banks and the impact of alternative currency projects on social behaviour and the traditional banking sector.
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The Money Museum
|
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[] |
[
""
] | null |
[
"Mike"
] |
2018-03-07T17:06:29+00:00
|
Considering the extent to which it rules our lives, how much do any of us really understand the concept of "money"? We spend the majority of our time in pursuit of it, and it can inspire us to deeds both brilliant and contemptible... but what is it? We're not exactly bartering arrowheads for pelts, anymore. To help us get a better grasp on an increasingly abstract concept, we visited the Bank of Portugal's fantastic Museu do Dinheiro, or Money Museum.
|
en
|
Lisbon For 91 Days
|
https://lisbon.for91days.com/money-museum/
|
Considering the extent to which it rules our lives, how much do any of us really understand the concept of “money”? We spend the majority of our time in pursuit of it, and it can inspire us to deeds both brilliant and contemptible… but what is it? We’re not exactly bartering arrowheads for pelts, anymore. To help us get a better grasp on an increasingly abstract concept, we visited the Bank of Portugal’s fantastic Museu do Dinheiro, or Money Museum.
It was during our tenure in Lisbon that cryptocurrencies exploded into the mainstream, as the value of this new thing called a “Bitcoin” shot through the roof, shocking and confusing markets around the world. If you’ve ever met Jürgen, you won’t be surprised to learn that he was immediately all-in. I hardly blinked when he began preaching to me about altcoins and blockchains, Sola, Steemit and mining. “Now, Mike: imagine a decentralized ledger, authenticated by independent parties…” Sigh, here we go.
So, in the days prior to visiting the Money Museum, we’d been involved in long discussions about the idea of money. Jürgen (pretends to) understand it, but I’m baffled that a “cryptocurrency” can suddenly just come into being, and actually be worth something. And that gets me thinking about even regular money. I mean, I know that the bill in my wallet doesn’t actually correspond to a flake of gold in the bank, locked away in a safe labelled “Mike’s Gold: Stay Out”. But isn’t that the idea? Or wasn’t it?
I honestly don’t know. It’s confusing to the point where my brain shuts down before all the thinkin’ starts to hurt. So I had big hopes for the Money Museum. Explain this all to me! Why can’t I go out onto the street and start issuing MikeyBux, which are each worth… let’s just say $629. Isn’t that exactly what all these cryptocurrencies are doing?
While the Money Museum might not have answered all my “big questions”, it’s still excellent. First off, it’s free, which is already a plus. And it’s new, so all the interactive exhibits work, and are actually pretty cool. There’s been a clear focus on the presentation, and the designs are engaging. You can watch how bills are printed, and see the development of coinage from the Romans into the present day. And you even get the chance to hold an actual bar of gold, which is weirdly exhilarating.
The museum occupies the former church of São Julião, which has been owned by the Bank of Portugal since the 1930s. The tiles on the ground floor contain an interesting piece of art… different colored rectangles placed about in a seemingly random pattern. We jumped from square to square as though playing hopscotch, and it wasn’t until we got upstairs, that we learned what they represented. As we had learned while visiting the Cemiteiro dos Prazeres, the ancient Portuguese preferred to be buried in church… and these rectangles marked the locations of the hundreds of graves which had been excavated during renovations.
That’s right! Your graveyard is our hopscotch.
In the basement of the church is an amazing sight, unrelated to money, also discovered during the restoration: a massive fragment of a medieval wall, which dates back 700 years to the time of King Dinis. By itself, it’s just a long stretch of stone, but the informative and painstakingly-researched exhibit shows how a fragment like this can be a history book unto itself. Literally etched into stone are events like fires, as well as clues as to how the residents must have lived.
Location on our Map
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https://blog.remitly.com/finance/what-countries-use-dollars/
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en
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What Countries Use Dollars?
|
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[] |
[] |
[
""
] | null |
[
"Evelyne Kuo"
] |
2024-06-25T19:57:35+00:00
|
USD is accepted in many areas of the world, but it's not the only dollar. Find out what countries use dollars globally. You may be surprised.
|
en
|
Beyond Borders
|
https://blog.remitly.com/finance/what-countries-use-dollars/
|
 
  << 9 of the Most Unusual Currencies in the World>> 7 Facts You Probably Didn’t Know About Haitian Currency
 
When you hear the word “dollar,” you probably think of the U.S. dollar. It is, after all, the most widely used dollar in the world. In fact, the U.S. dollar (known as USD at international currency exchanges) is accepted in many cities, countries, and regions of the world either as primary or secondary currency.
The U.S. dollar is also currently the reserve currency of many countries. Citizens of some countries may prefer to earn, save, or spend U.S. dollars due to their stability. This is one reason Remitly makes it possible for our customers to send dollars to their loved ones in other countries, such as Vietnam, Jamaica, and many others (check out the options for your preferred country on our homepage).
The United States is not the only country to use an official currency called a dollar, however.
For example, the dollars of Canada, Australia, New Zealand, Singapore, and Liberia are all called dollars but are entirely different national currencies. Many of these were originally based on British pounds, such as the Jamaican dollar and the Canadian dollar.
American Dollars Abroad
Many countries use the American dollar to invest, pay an international debt, or trade with other nations.
Commodities such as gold and oil are even priced in USD, so other countries can easily purchase them using their reserve currency. A reserve currency is a specific type of money held by central banks and international financial institutions to trade with one another.
Given the strength of the U.S. dollar, some countries have decided not just to use it as a reserve currency, but as their currency as well.
In fact, 16 other countries and regions use USD within their borders today.
The following countries and territories use U.S. dollars instead of a unique local currency:
Puerto Rico
Ecuador
Panama
Somalia
El Salvador
Fiji
Turks and Caicos Islands
Guam
U.S. Virgin Islands
Timor-Leste
British Virgin Islands
Marshall Islands
American Samoa
Federated States of Micronesia
Northern Mariana Islands
Caribbean Netherlands
Bonaire
Pegging Currency to USD
In most cases, exchange rates between two currencies fluctuate daily according to the supply and demand of each. The more popular a currency, the more people buy it, and the higher the price rises.
For example, when tourism rises in Mexico during the holiday season, more people buy Mexican pesos and therefore the price becomes higher. That means when you exchange another currency for pesos, you’ll get fewer pesos than you would during the off-season.
Sometimes, national banks decide to keep a fixed exchange rate on certain foreign currencies, such as the U.S. dollar. The purpose of this is to encourage regular use of USD in places where it is already commonly used.
Fixing an exchange rate, whether to the U.S. dollar or another strong currency, is also called “pegging,” as in, “Hong Kong pegged its currency to the U.S. dollar.“
Countries with Fixed-Rate U.S. Dollar Exchange
When a national bank fixes an exchange rate, it usually does so with the currency of a regular trading partner. Doing so can strengthen trade between the two countries and keep both economies more stable.
Fixing the U.S. dollar exchange rate within a foreign country protects the stability of the U.S. dollar so visitors and businesses can rely on fixed costs. It encourages more individuals and companies to invest in those countries, boosting multiple economies.
Countries that currently have a fixed-rate currency exchange with the American dollar include:
Aruba
Bahamas
Barbados
Bermuda
Macau
Hong Kong
Bahrain
Belize
Again, many of these countries are travel destinations for Americans. Others, like Hong Kong, are top business destinations.
The Hong Kong dollar has been pegged to the U.S. dollar since 1983 when Hong Kong’s local dollar experienced a dive in value. A run on the national Hang Lung Bank required drastic action.
The Hong Kong government decided to peg its own dollar to the U.S. dollar to show confidence in its economic future and keep and attract investors and corporations to the country.
The Hong Kong government intended to align Hong Kong with America instead of China and the Chinese yuan.
Other Pegged Currencies
The U.S. dollar, also called the greenback, is not the only strong currency on the market that is used internationally. Others include the euro, used throughout the European Union, and the pound sterling, which is used in Great Britain as well nine other countries and regions.
As a former dominating force in international colonization, the United Kingdom still has influence in countries all over the world. Eight regions have pegged their own currencies to the pound sterling, eager to preserve ties with the sixth-largest economy in the world.
Tourism and the U.S. Dollar
The U.S. dollar is a commonly used currency in the tourism industry.
In fact, some cities and regions with high rates of tourism accept greenbacks as legal tender, even if their national bank does not.
The strength and widespread use of American dollars also make them very appealing to other nations that welcome millions of U.S. tourists every single year. Not only does this make it simple for Americans to spend money in their destinations, but it also saves them a trip to local currency exchange centers.
A good example is the Caribbean region of Mexico. A vacation favorite with Americans and many other people, this region is home to the Mayan Riviera, beautiful turquoise seas, and warm breezes.
The Mexican Caribbean uses the Mexican peso as its official currency, but while shopping, dining, and paying for excursions throughout the Caribbean you can often just exchange American dollars.
These are traded among residents, used to pay for services, or exchanged in bulk for local pesos.
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https://lunio.ai/blog/strategy/country-tiers-digital-advertising/
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Digital Advertising Across the Globe
|
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[
"Sam Carr"
] |
2020-10-29T10:47:46
|
Understand tier 1, 2, 3 countries in digital advertising. Learn how to target different audiences with our list and maximise your reach.
|
en
|
/apple-touch-icon.png
|
Lunio
|
https://lunio.ai/blog/strategy/country-tiers-digital-advertising/
|
It’s common knowledge that in digital advertising, certain demographics hold more value to advertisers. After all, who’s more likely to buy your product: someone with lots of money, or someone who’s broke? (Hopefully, you picked someone with lots of money!).
Well, the same concept applies to countries as a whole, which means certain countries can be grouped into country tiers depending on their value in digital advertising.
By now you’re probably wondering, what determines how valuable a country is and which countries are the most desired?
In this article, we’re going to be exploring country tiers in digital advertising and the various tiers advertising networks and advertisers use to sort countries.
To get started, let’s dig a little deeper into the concept of country tiers.
What Are Country Tiers?
If you’ve ever played Madden or FIFA, then the concept of a tier list should be pretty straightforward. You take the teams (in this case countries) and arrange them from the very best to the worst based on their players and overall strength. In the end, you have a tier list of all the teams which would help you decide which team to pick if you want to significantly increase your chances of winning.
The same concept applies to countries, but instead of ordering them based on their players, they are ordered by economic factors instead. This means that the wealthiest nations with the highest salaries and disposable income are ranked highest while the less economically developed countries are ranked lowest.
The result is a list of countries which gives advertisers an idea of which countries have more wealth and disposable income. Similar to the analogy above, advertising in the wealthiest countries significantly increases the chance of conversions compared to less developed countries.
The Different Country Tiers In Advertising
In today’s world, most ad networks and advertisers recognize three tiers of countries with tier 1 being the most valuable and tier 3 being the least valuable.
A quick overview of the different country tiers would look like this:
Tier 1 Countries
The most desirable countries advertisers want to advertise in. The wealthiest with the highest levels of disposable income. Highest levels of competition, expensive CPCs.
Tier 2 Countries
Countries with medium wealth and a lower level of disposable income. Lower competition and lower CPCs than tier 1.
Tier 3 Countries
Developing countries with low wealth and no disposable income. The cheapest countries to advertise in with very few advertisers running ads.
Advertising Country Tier List
By now you’re probably wondering which countries come under which tier. Unfortunately, different advertising networks use slightly different models when it comes to organizing them so a tier 2 country could be a tier 3 country on a different network.
Not to mention that over the years certain country’s economies can change, which in turn can change the tier they are in.
To give you an idea of the different country tiers, here is a general country tier list:
As you can see, some of the most desirable tier 1 countries are the USA, UK and Canada. Mainly because they all speak English, have very developed economies, and high levels of disposable income.
Compare these countries to something in the tier 3 list such as Uganda, and the differences are clear. With a gross domestic product of only 27 billion USD compared to the USA’s 20 trillion, Uganda is also listed on the United Nations list of least developed countries.
If you’re trying to sell AirPods or the latest designed clothes, then it’s pretty obvious you should be targeting tier 1 countries.
Tier 1 Countries
The wealthiest countries in the world
Most expensive to advertise in
Highest levels of competition
All English speaking countries
Tier 1 English speaking countries include the likes of the USA, UK and Australia. These countries are considered the most developed and desirable countries by advertisers for various reasons.
The first is that they have very developed economies and lots of money to spend. This attracts big corporations like Apple and Samsung, who can happily spend millions of dollars advertising their products, knowing they will get a return.
In addition to being the most developed countries, these countries also all understand English which is another reason why they are so desirable. Since they have the most English speakers and purchasing power, it also makes them the most competitive.
With millions of advertisers, prices for advertising in tier 1 countries is very high across almost every advertising network. Here are some cost per click prices from the UK for a selection of keywords in Google Ads.
Tier 2 Countries
Less GDP and income than tier 1 countries
Heavily discounted prices compared to tier 1 countries
Less competitive
Most countries have English as a second language
Countries in the tier 2 category include Brazil, Japan, China and Turkey. These countries usually miss out on the tier 1 category for a number of reasons relating to economic status or language barriers.
Most countries in the tier 2 category often have lower GDPs than their tier 1 counterparts, but still have fairly well-developed economies. They might not be their primary target for many big companies, but there will still be a lot of competition from national nationwide companies.
Many of the countries in tier 2 also usually speak English as a second or third language with their primary language dominating advertising. This is why countries such as Japan and China who have huge GDPs and economies aren’t listed as tier 1.
Compared to tier 1 countries, prices for advertisers is considerably lower across advertising networks. Here are some cost per click prices from Turkey for a selection of keywords in Google Ads.
Tier 3 Countries
The lowest GDP countries
Extremely cheap to advertise
Almost no competition
Most countries don’t speak English or have little understanding
Countries in the tier 3 category include Albania, Iraq and Nigeria. Compared to the other tiers, these countries often have the least developed economies and the largest language barriers.
With many of these countries having considerably fewer people online, and not a lot of money to spend, advertising is extremely cheap. This low competition means clicks and banner views can be picked up for just a few cents each.
With access to the internet being very limited and language barriers, it’s clear why prices are so low. Usually, the only companies that advertise in the country are local businesses or their own governments.
Tier 3 countries often have some of the lowest advertising rates available. Here are some cost per click prices from Nigeria for a selection of keywords in Google Ads.
Which Country Tier Should You Focus On?
Tier 1
Now you understand the different country tiers, you’re probably ready to adjust your campaigns and only run ads in tier 1 countries, but hold your horses!
Running campaigns solely in tier 1 countries can be very competitive and therefore expensive. There are actually plenty of tier 2 countries that offer much lower advertising rates yet could potentially offer you a better return on investment compared to tier 1 countries.
In most cases, there is only a small language barrier when it comes to tier 2 countries and many have thriving economies.
Tier 2: South Korea
Take South Korea, for example, with a GDP of 1.6 trillion dollars, it’s by no means a developing country. The reason it’s listed as a tier 2 country is likely to do with the language barrier and cultural differences. If you sell a product or service that can be used in Korea, then translating your ads and landing pages into Korean could be an excellent way to capitalize on that opportunity. Running your ads in English will most likely not perform as well, so translation would definitely be required.
Tier 2: Portugal
Another excellent example of a tier 2 country to advertise in would be Portugal. Located right next to the tier 1 country Spain, Portugal has a GDP of 240 billion USD. It’s most likely listed as a tier 2 country because of the language barrier and their smaller economy. Although their primary language is Portuguese, many residents also speak fluent English, making it a good choice for advertisers. With lower advertising costs compared to other native English speaking countries, it can be a hidden gem for many advertisers.
Hopefully, by now, you can see that exclusively advertising in tier 1 countries isn’t necessary. Depending on what product or service you are selling, you can pick up much cheaper prospects by targeting the lower tiers instead.
If you’ve ever wondered why it costs more to advertise in certain countries, then hopefully this article has answered all your questions. The simple answer is: it’s all based on supply and demand.
|
||||
8738
|
dbpedia
|
2
| 56
|
https://www.cnn.com/travel/living-abroad-best-countries-for-expats/index.html
|
en
|
Considering a move abroad in 2024? These are the best countries for expats
|
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[
""
] | null |
[
"Blane Bachelor"
] |
2024-01-13T10:00:25.901000+00:00
|
The decision about which country to make your new home is a big one that requires extensive research and planning. Here’s what you need to know about where to go.
|
en
|
/media/sites/cnn/apple-touch-icon.png
|
CNN
|
https://www.cnn.com/travel/living-abroad-best-countries-for-expats/index.html
|
A new year is a fitting time to commit to big-picture goals — and for some, that can mean a dream of living abroad.
And thanks to the rise of remote work, new visa programs and tax incentives that entice digital nomads, investors and families, people considering an international move have more paths to explore.
Of course, the ability to move abroad is a privilege that extends only to people lucky enough to be in possession of the right passport, with doors remaining closed to many nationalities.
For those who have the option, the decision about which country to make your new home is a big one that requires extensive research and planning. Beyond the “I could live here!” daydreaming that might bubble up during vacation, moving abroad means a deep dive into tax implications, work visas, health care and quality-of-life comparisons, just to name a few.
One especially helpful resource is the annual Expat Insider survey by InterNations, an expat community with more than 5.1 million members. The survey, which has been running for a decade, reflects input from nearly 12,000 expats representing 177 nationalities in 181 countries or territories. It conveys their satisfaction level with various aspects of expat life on the basis of factors such as quality of life, ease of settling in, working abroad, personal finance, housing and language.
In addition, retirees can take advantage of resources including Live and Invest Overseas, whose annual index ranks its top 10 overseas retirement destinations. The 2024 index was released in early January, with Valencia, Spain, topping the list, followed by Braga, Portugal, and Mazatlán, Mexico.
It’s also important to consider the impact of your move on a new host country, especially in destinations that are seeing big upticks in immigration from the United States and other wealthy nations, says Megan Frye, a relocation consultant and writer who has lived in Mexico City for the past eight years.
Frye advises clients considering a move from the United States to Mexico — which has ranked among the top five countries in InterNations’ annual survey since 2014 — to be aware of the inequities in migration policies between the two countries.
“My focus with my clients is to be very clear about the gentrification problem that Mexico faces, and to give them an opportunity to think about what our role is in that situation,” says Frye, who is originally from Michigan. “I believe all people should be able to move freely wherever they want, but there’s a clear injustice considering how easy it is for US citizens to relocate to Mexico in comparison with the other way around.”
While there are dozens of destinations to consider for a move abroad to a new country, the following list prioritizes a range of expat-centric topics, including quality of life, affordability, safety and access to culture and outdoor activities. We’ve also included some of the downsides to consider, as well as info on how to make the move.
This list has general advice for people making the move from anywhere in the world, but focuses chiefly on US citizens.
Mexico
A longtime retirement destination for Americans, Mexico also has attracted more families and the digital nomad set over the past few years.
Mexico City — the largest in North America, with about 22 million people in the metro area — has been especially popular, and the capital’s population grew between 2019 and 2023 by 3%, about 600,000 people, according to The World Population Review. And from 2019 to 2022, the number of Americans who applied for or renewed residency visas spiked from about 17,800 to more than 30,000.
Elsewhere, cities including Oaxaca, San Miguel de Allende and Playa del Carmen are also havens for US expats, many of whom point to Mexico’s lower cost of living and relaxed lifestyle as strong draws.
Pros: Mexico ranked first in InterNations’ 2023 Expat Insider survey and has ranked among the top five countries since 2014. According to the latest results, expats appreciate factors such as the ease of settling in, a fulfilling social life and strong support networks. Mexico’s affordability and laid-back lifestyle also score high.
Cons: As with other global destinations that have received an influx of Americans as of late, some Mexican cities with large expat communities are experiencing pushback against foreigners.
Mexico also has a high crime rate. Homicide rates are nearly four times as those in the US, according to Mexico’s National Institute of Statistics and Geography. And those numbers may be even higher, since data from the Human Rights Watch suggests that an estimated 90% of crimes in Mexico are never reported.
How to make the move: Moving to Mexico isn’t as simple as packing a bag, hopping a flight and toasting to your new life over a margarita on the beach. Traditionally, valid passport holders from countries that don’t require a visa (including the United States) who are coming to Mexico for leisure or business have been allowed to remain in the country for up to 180 days. (They still must complete a visitor’s permit, or Forma Migratoria Multiple or FMM, at their port of entry.)
However, that amount of time is no longer the default, and the exact number of days allowed is at the discretion of the immigration official processing entry.
Mexico does not offer a digital nomad visa, but those considering a permanent move can look into a Temporary Resident Visa, which allows up to four years in Mexico. Meanwhile, official retirees can apply for a Permanent Resident Visa.
Portugal
Portugal’s popularity among expats has exploded since the country introduced its Golden Visa program in 2012. It has become the most successful of its kind, inspiring other countries to launch their own plans to attract foreign investment.
However, in the spring of 2023, Portugal made significant changes to the program, effectively ending the real estate investment aspect. It also changed its nonhabitual resident regime, says Alex Ingrim, a licensed financial advisor and president of global wealth management firm Chase Buchanan USA.
“Portugal’s a little bit harder of a place to immigrate to [now] if you want the flexibility of a Golden Visa,” Ingrim tells CNN Travel. “It’s not as attractive from a tax jurisdiction standpoint. And we’ve seen a lot of people kind of lose interest in Portugal frankly, and start planning for other jurisdictions in Europe.”
Pros: Portugal is tough to beat for its affordability, quality of life, year-round mild weather and high-quality health-care system. The cost of living is generally more affordable than most countries in Europe, and, according to Numbeo, the world’s largest crowd-sourced quality of life database, it’s 35.5% lower than in the United States. In addition, Portugal is the seventh-safest country in the world.
Cons: As is the case in Mexico and other countries with large expat communities, there’s growing backlash against the influx of foreigners, especially Americans, and especially in Lisbon. Critics say the resulting spike in rents and real estate prices has forced out longtime residents and changed the fabric of certain neighborhoods.
How to make the move: The Golden Visa program is still in place, although the country has now eliminated the real estate investment option. As Ingrim notes, Americans still interested in pursuing residency via that route “need to be really cognizant of how it affects their financial planning, how it affects their US tax obligations and whether it’s still kind of the best option for them moving forward.”
Spain
A gorgeous climate, one of the lowest costs of living in Western Europe, and vibrant, culture-rich cities and towns from the Mediterranean to the Atlantic: No wonder more Americans are eagerly proclaiming “Viva España!” for their next life chapter.
Madrid, Barcelona, Seville and Bilbao all boast large English-speaking expat communities, while the coastal city of Valencia is quickly gaining traction as a coveted spot, too: It ranked first in InterNations’ 2022 Quality of Life Index, and also topped the annual index by Live and Invest Overseas for 2024.
Pros: There’s mucho to love about Spain: modern cities and quaint small towns, high-quality universal health care and a world-renowned dining and nightlife scene, just to name a few.
According to the International LGBTQ+ Travel Association, Spain also is one of the most culturally liberal and welcoming countries for LGBTQ+ travelers. In 2005, it became one of the first countries to legalize same-sex marriage, and it hosts one of the world’s largest Pride celebrations, which draws some 1.5 million people every year.
Cons: English is generally not widely spoken outside of larger cities (and in the northeastern region of Catalonia, Catalan is the official – and often preferred by locals – language). The distinctly Spanish way of life also can take some getting used to for foreigners, as schedules for working, dining and socializing are later than American standards. The workday generally runs from 9 a.m. to 7 p.m., with a long lunch break during the afternoon siesta (during which time many businesses are closed), and Spaniards usually eat dinner no earlier than around 8:30 p.m.
Politics in Spain is also becoming increasingly more divisive (and occasionally violent), especially as the northeastern region of Catalonia continues its push for independence.
How to make the move: Several options exist for expats looking to relocate to Spain. Anyone with sufficient funds to support themselves and any dependents can consider the non-lucrative visa (or NLV), which is ideal for retirees and those who have other forms of passive income that originates in the United States. (However, you can’t earn income while in Spain with this visa.)
Spain also offers a digital nomad visa and an entrepreneur visa.
The Netherlands
This bicycling-obsessed nation ranked fifth in Gallup’s 2023 World Happiness Report, which assesses various indicators across life satisfaction and social and economic well being. It also topped Numbeo’s 2023 survey for quality of life.
More than 31,000 US citizens currently call the Netherlands home sweet home. The capital of Amsterdam is an especially popular spot, with its picturesque canals, historic architecture and relaxed vibe drawing a large international crowd.
Pros: For active types, it’s hard to beat the Netherlands’ world-class cycling infrastructure and culture – in fact, the country is said to have more bikes (fietsen) than people. The Netherlands also is known for its strong education system, with most education at all levels funded at least in part by the government.
One major tax advantage for expats: Highly skilled workers can apply for what’s known as the 30% ruling, a tax advantage in which they’re granted a tax-free 30% allowance of their gross salary for five years. However, the Dutch government recently implemented a cap on the amount of wages eligible for the ruling.
Cons: Compared with some other European countries, the Netherlands is pricey: Rents for unfurnished apartments hit an all-time high in November 2023, according to data from Statista. Outside main hubs, smaller cities and towns including Haarlem, Delft, Leiden and Maastricht are considerably less expensive.
In addition, income taxes are high, with a tax rate of 49.5% on salaries exceeding €73,031 (roughly US $81,135). That can come as quite a shock following five years of being taxed at 30% — which leads many expats to start considering their next move after their eligibility ends.
Finally, the weather — which is dark and rainy in the winter (conditions that make biking a lot less enjoyable) and constantly windy (there’s a reason for all those windmills) — can be difficult for some to adapt to.
How to make the move: The Netherlands does not offer a digital nomad visa, but you can apply for a long-stay visa, also known as an authorization for temporary stay (in Dutch, it’s MVV for short). In the United States, you can apply at the Netherlands embassy in Washington or at the consulates-general in Miami, New York or San Francisco.
Germany
Germany is the European Union’s biggest economy, and its strong job market and robust welfare system — not to mention heritage-rich cities and towns — are appealing for auslanders, especially Americans. According to the latest national figures, more than 121,000 Americans currently call Germany home. Berlin has an especially large international community of English-speaking internationals, but other hubs such as Munich, Frankfurt and Stuttgart also have strong expat communities.
Pros: Germany is a great fit for families, thanks to universal health care and social benefits such as a monthly kindergeld (“children money”) stipend, heavily subsidized childcare and generous parental leave.
In addition, compared with some other European countries, Germany’s freelancer visa is fairly easy to get, Arielle Tucker, a Switzerland-based certified financial planner, tells CNN Travel. She also notes that “one benefit that US citizens have over some non-EU countries is that they can apply for a Freelance Visa in Germany, as US citizens do not need an entry visa.”
Cons: Germany doesn’t have some of the same conveniences to which many Americans are accustomed, such as 24-hour grocery stores or drive-through pharmacies. On Sundays, most stores are closed (with the general exception of restaurants and bakeries). And the country’s bureaucracy can be maddening, with many government processes relying on official paperwork that’s delivered through the mail.
That popularity among auslanders has contributed to a housing pinch in major cities, especially Berlin, where finding accommodation is one of the most stressful aspects of a move. And beyond major cities, English is not widely spoken.
How to make the move: Germany’s skilled worker visa allows certain individuals with a qualifying degree or certificate a six-month window to search for employment in their area of qualification. Its self-employment visa is also fairly straightforward.
Singapore
Plenty of foreign nationals are singing Singapore’s praises: In 2022, this sophisticated city-state ranked third on InterNations’ Expat Essentials Index. It’s viewed as one of the top countries in which to live and work, thanks to a thriving job market, excellent education and health care, and one of the world’s best transportation systems.
Pros: Singapore is a top financial and investment hub in Asia, with excellent job prospects and economic stability. Foodies, meanwhile, will love its dazzling dining scene, from lively night markets to Michelin-starred restaurants. And travel enthusiasts can take advantage of easy access to one of the world’s most awarded aviation hubs, Changi Airport.
Cons: Singapore is very expensive, and some people may have trouble adjusting to its humid, tropical climate. It’s also a long way away from the United States — which can be tricky for visits home.
How to make the move: Singapore doesn’t offer a digital nomad visa, but those who have worked lined up can apply for an Employment Pass. Entrepreneurs interested in starting a business in Singapore can apply for an Entre Pass.
Costa Rica
Costa Rica’s abundant natural beauty, tropical climate and affordable cost of living have long appealed to expats looking for their own slice of pura vida, which literally translates to “pure life” and is both the national slogan and lifestyle. The Central American country has long been a popular destination for Americans.
Pros: Costa Rica has an excellent health-care system that consistently ranks high. It’s also one of the most sustainable countries in the world. Locals tend to lead healthy lifestyles, whether that’s surfing year-round or doing daily yoga postures on the beach.
In addition, Costa Rica offers some tax incentives that appeal to foreign nationals. “Costa Rica only taxes income earned in the country, which means that non-Costa Rican pensions, investments, or employment income do not incur an additional Costa Rican tax burden,” David Lesperance, founder and principal of Lesperance & Associates, a tax and immigration advisement firm, tells CNN Travel.
Cons: Costa Rica’s laid-back lifestyle also can affect how business is done, and the tendency to show up late is often referred to as “Tico Time.”
In addition, some creature comforts may be lacking compared with what Americans are used to. In older buildings, for example, it’s not uncommon to throw toilet paper in bins instead of flushing it down the toilet. And thanks to its geography and location along the infamous Ring of Fire, Costa Rica experiences earthquakes, tsunamis and volcanic activity — it’s home to six active volcanoes.
One important note on the tax front: There is no tax treaty between Costa Rica and the United States, so claims on US tax returns for foreign tax credits or foreign earned income are more complicated for expats.
How to make the move: With the country’s new digital nomad visa, remote workers can stay in Costa Rica for up to a year with an option to extend for another year.
Panama
Often described as the Miami of Central America, Panama is a prominent financial and business hub linking North and South America. In recent years, it’s been drawing more Americans beyond just the retirement set.
Lesperance says he’s seen a notable bump in moves among high-net-worth clients with Hispanic heritage, as well as workers in the financial sector, who are moving there “en masse,” especially as Miami has become more crowded and expensive.
Pros: Year-round warm weather, a mix of cosmopolitan hubs such as Panama City and relaxed beach towns, and easy access to both North and South America make Panama an excellent option for frequent travelers. And one of the biggest advantages for Panama’s Golden Visa scheme is that it provides perpetual residency without requiring investors to reside there. Maintaining permanent resident status requires a visit to Panama at least every two years.
Cons: In 2023, the cost of establishing residence in Panama increased substantially, from $300,000 to $500,000.
In addition, because Panama also does not have a tax treaty with the United States, claims on US tax returns for foreign tax credits or foreign earned income are complicated, Lesperance notes.
How to do it: Panama offers several types of investment opportunities that offer permanent residency and a path to Panamanian citizenship after five years.
The Panama Qualified Investment Immigration (or PQII) program, often known as the Panama Golden Visa, is a residency-by-investment procedure. The minimum investment is $500,000 (which increased from $300,000 in October 2022), which must be held for at least five years. Investors can qualify via real estate purchases, bank deposits or investing in funds.
Panama also has a retirement visa program. However, Lesperance notes that although the retirement route technically comes with Panamanian citizenship after five years, “in practice it is not straightforward. Therefore advantages of the PQII pathway versus the cost of a retirement visa are questionable.”
Italy
It’s hard to imagine a country that boasts a more universally romantic notion of living abroad, and thanks in part to the popularity of investment schemes such as the one euro homes that many small towns have launched, expats now have more options of fulfilling their dreams of la dolce vita.
Pros: Access to some of the world’s most popular tourist cities, picturesque countrysides and immersion in a culture that values family, food and wine — what’s not to love about Italian life? Italy’s health-care system is also good, and many expats give a big thumbs-up to the overall friendliness of Italians.
Cons: Prospects for employment in Italy aren’t as abundant as they are in other European countries. Beyond major cities, English generally isn’t widely spoken, and you’ll likely need to hire an attorney to help navigate legal processes such as purchasing a home. And be prepared for Italy’s infamously glacial government bureaucracy.
How to make the move: Americans who are planning to stay more than three months must get an entrance visa at an Italian consulate before arriving. Italy’s visa options include a long or short-term self-employment visa, or lavorno autonomo, and a start-up visa.
France
While the reality of living in France is drastically different from what’s portrayed on screen à la “Emily in Paris,” there’s still plenty to say oui! to: universal health care, highly valued work-life balance (remember all those protests in response to the French government raising the retirement age?) and some of the world’s most coveted food and fashion scenes.
Although it can be pricey, France also offers extensive social programs and benefits for residents: universal health care, for one, as well as numerous public holidays. The country scores well on InterNations’ indexes for quality of life.
Pros: Residents can take advantage of numerous social benefits, including universal health care, economic stability and numerous public holidays — not to mention a 35-hour work week. In addition to the excellent quality of life, from a tax standpoint “because they have some good treaties with the US,” Tucker says. “For example, they are one of the few countries where Roth IRAs are considered qualified retirement accounts and their tax-free nature is preserved. So even though the tax rates are higher, if you can do some pre-immigration planning, it can still be an attractive country for US expats.”
Cons: As Tucker notes, income and social taxes in France are high: up to 45% (and high-income individuals also may need to pay a surcharge of 3% on part of their income).
Outside of major cities such as Paris, Lyon and Strasbourg, the language barrier can be problematic if you don’t have a solid grasp of French.
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https://wise.com/gb/travel-money/portuguese-currency
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en
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Currency in Portugal: A Complete Guide
|
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Heading to Portugal? Find out what currency is used in Portugal, tips and tricks for Portuguese currency exchange, and spending and saving money on your visit.
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en
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Wise
|
https://wise.com/gb/travel-money/portuguese-currency
|
The currency in Portugal is the euro. Each euro is divided into 100 cents.
When you’re buying currency for Portugal, look out for the currency code EUR. And once you’re in Portugal, you’ll see the symbol € used to show prices.
You’ll find Euro banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 - although the 200 and 500 EUR notes are seldom used. There are also 1 and 2 euro coins.
Cents come in coins of 1, 2, 5, 10, 20 and 50.
The Wise euro travel money card lets you top up in your local currency, and switch to euro to spend when you’re in Portugal. You’ll get the best rate for spending in euro - and can also hold and spend 40+ other currencies with the same card.
Get your Wise travel money card online for free, to send and spend money around the world at the mid-market exchange rate.
Simply top up your card and convert to the currency you need in real time using the Wise app.
You’ll always get the mid-market exchange rate with no hidden costs, and you’ll avoid foreign transaction fees while withdrawing from ATMs abroad, paying in restaurants and shops, and buying your accommodation and flights.
Learn more about the euro card
Paying by credit or debit card in Portugal
In Portugal, large, upmarket, and chain shops and restaurants - as well as hotels - are likely to take card payments. However, smaller family run places may prefer cash, so carrying both is a smart move.
ATMs in Portugal
You'll be able to find ATMs - called Multibanco - in cities and towns across Portugal.
However, small villages and remote areas won't have ATM coverage, so carry cash if you're adventuring off the beaten track.
To get the best deal when spending on card or withdrawing money in Portugal, don’t forget to use the Wise travel money card to avoid sneaky exchange rate markups and excessive fees.
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https://www.gold.org/history-gold/the-classical-gold-standard
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en
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The Gold Standard System
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https://www.gold.org/themes/custom/wgc_v01/favicon.ico
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https://www.gold.org/themes/custom/wgc_v01/favicon.ico
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[
"the classical gold standard",
""
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The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. Find out more, here.
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/apple-touch-icon.png?v=1
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World Gold Council
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https://www.gold.org/history-gold/the-classical-gold-standard
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Domestic currencies were freely convertible into gold at the fixed price and there was no restriction on the import or export of gold. Gold coins circulated as domestic currency alongside coins of other metals and notes, with the composition varying by country. As each currency was fixed in terms of gold, exchange rates between participating currencies were also fixed.
Central banks had two overriding monetary policy functions under the classical Gold Standard:
Maintaining convertibility of fiat currency into gold at the fixed price and defending the exchange rate.
Speeding up the adjustment process to a balance of payments imbalance, although this was often violated.
The classical Gold Standard existed from the 1870s to the outbreak of the First World War in 1914. In the first part of the 19th century, once the turbulence caused by the Napoleonic Wars had subsided, money consisted of either specie (gold, silver or copper coins) or of specie-backed bank issue notes. However, originally only the UK and some of its colonies were on a Gold Standard, joined by Portugal in 1854. Other countries were usually on a silver or, in some cases, a bimetallic standard.
In 1871, the newly unified Germany, benefiting from reparations paid by France following the Franco-Prussian war of 1870, took steps which essentially put it on a Gold Standard. The impact of Germany’s decision, coupled with the then economic and political dominance of the UK and the attraction of accessing London’s financial markets, was sufficient to encourage other countries to turn to gold. However, this transition to a pure Gold Standard, in some opinions, was more based on changes in the relative supply of silver and gold. Regardless, by 1900 all countries apart from China, and some Central American countries, were on a Gold Standard. This lasted until it was disrupted by the First World War. Periodic attempts to return to a pure classical Gold Standard were made during the inter-war period, but none survived past the 1930s Great Depression.
How The Gold Standard Worked
Under the Gold Standard, a country’s money supply was linked to gold. The necessity of being able to convert fiat money into gold on demand strictly limited the amount of fiat money in circulation to a multiple of the central banks’ gold reserves. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits. International balance of payments differences were settled in gold. Countries with a balance of payments surplus would receive gold inflows, while countries in deficit would experience an outflow of gold.
In theory, international settlement in gold meant that the international monetary system based on the Gold Standard was self-correcting. Namely, a country running a balance of payments deficit would experience an outflow of gold, a reduction in money supply, a decline in the domestic price level, a rise in competitiveness and, therefore, a correction in the balance of payments deficit. The reverse would be true for countries with a balance of payments surplus. This was the so called ‘price-specie flow mechanism’ set out by 18th century philosopher and economist David Hume.
This was the underlying principle of how the Gold Standard operated, although in practice it was more complex. The adjustment process could be accelerated by central bank operations. The main tool was the discount rate (the rate at which the central bank would lend money to commercial banks or financial institutions) which would in turn influence market interest rates. A rise in interest rates would speed up the adjustment process through two channels. First, it would make borrowing more expensive, reducing investment spending and domestic demand, which in turn would put downward pressure on domestic prices, enhancing competitiveness and stimulating exports. Second, higher interest rates would attract money from abroad, improving the capital account of the balance of payments. A fall in interest rates would have the opposite effect. The central bank could also directly affect the amount of money in circulation by buying or selling domestic assets though this required deep financial markets and so was only done to a significant extent in the UK and, latterly, in Germany.
The use of such methods meant that any correction of an economic imbalance would be accelerated and normally it would not be necessary to wait for the point at which substantial quantities of gold needed to be transported from one country to another.Under the Gold Standard, a country’s money supply was linked to gold. The necessity of being able to convert fiat money into gold on demand strictly limited the amount of fiat money in circulation to a multiple of the central banks’ gold reserves. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits. International balance of payments differences were settled in gold. Countries with a balance of payments surplus would receive gold inflows, while countries in deficit would experience an outflow of gold.
In theory, international settlement in gold meant that the international monetary system based on the Gold Standard was self-correcting. Namely, a country running a balance of payments deficit would experience an outflow of gold, a reduction in money supply, a decline in the domestic price level, a rise in competitiveness and, therefore, a correction in the balance of payments deficit. The reverse would be true for countries with a balance of payments surplus. This was the so called ‘price-specie flow mechanism’ set out by 18th century philosopher and economist David Hume.
This was the underlying principle of how the Gold Standard operated, although in practice it was more complex. The adjustment process could be accelerated by central bank operations. The main tool was the discount rate (the rate at which the central bank would lend money to commercial banks or financial institutions) which would in turn influence market interest rates. A rise in interest rates would speed up the adjustment process through two channels. First, it would make borrowing more expensive, reducing investment spending and domestic demand, which in turn would put downward pressure on domestic prices, enhancing competitiveness and stimulating exports. Second, higher interest rates would attract money from abroad, improving the capital account of the balance of payments. A fall in interest rates would have the opposite effect. The central bank could also directly affect the amount of money in circulation by buying or selling domestic assets though this required deep financial markets and so was only done to a significant extent in the UK and, latterly, in Germany.
The use of such methods meant that any correction of an economic imbalance would be accelerated and normally it would not be necessary to wait for the point at which substantial quantities of gold needed to be transported from one country to another. Under the Gold Standard, a country’s money supply was linked to gold. The necessity of being able to convert fiat money into gold on demand strictly limited the amount of fiat money in circulation to a multiple of the central banks’ gold reserves. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits. International balance of payments differences were settled in gold. Countries with a balance of payments surplus would receive gold inflows, while countries in deficit would experience an outflow of gold.
In theory, international settlement in gold meant that the international monetary system based on the Gold Standard was self-correcting. Namely, a country running a balance of payments deficit would experience an outflow of gold, a reduction in money supply, a decline in the domestic price level, a rise in competitiveness and, therefore, a correction in the balance of payments deficit. The reverse would be true for countries with a balance of payments surplus. This was the so called ‘price-specie flow mechanism’ set out by 18th century philosopher and economist David Hume.
This was the underlying principle of how the Gold Standard operated, although in practice it was more complex. The adjustment process could be accelerated by central bank operations. The main tool was the discount rate (the rate at which the central bank would lend money to commercial banks or financial institutions) which would in turn influence market interest rates. A rise in interest rates would speed up the adjustment process through two channels. First, it would make borrowing more expensive, reducing investment spending and domestic demand, which in turn would put downward pressure on domestic prices, enhancing competitiveness and stimulating exports. Second, higher interest rates would attract money from abroad, improving the capital account of the balance of payments. A fall in interest rates would have the opposite effect. The central bank could also directly affect the amount of money in circulation by buying or selling domestic assets though this required deep financial markets and so was only done to a significant extent in the UK and, latterly, in Germany.
The use of such methods meant that any correction of an economic imbalance would be accelerated and normally it would not be necessary to wait for the point at which substantial quantities of gold needed to be transported from one country to another.
The ‘Rules of the Game’
The ‘rules of the game’ is a phrase attributed to Keynes (who in fact first used it in the 1920s). While the ‘rules’ were not explicitly set out, governments and central banks were implicitly expected to behave in a certain manner during the period of the classical Gold Standard. In addition to setting and maintaining a fixed gold price, freely exchanging gold with other domestic money and permitting free gold imports and exports, central banks were also expected to take steps to facilitate and accelerate the operation of the standard, as described above. It was accepted that the Gold Standard could be temporarily suspended in times of crisis, such as war, but it also was expected that it would be restored again at the same parity as soon as possible afterwards.
In practice, a number of researchers have subsequently shown1 that central banks did not always follow the ‘rules of the game’ and that gold flows were sometimes ‘sterilised’ by offsetting their impact on domestic money supply by buying or selling domestic assets. Central banks could also affect gold flows by influencing the ‘gold points’. The gold points were the difference between the price at which gold could be purchased from a local mint or central bank and the cost of exporting it. They largely reflected the costs of financing, insuring and transporting the gold overseas. If the cost of exporting gold was lower than the exchange rate (i.e. the price that gold could be sold abroad) then it was profitable to export gold and vice versa.
A central bank could manipulate the gold points, using so-called ‘gold devices’ in order to increase or decrease the profitability of exporting gold and therefore the flow of gold. For example, a bank wishing to slow an outflow of gold could raise the cost of financing for gold exporters, increase the price at which it sold gold, refuse to sell gold completely or change the location where the gold could be picked up in order to increase transportation costs.
Nevertheless, provided such violations of the ‘rules’ were limited, provided deviations from the official parity were minor and, above all, provided any suspension was for a clear purpose and strictly temporary, the credibility of the system was not put in doubt. Bordo2 argues that the Gold Standard was above all a ‘commitment’ system which effectively ensured that policy makers were kept honest and maintained a commitment to price stability.
One further factor which helped the maintenance of the standard was a degree of cooperation between central banks. For example, the Bank of England (during the Barings crisis of 1890 and again in 1906-7), the US Treasury (1893), and the German Reichsbank (1898) all received assistance from other central banks.
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https://www.bound.co/blog/which-countries-use-the-euro
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Which Countries Use the Euro?
|
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Tech companies that operate internationally have currency risk hiding in their finances. Bound helps make managing currency risk easier for tech companies.
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https://bound.co/blog/which-countries-use-the-euro
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The euro is the second most traded currency in the world, behind the US dollar, with around 1.3 trillion euros in circulation as of 2019.
It is also the official currency of the European Union, with 19 of the 27 EU member states using the euro. We have created a list from 2022 of the countries using the Euro here:
Austria
Belgium
Cyprus
Estonia
Finland
France
Germany
Greece
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
The Netherlands
Portugal
Slovakia
Slovenia
Spain
As well as these EU member states which use the euro, Andorra, Monaco, San Marino, and Vatican City all use the euro under formal monetary agreements made with the EU, despite not being members of the EU.
While these 4 countries are allowed to use the euro as their currency, they are not part of the eurozone. As a result, the heads of these countryâs central banks are not allowed to sit on the board of the European Central Bank as is the right of EU member states. Similarly, the finance ministers of these countries are not invited to be part of the Eurogroup, which has a political influence on the EUâs monetary union and on the euro itself.
Kosovo and Montenegro also use the euro without the permission of the EU and without being members of the EU.
Which EU Countries Do Not Use the Euro?
While the majority of EU member states have adopted the euro as their currency, 8 have not. These countries are:
Denmark
Sweden
Hungary
Poland
Czech Republic
Bulgaria
Romania
Croatia
What Currencies Did Eurozone Countries Use Before the Euro?
Before they adopted the euro, the 19 current euro using countries used the following currenciesâ¦
Table 1. Countries' previous currency before using euro.
Before adopting the euro, the non-EU member states of Andorra and Monaco both previously used the French Franc, and San Marino and Vatican City both previously used the Italian Lira.
When Was the Euro Introduced?
The use of a common currency in Europe was established in the Maastricht Treaty of 1992, which was the founding treaty of the European Union. The 12 nations which concluded the Maastricht Treaty had previously been members of the European Communities organisations and all 12 are still members of the European Union, except for the United Kingdom.
While it is normal for there to be an obligation to join the eurozone as part of becoming a member of the EU, both Denmark and the UK were both granted exemption from this. Denmark is still today a member of the EU without using the euro as its currency.
While the foundations for the euro were laid in the Maastricht treaty of 1992, it was not until 1995 that the eurozone currency was actually given the name euro and it was not until 1999 that it was actually introduced.
The introduction of the euro came on the first of January 1999 when Austria, Belgium, the Netherlands, Finland, France, Germany, Ireland, Italy, Luxemburg, Portugal, and Spain all began to integrate their currencies under the eurozone banner. While the euro did really start on this date, it was only introduced in a non-physical form with those countries all still using their traditional national currencies to actually complete many transactions. These currencies also continued to be legal tender, allowing for a changeover period.
Instead of the currency being physically introduced at this time, exchange rates for these currencies were set against each other at fixed rates under collective management, paving the way for the establishment of a single currency.
Eventually, in 2002, euro notes and coins were actually introduced. As the euro currency was introduced in its physical form, the old currencies it was replacing were gradually phased out and ceased to become legal tender.
How is the Euro Managed?
Of chief importance in the management of the euro are the European Central Bank (ECB), the Eurosystem, and the Eurogroup.
The ECB is one of the most important central banks in the world, with the ECB governing council deciding on monetary policy for all eurozone countries and for the EU as a whole. Other crucial roles it plays are administering foreign exchange reserves within the EU, monitoring exchange rates, setting interest rates in the EU, and deciding on monetary objectives for the EU. On top of this, the ECB has the exclusive right to issue euro banknotes and also decides which countries can issue euro coins. Kosovo and Montenegro have no right to issue euro coins and other countries usually have to seek permission first.
The Eurosystem is the monetary authority of the eurozone, consisting of the ECB and the national central banks of the 19 eurozone members. Under this system, the national central banks operate under the ECB and both contribute to and apply policies.
Politically, the eurozone is represented by the Eurogroup which consists of the finance ministers of all eurozone countries. This group exercises political control over the currency and the EUâs policies related to unifying the economies of eurozone countries. As well as communicating informally, this group also meets a day in advance of a meeting of the Economic and Financial Affairs Council.
How Does a Country Join the Euro?
In order to join the euro, an EU member has to meet the euro convergence criteria. The aim of this is to achieve price stability and to ensure that the eurozone isnât negatively affected by the introduction of a new member. The criteria relate to pricing stability, a nationâs public finances, exchange rate stability, and long-term interest rates.
Price Stability
The rate of inflation is not allowed to be over 1.5% above the rate of inflation of the three best-performing member states. While this is the case, if it is deemed that price developments have been strongly influenced by exceptional events, exceptions may be made.
Public Finances
A country should not have excessive national debt.
Importantly, the ratio of gross government debt relative to GDP should not normally exceed 60% at the end of the year preceding joining the eurozone. This is unless debt levels have sufficiently diminished and are approaching 60% at a satisfactory pace. As well as this, the ratio of the annual general government deficit relative to GDP, must not exceed 3% at the end of the year preceding joining the eurozone or any of the two years after joining.
Exchange Rate Stability
The country must participate in the European Exchange Rate Mechanism (ERM) II for at least two years before joining the eurozone. This is without deviating significantly from the stipulated central rate and without devaluating their currencyâs bilateral central rate against the euro in the two years before joining the eurozone.
Long Term Interest Rates
The long-term interest rate (average yields for 10 year government bonds within the past year) should not be any more than 2% above the rate of the three best-performing eurozone member states.
Exchange Rates for the Euro
The euro is a free-floating currency and as such fluctuates in value in a similar fashion to the pound sterling or the US dollar.
Where the central banks of other free-floating currencies seek to influence the exchange rate of their currencies, the European Central Bank does not exert a great deal of influence. Rather than intervening in the foreign exchange market to influence exchange rates, the ECB does not do this so that it can have a greater level of control over inflation. As such, the euro fluctuates in value in a truer fashion than many other currencies.
The euro is the second most widely traded currency in the foreign exchange markets and is also the second most widely held reserve currency.
Doing Business in Euros
The euro is widely regarded as a stable currency and a safe one in which to conduct business. Indeed, its position as the second most widely held reserve currency is a testament to this.
However, as with all currencies, there is an inherent level of risk when conducting business in euros. The central risk for a business that uses any alternative currency when conducting business is that changes to the exchange rate could cause money to be lost.
Many small and medium-sized enterprises (SMEs) from the UK and all over the world conduct business in euros without protecting themselves against losses arising from changes to the exchange rate. Where bigger businesses tend to manage the risk posed by changes to the exchange rate, SMEs often do not tackle the problem. This is in spite of the fact that it can be done very easily.
Forward and option trades of currency have been used for a long time by businesses that need to guarantee exchange rates when trading in foreign currencies.
These methods of currency exchange allow businesses to secure the exchange rate for a future date. They allow certainty about minimum exchange rates when planning a future business in foreign currencies and can also provide insurance against unfavourable changes to the rate, while still allowing the possibility of taking advantage of favourable changes to the exchange rate.
â
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Escudo | currency
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Other articles where escudo is discussed: Cabo Verde: Finance: …the Cabo Verdean currency, the escudo. There are several foreign banks and a stock exchange. The privatization in the late 1990s of a number of financial enterprises, such as banking and insurance institutions, accompanied a broader initiative to privatize state holdings in other economic sectors that was already under way.
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Encyclopedia Britannica
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https://www.britannica.com/topic/escudo
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In Cabo Verde: Finance
…the Cabo Verdean currency, the escudo. There are several foreign banks and a stock exchange. The privatization in the late 1990s of a number of financial enterprises, such as banking and insurance institutions, accompanied a broader initiative to privatize state holdings in other economic sectors that was already under way.
Read More
In coin: The colonial period
…(replaced in 1535 by the escudo) and the silver real. The coins of Spanish America were specifically: in gold, the escudo (3.38 grams), two-escudos, four-escudos, eight-escudos, or onza (the famous gold ounce), and the half-escudo, or escudito; in silver, the real (3.43 and 3.38 grams), the half-real and the quarter-real,…
Read More
In Portugal: Finance
Portugal’s currency was formerly the escudo, which had replaced the real in 1911 after the overthrow of the monarchy the previous year. However, after meeting the EU’s convergence criteria, Portugal adopted the euro, the EU’s single currency, in 1999. In 2002 the euro replaced the escudo as Portugal’s sole currency.
Read More
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The path of the escudo has traced Portugal's history as a modern republic. It replaced the real after the overthrow of the monarchy in 1910 but its value declined alarmingly during the 1910s and 1920s.
Its plight was worsened in 1925 with the circulation of several hundred thousand counterfeit 500 escudo notes. The fraud had been perpetrated by people inside the Bank of Portugal, and was a major cause of the collapse of the democratic republic in a military coup in 1926.
By 1928 the escudo had been stabilised and remained pegged to the UK pound until the 1950s, then later to the US dollar. In 1992 it joined the European Exchange Rate Mechanism - the staging post on the way to monetary union - but suffered some hard bumps and had to devalue twice.
With the advent of the euro, Portugal's currency will return - at least in design - to its royal roots. The new coins will depict Portugal's castles and take their inspiration from original royal seals. The Portuguese are generally welcoming towards the euro, with 59% declaring themselves in favour and 30% against.
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Everything You Need to Know About Portuguese Currency
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2022-08-16T00:00:00
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Want to learn about Portuguese currency? How the euro is currently used in Portugal or about the older Portuguese real and gold escudo? Then read this article.
|
en
|
/favicon.ico
|
US First Exchange
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https://usfirstexchange.com/portuguese-currency
|
Portugal is a country with a rich history and culture - and the Portuguese currency reflects this. Besides that, Portuguese nature and cities are spellbinding. So, it's no wonder why this country is such a popular tourist destination.
If you are a history or currency aficionado or are planning a trip to Portugal, you should read this article to learn everything you could wish to know about the previous currencies used in Portugal as well as its current official currency. So let's start with the basics.
What Currency Is Used in Portugal?
As one of the Eurozone countries, the euro is the single currency that is used in Portugal. Portugal was one of the first countries to adopt the euro when it replaced its national currency - the escudo - on the 1st of January 1999.
Note that the escudo was still accepted beside the euro before it was phased out of circulation on the 28th of February 2002. The official monetary unit of the European Union, the euro is represented by the currency code EUR and the symbol €.
In Portugal, you’ll typically see prices written with the currency sign following the numerals, as in 15€. One interesting thing we should mention is that in Portugal, you'll notice that the uses of the comma and decimal point are reversed - decimal points are used in thousands, for example, €12.000 instead of €12,000, while you’ll find €2.30 written as €2,30.
History of Portuguese Currency: the Escudo
The history of Italian money is rich, and Portugal is no different. The escudo was the Portuguese currency before the adoption of the euro. But before that, the currency of Portugal was the real. The first real was a silver coin and it was introduced in the 1380s.
During the ages, the exact value and composition of real coins changed a lot, too much to be discussed here. But what is interesting is that real (the Portuguese plural for real is réis) coins had multiple denominations - 1,000 reals were one milréis and 1.6 milréis were one gold escudo.
So escudos were initially gold Portuguese coins that were effectively a denomination of the real. These gold escudos were minted from 1722 to 1800. The first paper banknotes were issued in Portugal in 1847 by the Banco De Portugal (the central bank), still denominated in reals.
Then, in 1911, the escudo was introduced or reintroduced (depending on how you interpret it) as the official currency, replacing the Portuguese real at a rate of 1000:1. However, the escudo’s value fell after 1914 and was then pegged to the pound sterling in 1928
In 1940, the pegged was changed to the US dollar. During World War II, as Portugal was a neutral country, Nazi Germany took an interest in Portuguese escudos and aimed to make purchases in Portugal and several other countries through Swiss banks.
Later in the 20th century, the value of centavos, the former monetary unit equal to 1/100 escudo, saw a significant decline. As a result, Portugal withdrew the centavos coins in the 1990s. Finally, it introduced the euro as the new Portuguese currency on the 1st of January 1999, but the country provided a transitional period until the 1st of January 2002.
In the meantime, the euro existed only as “book money” until the country introduced the euro banknotes and coins on the 1st of January 2002. On the 28th of February 2002, the Portuguese escudo was completely withdrawn from circulation, with the euro becoming the official currency of Portugal.
Understanding The Euro
You may already be familiar with euro coins and banknotes since the euro is the second most traded currency in the world. But let's provide a short overview, as it is the official Portuguese currency.
Currently, coins in circulation in Portugal come in denominations of €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1, and €2. Every coin shares one common side with the numerical value of the coin and a map of the European Union, whereas the reverse side features a national design. In Portugal, the coins have the coat of arms, royal seals, and castles of Portugal.
Produced by the European Central Bank, the euro banknotes are homogenous throughout the eurozone. The banknotes are available in denominations: €5, €10, €20, €50, €100, €200, and €500.
Note that larger banknotes are difficult to use because many smaller businesses refuse to accept them. The €500 banknote is rare, so you likely won’t even come across it during your Portugal adventure.
Note: Euros can be traded across the entire eurozone regardless of their origin.
Portugal: a Cash-Centric Country
Whether you’re a tourist, collector, or expat, you’ll see cash money spent in Portugal. Although credit and debit cards are accepted, Portugal is a cash-centric country. That’s especially true for cities other than Lisbon and Porto.
How to Carry Cash in Portugal
Once in Portugal, it’s a good idea to keep smaller banknotes and coins with you. That’s particularly true for smaller cafés and shops, as you may have an issue when trying to pay with larger denominations.
It may be normal in the US to break large banknotes by making a small purchase, but it is uncommon in Portugal. If you have no other option, consider buying something at a busy restaurant or a chain store because they will be more likely to help you.
How to Get Cash in Portugal
Portugal has ATMs along the city streets, at the airport, and at banks. But try to avoid exchanging USD for euros at airport kiosks, as you are likely to get bad exchange rates. Smaller towns will also have several ATMs.
When visiting Portugal, keep an eye out for ATMs because regardless of where you go in the country, you’ll need cash. Depending on your home country and bank, you may never see a familiar ATM in Portugal, but there are options, such as Multibanco ATMs, that work like any ATM in the US.
And keep in mind that in Portugal, the standard ATM limit is typically €400 per day, but sometimes, an ATM may limit you to €200 per withdrawal. In that case, try making a second withdrawal to get the €400 limit.
How Much Money Do You Need in Portugal?
Consumer expenses in Portugal are considerably lower than in the US, UK, and other larger EU countries. Here are some of the prices you may encounter in Portugal:
€50 to €100 for a double room in a mid-range hotel
€1.50 to € 2.50 for a cup of coffee
€22 to €40 for a dinner at a nice restaurant
€3 to €8 for entry to a museum
€24 for a train ticket from Lisbon to Porto
Is It Safe to Carry Cash in Portugal?
Portugal is one of the safest countries in Europe and among the safest countries in the world. Since crime rates are low, pickpockets will likely be the only issue in popular tourist areas. That being said, as you would in any city, just keep an eye on your bag, and you’ll be fine.
3 Tips for Exchanging Money in Portugal
Discover the mid-market rate beforehand: The mid-market rate refers to the true exchange rate with no hidden fees. Before your trip, use an online currency converter to ensure you get a fair rate when exchanging Portuguese currency.
Choose to pay in Portuguese currency: ATMs offer to pay in your currency, causing you to pay more than you have to. That said, always choose to be charged in local currency when withdrawing from ATMs. This way, you will get the best rates available and reduce your expenses.
Don’t exchange currency at airports and hotels: Currency exchange desks at airports and hotels typically have the worst rates available and may charge hidden fees, so avoid this alternative if you want to save some money. You may also want to avoid shady exchange kiosks as there you might come across fake money.
Buy Portuguese Currency Before Your Trip
The euro, the second most traded currency in the world, has been the nominal Portuguese currency since the 1st of January, 1999. However, it only fully replaced the until-then Portuguese currency - the escudo - three years later, on the 28th of February, 2002.
One of the best ways to exchange dollars for euros is to do it before you even enter Portugal because this allows you to buy it at more competitive rates. And why not order your currency from the comfort of your home?
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https://www.idealhomesportugal.com/currency-exchange
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Currency Exchange in Portugal
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If you’re about to embark on a Portuguese property purchase, you can save money and make the process more straightforward - by planning ahead with your finances. Use a specialist and save money when you transfer funds to purchase your overseas home.
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en
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/favicon.ico
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https://www.idealhomesportugal.com/currency-exchange
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When you send an enquiry, a member of our team will reply to you. By submitting this form, you confirm you agree to our website privacy policy and consent to cookies being stored on your device.
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https://wise.com/us/blog/currency-exchange-lisbon
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Best places to exchange currency in Lisbon
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[
""
] | null |
[
"Adam Rozsa"
] |
2017-01-13T00:00:00
|
In this article, we'll show you the best places to exchange money in Lisbon – plus, a great alternative.
|
en
|
Wise
|
https://wise.com/us/blog/currency-exchange-lisbon
|
"If you're planning a trip to Lisbon, it's important to know how to get the currency of the country you’re visiting. Also, you might want to know the current exchange rate and the best places to withdraw cash.
So, in this article, we’ll show you the best places to visit to exchange currency in Lisbon, and we’ll show you an alternative, Wise – which may be cheaper and help you save the effort of going to a physical location – but more on this later.
Portugal: currency overview
First off, in case you’re wondering something along the lines of “does Portugal use euros?”, the answer is yes. The currency in Lisbon — and the rest of Portugal — is the euro.
You can also find it written as EUR in currency exchange shops.
Check out today’s rate below:
What you should know about exchanging money in Lisbon
Before exchanging money in Lisbon or any foreign city, it's important to be informed to avoid excessive charges and get the best deals. Consider opening a bank account in Portugal for long-term stays or substantial investments like buying property or cars.
Beware of 'zero fee' services
Services claiming 'no commission' often offer poor exchange rates, not reflecting the mid-market rate, leading to hidden profits for them.
Check the exchange rate beforehand
Familiarize yourself with the base rate to identify a bad deal from exchange services.
Avoid exchanging money at airports or hotels
Convenience comes at a price, as airports and hotels usually offer poor rates and high transaction fees.
Use ATMs strategically
Check if your home bank has partnerships with Portuguese banks to avoid extra ATM fees, and inform your bank before traveling.
Opt for local currency
When using an ATM abroad, choose to be charged in euros for a fairer rate and avoid undisclosed exchange rates and additional fees.
Exchange money in just a few clicks with Wise
Say goodbye to overcomplicated currency exchange.
Wise can help you get a better deal on currency conversion in over 40 currencies, with the mid-market exchange rate and low fees.
Open a personal Wise account online or in the Wise app, and order a linked debit card for a one-time fee to spend and withdraw money in 150+ countries.
There’s no fee to spend any currency you hold, and no foreign transaction fee to worry about.
Use your account when you travel or shop online in foreign currencies, send payments in 70+ currencies, and get your own local bank details in 9 currencies.
Get a Wise Account
in minutes!
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
Where can you exchange currency in Lisbon?
Well, we’ve already been through some of the options you have and aspects to watch out for. So if you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Lisbon.
One last reminder, though: there’s no such thing as fee-free or 0% commission foreign exchange transactions. So, always check the mid-market exchange rate in advance, so you know how much your money’s worth.
Unicambio
Locations
LocationsPhone Number Unicambio has 13 different locations across Lisbon including branches in the airport and Cruise terminal. Check their website for a full listing.+351 213 429 760 (general help line)
Opening Hours
Varies - check out the website for specific opening hours for each office.
NovaCâmbios
Locations
LocationsPhone Number NovaCâmbios offers 9 locations throughout Lisbon, including several counters in the airport. Check out their website to find the nearest store.+ 351 213 405 170 (general help line)
Opening Hours
Varies - check out the website for specific opening hours for each office.
Real Transfer
Locations
Real Transfer offers three branches in Lisbon.
LocationsPhone Number Estrada de Benfica, 654 B, 1500-109+351 217 601 287 Praça Marquês de Pombal, nº 1 - Galerias, Loja J, 1250-160+351 213 528 065 Lg. de São Domingos, nº 5, 1150-320 (Rossio)+351 213 569 841
Opening Hours
Benfica - Mon-Fri 9-18, Sat 9-13
Marquês de Pombal - Mon-Fri 8-20, Sat 9-16
Rossio - Mon-Fri 10-19, Sat 9-13
Bottom line
As you can see, there’s no shortage of options when it comes to exchanging money in Lisbon. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.
|
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8738
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dbpedia
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2
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|
https://www.berlitz.com/blog/french-speaking-countries
|
en
|
40 French Speaking Countries + Territories: The Ultimate Guide
|
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[] |
[
""
] | null |
[
"Marco Monroy"
] |
2022-04-11T00:00:00+00:00
|
You can find French speaking countries in nearly every single continent in the world from Africa to the Caribbean.
|
en
|
/favicon-32x32.png?v=32787f3e93fa4493cd296c28e4bda513
|
Berlitz
|
https://www.berlitz.com/blog/french-speaking-countries
|
They say learning a language can take you places, but did you know just how many countries you can go to when you learn French?
Whether youâre just getting started with the ABCs in French or are already an intermediate speaker and want to put your language chops to the test, you may wonder: where do people actually speak French in the world?
Just as English is a global language, French is also spoken far and wide, including in many places that you may not have imagined. After English, French is used as the national language of more countries than any other language globally.
That means that if you speak English and French, you will be able to speak the two most international languages! Talk about becoming a world citizen, huh?
Besides France, French is spoken in dozens of countries in every single continent in the world. Thanks to French speaking countries, French Overseas Territories, and speakers of French as a foreign language, you can feel rest assured that speaking French is a skill that will come in handy all around the world.
Ready to learn just how massive the Francosphere is? Letâs get into it!
How many French speaking countries are there in the world?
Formally, 29 countries use French as the national or official language. Additionally, France has 11 Overseas Territories, which are administrative subdivisions of France outside of the mainland. These are similar to what Puerto Rico is to the United States.
These countries and regions are spread out all over the globe, with at least one in each of the following regions:
Africa
The Caribbean
Europe
North America
South America
The Caribbean
Oceania
And, if you include countries where French is used as an administrative language (a step-down from the official language), you can add Laos and Cambodia, which get you francophone countries in every single continent!
French speaking countries
At this point, you might be dying to find out exactly which countries speak French. If youâre studying French online or at home, it may be hard to visualize just how many countries speak French.
To make the list more manageable, weâll break down the countries that speak French by continent or region. Weâll also provide you with more information about each country, such as its population, flag, and capital.
That way, youâll more easily understand the true extent of the French language worldwide. If youâre familiar with French slang, seeing the geographic reach of the language may help you put things into perspective. Geographic diversity usually translates into linguistic diversity when it comes to language, and how could this not be the case with so many different cultures using French to communicate?
The data in the following sections are taken from the Organisation Internationale de la Francophonie and Laval University in Québec.
Without further ado, letâs get started with our French speaking countries list!
French speaking countries of Africa
Africa is â by far â the continent with the most countries that speak French. Itâs also the continent with the most French speakers. Oh, and the most populous country that uses French as its national language? Thatâs in Africa too.
In fact, French has become somewhat of a lingua franca in most of Eastern Africa. Whereas countries in Northern Africa tend to use Arabic as lingua franca, countries in Central Africa use Swahili, and countries in Southern Africa use English, most of the East uses French.
Here are the 21 African countries that use French as a national or official language.
CountryFlagCapitalPopulationPercentage of the population who speak French Beninð§ð¯Porto-Novo12,785,00033.68% Burkina Fasoð§ð«Ouagadougou22,103,00024.45% Burundið§ð®Gitega12,625,0008.51% Cameroonð¨ð²Yaoundé27,912,00067.0% Central African Republicð¨ð«Bangui5,017,00028.60% Chadð¹ð©N'Djamena17,414,00012.91% Côte d'Ivoireð¨ð®Yamoussoukro27,742,00033.61% Comorosð°ð²Moroni907,00026.13% Congoð¨ð¬Brazzaville5,798,00060.68% Congo, Democratic republic ofð¨ð©Kinshasa95,241,00051.37% Djiboutið©ð¯Djibouti1,016,00050.0% Equatorial Guineað¬ð¶Malabo1,497,00028.92% Gabonð¬ð¦Libreville2,332,00065.14% Guineað¬ð³Conakry13,866,00027.24% Madagascarð²ð¬Antananarivo29,178,00026.49% Malið²ð±Bamako21,474,00017.24% Nigerð³ðªNiamey26,084,00012.89% Rwandað·ð¼Kigali13,600,0005.83% Senegalð¸ð³Dakar17,654,00026.28% Seychellesð¸ð¨Victoria99,00053.54% Togoð¹ð¬Lomé8,681,00040.94%
French speaking countries of Europe
Of course, we all know French is spoken in France. But did you know that there are four other countries in Europe that speak French? Try to see if you can guess which ones before you look at our table below!
CountryFlagCapitalPopulationPercentage of the population who speak French Belgiumð§ðªBrussels11,668,00075.55% Franceð«ð·Paris68,508,00096.91% Luxembourgð±ðºLuxembourg City642,00092.06% Monacoð²ð¨Monaco40,00097.50% Switzerlandð¨ðBern8,774,00067.12%
French speaking countries and cities of North America
If you live in the United States, you probably already know that Canada has a French speaking region. Québec, the largest territory of Canada, speaks almost exclusively French with over 93% of its population being able to speak the language. New Brunswick also has a significant French speaking population, with 42% of residents being able to speak it.
CountryFlagCapitalPopulationPercentage of the population who speak French Canadað¨ð¦Ottawa38,694,00028.59%
French speaking countries of the Caribbean
You might be surprised to learn that there is only one country in the Caribbean that uses French as its national language. But what about Martinique? What about Guadeloupe? St. Barts??? Well, those are all Overseas France, which means they are technically French territory!
CountryFlagCapitalPopulationPercentage of the population who speak French Haitiðð¹Port-au-Prince11,680,00042.0%
French speaking countries of Oceania
Yep, French is spoken even all the way in Oceania! Australia and New Zealand are commonly referred to as âthe Antipodes,â which means the point on Earth that is the diametrical opposite of where you are. In this case, Oceania in general is the antipode of Europe. So, yeah, French somehow made it all the way to the antipode of France!
CountryFlagCapitalPopulationPercentage of the population who speak French Vanuatuð»ðºPort Vila322,00031.06%
French Overseas Territories where French is spoken
As mentioned earlier, France has significant overseas territories that are considered French soil for all intents and purposes. Most of these territories have their own senators, and up until recently had their own representation at the European Parliament. So, even though they arenât sovereign nations, they should count as countries for our purposes.
TerritoryFlagContinentPopulationPercentage of the population who speak French French Guianað¬ð«South America294,43666.23% Guadeloupeð¬ðµCaribbean384,23987.45% Martiniqueð²ð¶Caribbean364,50883.13% Mayotteð¾ð¹Africa299,34851.78% Réunionð·ðªAfrica868,84687.82% French Polynesiaðµð«Oceania279,30099.53% Saint Barthélemyð§ð±Caribbean9,96190.0% Saint Martinð¸ð½Caribbean32,48998.49% Saint Pierre and Miquelonðµð²North America6,000100.0% Wallis and Futunað¼ð«Oceania11,55877.87% New Caledoniað³ð¨Oceania271,40766.62%
Where else is French spoken where itâs not an official language?
Just because French isnât an official language of a country doesnât mean that it isnât widely spoken. There are many countries around the world with a significant francophone population. At least 10% of the population of all of the countries in the table below speak French.
CountryFlagCapitalContinentPopulationPercentage of the population who speak French The Gambiað¬ð²BanjulAfrica2,558,00020.02% Mauritiusð²ðºPort LouisAfrica1,275,00072.63% São Tomé and PrÃncipeð¸ð¹São ToméAfrica228,00020.18% Lebanonð±ð§BeirutAsia6,685,00038.0% Moroccoð²ð¦RabatAfrica37,773,00035.63% Tunisiað¹ð³TunisAfrica12,047,00052.47% Andorrað¦ð©Andorra la VellaEurope77,00070.13% Algeriað©ð¿AlgiersAfrica45,350,00032.86% Italyð®ð¹RomeEurope60,263,00019.58% Portugalðµð¹LisbonEurope10,141,00025.12% Cabo Verdeð¨ð»PraiaAfrica568,00010.74% Guinea-Bissauð¬ð¼BissauAfrica2,063,00015.37% Mauritaniað²ð·NouakchottAfrica4,902,00013.38% Romaniað·ð´BucharestEurope19,031,00011.99% Austriað¦ð¹ViennaEurope9,067,00012.86% Irelandð®ðªDublinEurope5,020,00012.67% Maltað²ð¹VallettaEurope444,00013.06% Germanyð©ðªBerlinEurope83,884,00014.66% Spainðªð¸MadridEurope46,719,00011.71% Netherlandsð³ð±AmsterdamEurope17,211,00019.21% United Kingdomð¬ð§LondonEurope68,498,00016.47%
Honorable mentions of other countries where French is spoken
French is an extremely popular language worldwide. Even if a country doesnât have any significant ties to France or the former French Empire, itâs still very common for people to choose to study French as a foreign language. The countries in the table below all have at least half a million French speakers.
CountryFlagCapitalContinentPopulationNumber of people who speak French Egyptðªð¬CairoAfrica106,157,0003,205,000 Vietnamð»ð³HanoiAsia98,954,000693,000 Polandðµð±WarsawEurope37,730,000947,000 Greeceð¬ð·AthensEurope10,317,000754,000 Israelð®ð±JerusalemAsia8,923,000528,000 Russiað·ðºMoscowEurope/Asia145,806,000629,000United Statesðºð¸Washington, D.C.North America334,805,0002,179,000 Swedenð¸ðªStockholmEurope10,219,000845,000
How many people in the world speak French?
As of 2022, there are over 321 million French speakers all over the world. Perhaps surprisingly, fewer than 100 million of them speak French as their native language. This makes French one of the languages with the most non-native speakers in relation to native speakers!
There are two main reasons why this happens. First, there are many countries that use French as one of the official languages. This means there are multiple official languages within a country, and French becomes the lingua franca.
Second, French is one of the most popular languages to learn worldwide! Perhaps it's due to the powerful influence of French culture around the world, including its cuisine, media, literature, and arts. Or perhaps thereâs something intrinsically appealing in French. Either way, students all over the globe canât get enough of French!
What are the countries with the most French speakers?
Unsurprisingly, France is the country with the most French speakers worldwide. But can you guess which countries follow? Maybe Canada, Belgium, or Switzerland? Nope! Check out our table below to find out which are the five countries with the most French speakers in the world (the last one might surprise you!).
CountryFlagNumber of French speakers Franceð«ð·66 million Democratic Republic of Congoð¨ð©48.9 million Algeriað©ð¿14.9 million Moroccoð²ð¦13.4 million Germanyð©ðª12.3 million
How French became a global language
After getting through this article, you may be wondering just how French became such a global phenomenon.
Of course, English is the current global language in part thanks to the massive English-speaking economies of the US, the UK, Australia, Canada, and other countries with significant anglophiles like India, Nigeria, and the Philippines. So, how did France manage to make its language so global?
Well, there are quite a few reasons. Letâs get into some of the most important ones.
Influence within Europe
One of the first instances of French being used outside of France was in the 11th century, much before the French even began thinking about exploring the world outside of Europe. The English aristocracy adopted French for official and legal use within the English court system and upper society. In fact, French was used in English legislation until the Proceedings in Courts of Justice Act of 1730, which replaced French and Latin with English as the official language of the English courts.
Keep in mind that this was a time when Latin dominated Europe. Virtually all scientific, academic, and political discourse across Medieval Europe was carried out in Latin. That is, of course, until French replaced Latin as the European lingua franca for international treaties.
It all started with the Peace of Westphalia Treaty, which marked the end of the Eight Yearsâ War. This was the first international document of major significance that was written entirely in French. After this, French started to slowly supplant Latin as the most important lingua franca in Europe.
Fast-forward a few centuries (and a handful of Napoleonic Wars), and French had become the most important language among the educated all across Europe by the 19th century. Even the Russian nobility spoke French, with Prince Dmitry Golitsyn famously speaking terrible Russian with a thick French accent.
French colonization
Outside of Europe, French became an important language because of French colonization. The French Empire was at one point the second-largest empire in the world and still remains one of the largest empires in the history of humanity.
As the French Empire grew, so did the reach of the French language all over the world. France ended up having over 60 colonies in every corner of the Earth. Most former colonies still have significant French speaking populations today, and some still use French as the national language.
As discussed earlier, some of the remnants of the French Empire were incorporated into France as Overseas Territories, so the impact and influence of Franceâs colonial ambitions can still be felt today.
Belgian colonization
Despite France having a much bigger empire, we cannot forget about the Belgian Empire and its influence on the Francosphere. Despite not being nearly as far-reaching, the Belgian Empire did establish colonies in Africa, Asia, and North America.
By far, the most significant linguistic consequence of the Belgian Empire is the francophonie in the Democratic Republic of Congo. As mentioned earlier in this article, the D.R. Congo is the most populous French speaking country. Not only that, but its population is expected to more than triple to 360 million people by the year 2099.
So, it turns out Belgium is actually responsible for the largest French speaking country today!
French diplomacy
France has historically made strides to institutionalize and internationalize French as a language. Starting with the Académie Française in 1635, France has done more than any other country to preserve and disseminate its language.
Today, the Alliance Française is the organization in charge of promoting French culture and language all over the world. With close to a thousand institutes in over 130 countries worldwide, Alliance Française centers are places where students can watch French movies, borrow or purchase French books, and learn more about the French language and French culture.
The success of Alliance Française is hard to be overstated, as it is the oldest and largest of all European language institutes, including the British Council, the Goethe Institute, and the Cervantes Institute.
Official language of international organizations
Finally, French is an official language of many important international organizations. This ensures that French stays relevant for international actors today.
Some of the most important organizations in which French is an official or working language are:
The United Nations
The World Trade Organization
UNESCO
The European Union
The International Court of Justice
NATO
The International Red Cross
The International Olympic Committee
And many, many more!
The future of the French language
With Franceâs deep history, itâs easy to think of French as a dying (or waning, at best) language. However, this couldnât be further from the truth. In fact, Forbes called French the language of the future!
By 2065, French is expected to have over one billion speakers. Thatâs more than triple the current number of French speakers in a matter of fewer than 50 years! If these predictions are accurate, then French will displace Spanish and Arabic in terms of total number of speakers.
This growth is largely due to the developing francophone countries, which are expected to grow tremendously over the next few decades. In particular, Africa â where French is one of the three lingua franca along with English and Arabic â is expected to experience a population boom unlike anything ever seen before.
As of 2022, there are 1,406,722,629 people living in Africa. By 2065, it is expected that there will be 3,108,925,401 people. Thatâs more than twice the current population and a net gain of over one and half billion people!
This is where most of the growth in global francophones will come from. As francophone African countries like D.R. Congo, Cameroon, and Madagascar double or even triple their population over the next few decades, the use of French will continue to increase worldwide.
FAQs about countries that speak French
Is French still useful worldwide?
Of course! In addition to being an official language of 29 countries around the world, French is an extremely useful language to learn for business or otherwise. Bloomberg ranked French as the third most useful language for business, only after English and Mandarin.
French is also ranked as the third most powerful language by the Power Language Index. Again, French is third only after English and Mandarin. The index takes into account geography, economy, communication, media, and diplomacy.
Is French or Spanish more useful?
In general, French is more useful than Spanish as itâs considered to be a better language for business and a more powerful language according to the Power Language Index. However, Spanish could be more useful for you depending on where you live. If you live in the United States, then learning Spanish will almost undoubtedly be more helpful than French.
What country has the best French accent?
Metropolitan French â also known as Parisian French â is generally considered to be the best French accent. That is because itâs considered to be standard or âaccentlessâ French. Of course, whether or not Metropolitan French is the best accent or not ultimately depends on who you ask!
If youâre trying to find the best French accent for learners, then the Southern French accent may be what youâre looking for. People in the South of France tend to speak much more slowly and clearly than Parisians, making them easier to understand for foreign language learners.
Is African French different from French from France?
African French is entirely based on standard French. However, with over 20 different countries in Africa using French as an official language, it is only natural for African French to vary somewhat from Metropolitan French.
And thatâs part of what makes French such a fun language! With dozens of countries using French as a national language, you can imagine how much fun slang there is! Luckily, you donât have to imagine itâjust check out our blog with 275 French slang words and phrases!
Keep up with the Francosphere
Hopefully, this blog has helped inspire you to continue or begin learning French! Now that youâre aware of all the places French can take you, whatâs stopping you from jumping headfirst into your next French lesson?
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https://www.cntraveler.com/gallery/countries-with-incentives-to-retire-there
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6 Countries That Make Retiring Abroad (Relatively) Easy
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2021-06-01T15:53:51.953000-04:00
|
From Costa Rica to the Philippines, these countries offer a variety of financial incentives for foreign retirees.
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en
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https://www.cntraveler.com/verso/static/conde-nast-traveler/assets/favicon.ico
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Condé Nast Traveler
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https://www.cntraveler.com/gallery/countries-with-incentives-to-retire-there
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If you have money to invest, Greece may be the retirement spot for you. Since 2013, this European country has offered its Greece Golden Visa, granting five-year permanent residency to anyone investing approximately $271,562 or more in local real estate. After five years you can then renew your residency (as long as you’re still invested in local property), and you can apply for citizenship after seven.
To make things more enticing, Greece’s Ministry of Finance proposed a 7% flat tax in 2020 for any foreign nationals willing to transfer their tax residence (meaning the place where you’re legally required to pay taxes) here. This means that any pensions, rental income, and other transferable investments will stay at a 7% tax rate for up to 15 years. With tax brackets in the US typically ranging from 10 to 37%, it’s a steal.
Requirements: There's no requirement to invest in local real estate to take advantage of the tax rate, nor are you expected to permanently reside in Greece. Still, the overall goal is to bring in foreign dollars, so government officials hope you’ll spend accordingly. Anyone interested in utilizing Greece’s flat tax can take advantage, no matter their age. To qualify for a tax transfer, however, you can’t have paid taxes in Greece over any of the last five years. Also, the country or nation where you’re transferring your tax residence from must already have a tax agreement with Greece; the US income tax treaty with Greece qualifies, and means you won't be paying income taxes twice.
Cost of living is key for American retirees in Colombia, where you can live comfortably for approximately $2,000 a month. The city of Medellín, in particular, is especially popular with foreign nationals, due to such factors as year-round warm weather, excellent public transit, and an internationally recognized healthcare system.
In 2022, Colombia updated its TP—7 pensionado visa, in place since 2017, with a new M-11 pensionado visa. According to new rules, the visa is now valid for up to three years and requires the purchase of private medical insurance (private Columbian plans start at about $50 per month) for the duration of your visa. Then, after five years of living within the country, visa holders can apply for permanent residency.
Requirements: Along with a clean bill of health and no criminal record, pensionado visa holders must earn at least three times Colombia's minimum wage (approximately $340 per month) in passive income, including investments. This equates to $1,020 per month, with the cost of the visa being around $325. There's no tax treaty between Colombia and the US, meaning US expats are at the risk of double taxation. However, a number of IRS tax credits, including the Foreign Tax Credit, which allows taxpayers to take any paid foreign taxes as a deduction from US taxes, can significantly assist with tax breaks.
Portugal is known for its Golden Visa, which uses tax perks to attract foreign nationals. Recently, the Portuguese government has tightened rules regarding the visa scheme, due to a magnifying housing crisis. Rather than investing in real estate, expats who transfer approximately $543,070 into one or more qualifying funds—including Pela Terra, a farmland fund that focuses on regenerative agriculture projects within Portugal, and Sharing Education, which supports the country’s international school system—or pour $271,537 towards supporting the arts or preserving national heritage, qualify for the visa. You must then maintain that investment for five years (at which time you can apply for citizenship) in order to keep your Golden Visa status.
Another great option for both retirees and semi-retirees is Portugal’s D7 Passive Income Visa. This popular residency program includes the option to become a non-habitual resident (and reap the aforementioned tax benefit), as well as the ability to actually work while there, whether it’s living life as a digital nomad or being employed at a Portuguese-run business. It even allows access to the country’s extensive healthcare system. The visa is valid for two years, and then can be renewed for three more. Five years in, you can apply for permanent citizenship.
Requirements: There are no age restrictions for the D7 visa, though you must demonstrate an annual passive income of at least $10,680 (plus $5,340 per adult, and $3,560 per dependent), which is equal to the country’s current minimum wage, to apply. To qualify for the Golden Visa, you can’t have paid taxes in Portugal over any of the last five years.
The official currency of Panama, the balboa, is currently equivalent in value to the US dollar, making deciphering costs easy for Americans keen on retiring here. According to an estimated count from 2020, there are also an estimated 20,000 to 30,000 American expats currently living in Panama—no surprise, since the Panama Pensionado (or Panama Retirement) visa, started in 1987, is one of the best for attracting foreign nationals.
Why? It’s all about the discounts. Think of the Panama Pensionado as the ultimate coupon book. Qualifying applicants for this permanent-residency visa receive import-tax exemptions on household goods up to $10,000 and on a new car every other year, plus substantial discounts on everything from utility bills (25%) to dental exams (15%) and transportation services (up to 30%). The full discounts list, which includes savings on hotel stays, theater performances, and even airline tickets, is available here.
Requirements: Anyone 18 years of age or older can apply for the Panama Pensionado, as long as you have a proven lifetime pension or income of $1,000 per month (it’s an additional $250 per month for each dependent). If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. All applications must be submitted in Panama, and through a Panamanian lawyer.
The Philippine Retirement Authority (PRA) offers several distinct retirement options in an effort to attract foreign nationals. These range from a visa for retired armed forces officers to another for pensioners aged 35 and above who are in need of medical assistance. Each option has its own requirements, though the Special Resident Retiree’s Visa (SRRV) is the country’s overall standard.
The SRRV’s many benefits include the option to import $7,000 worth of household items into the Philippines tax-free; the ability to work, study, and buy property; and access to PhiHealth, the country’s universal health care program. Discounts at PRA-accredited businesses, complimentary assistance in navigating other government agencies, and an exemption from taxes on pension and other foreign-earned annuities are also part of the draw.
Requirements: To apply for the SRRV, you must be 50 years of age or older, and have a proven pension of $800 per month (or a joint $1,000 per month for couples), along with $10,000 deposited in a Philippine bank account. If you’re 50 or older but don’t have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead.
Along with its volcanoes, freshwater lakes, and rainforests brimming with wildlife, Nicaragua lures foreign retirees with a bevy of financial incentives. These include the ability for retirees to import up to $20,000 of household goods (such as furniture, clothing, etc.) and a car up to $25,000 in value, duty-free. Another motivator: All foreign income is tax-free.
The advantages of Nicaragua’s Pensionado Residency program, which is renewable after five years, don’t end there. Once you receive a residency card, which grants retiree status (it takes up to 6 months once you’ve submitted your application), you can open a local bank account, use credit to shop, and even get a local phone plan. For those looking to build a home, retirees can also purchase up to $50,000 of construction materials tax-free.
Requirements: Foreign nationals can retire in Nicaragua at the age of 45 as long as they have a permanent passive income of $650 per month (plus $150 per month for each dependent). You’re also required to spend at least 6 months (which can be non-consecutive) per year within the country to keep residency status.
This central American country has been popular with US retirees for decades, and for good reason: The country’s green environs, its laid-back way of living, and a high quality of life that includes a well-developed and supportive expat community are all incentives that make relocating here entirely worth your while. The relative ease of establishing residency is a bonus as well.
Costa Rica’s pensionado visa grants temporary residency to approved applicants of any age who make a minimum income of $1,000 a month, either from a retirement fund or a permanent pension source. Once settled, most retiree couples can live well within the country for as little as $2,000 per month. This includes making a small monthly contribution (approximately 7 to 11% of your monthly pension) to Costa Rica’s universal healthcare system, the Caja Costarricense de Seguro Social, which guarantees services to all of the country’s residents.
Requirements: Proof of a permanent monthly income of $1,000 is really all that’s required for retirees to obtain temporary residency in Costa Rica. Any foreign national can then apply for permanent citizenship after three years, as long as they’ve stayed in the country for four months (continuous or discontinuous) per year and renewed their visa after two years. After seven years, they can even apply for citizenship by naturalization and obtain a Costa Rican passport, without having to renounce previous nationalities. As a pensionado visa holder, temporary residents can also establish a business or work independently—just not as an employee.
Another option for retirees is the two-year inversionista visa, which requires a one-time investment of $200,000 in either an active business, real estate, stocks, or securities; or an investment of $100,000 in forest plantations. As with Colombia, there is currently no US–Costa Rica tax treaty, but the IRS tax credits will typically help expats get around any extraneous dues.
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http://www.exchangerate.com/currency-exchange-rate-cities/lisbon.html
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Lisbon Portugal Currency Exchange Rate Converter
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Calculate the exchange rate. If traveling to Lisbon you need to exchange your currency for the Portuguese Escudo. You may exchange your money for the Portuguese Escudo at most Lisbon banks or at specialized stores called Foreign Exchange Bureaus.
| null |
Lisbon (Portuguese: Lisboa; Portuguese pronunciation: [liʒˈboɐ]) is the capital and largest city of Portugal, with a population of 479,884 within its administrative limits on a land area of 84.8 km2 (33 sq mi). The urban area of Lisbon extends beyond the administrative city limits with a population of 2.4 million on a area of 958 km2 (370 sq mi), it is the 12th most populous urban area in the European Union. About 2,831,000 people live in the Lisbon Metropolitan Area (which represents approximately 27% of the population of the country) and 3.34 million people live in the broader agglomeration of Lisbon Metropolitan Region (includes cities ranging from Leiria to Setúbal). Lisbon is the westernmost large city located in Europe, as well as its westernmost capital city. It lies in the western Iberian Peninsula on the Atlantic Ocean and the Tagus River, about 320 km (198.84 mi) northwest of Cape Spartel in Africa.
Lisbon is recognised as an Alpha World City because of its importance in finance, commerce, media, entertainment, arts, international trade, education and tourism. It is one of the major economic centres on the continent, with a growing financial centre and the largest/second largest container port in the "Europe's Atlantic coast", Lisbon International Airport serves about 13 million passengers per year, motorway network and hub of high-speed rail (Alfa Pendular) linking main cities in Portugal, and in 2013 will have a rail's high-speed connection to Spain. Lisbon is the 25th most livable city in the World according to lifestyle magazine Monocle. The city is the 6th-most-visited city in Southern Europe after Rome, Barcelona, Madrid, Athens and Milan with about 2 million tourists a year. The Lisbon region is the wealthiest region in Portugal, GDP PPP per capita is 26,100 euros (it is higher results of 4.7% from the average European Union's GDP PPP per capita). It is the 10th richest metropolitan area by GDP on the continent amounting to 98 billion euros and thus €34,850 per capita, it is higher result of 40% from the average European Union's GDP per capita. The city occupies 32nd place of highest gross earnings in the world. Most of the headquarters of multinationals in the country are located in the Lisbon area and it is the 9th city in the world in terms of quantity of international conferences. It is also the political centre of the country, as seat of government and residence of the Head of State. The seat of the district of Lisbon and the centre of the Lisbon region.
Lisbon enjoys a Subtropical-Mediterranean climate, and through strongly influenced by the Gulf Stream it is one of the mildest climates in Eurasia. Among all the metropolises in Europe, here are the warmest winters on the continent, with average temperatures above 15.2 °C (59.4 °F) during the day and 8.9 °C (48.0 °F) at night in the period from December to February. The typical summer's season lasts about 6 months, from May to October, with an average temperature of 25 °C (77 °F) during the day and 16.2 °C (61.2 °F) at night, although also in November, March and April sometimes there are temperature above 20 °C (68.0 °F) with an average temperature of 18.5 °C (65 °F) during the day and 11.2 °C (52.2 °F) at night.
Lisbon is one of the oldest cities in the world. Julius Caesar made it a municipium called Felicitas Julia, adding to the name Olissipo. Ruled by a series of Germanic tribes from the 5th century, it was captured by Moors in the 8th century. In 1147, the Crusaders under Afonso Henriques reconquered the city for the Christians and since then it has been a major political, economic and cultural centre of Portugal. Unlike most capital cities, Lisbon's status as the capital of Portugal has never been granted or confirmed officially – by statute or in written form. Its position as the capital has formed through constitutional convention, making its position as de facto capital a part of the Constitution of Portugal.
Lisbon hosts two agencies of the European Union, namely, the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) and the European Maritime Safety Agency (EMSA). The Community of Portuguese Language Countries (CPLP), is also headquartered in Lisbon.
Lisbon has two sites listed by UNESCO as a World Heritage Site: Belém Tower and Jerónimos Monastery. Furthermore, in 1994, Lisbon was the European Capital of Culture and in 1998 organized an Expo '98 (1998 Lisbon World Exposition).
The city is candidate for the 2020 Summer Olympics.
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https://en.wikipedia.org/wiki/Brazilian_real
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en
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Brazilian real
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https://en.wikipedia.org/wiki/Brazilian_real
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Brazilian currency since 1994
This article is about the modern Brazilian currency unit. For the currency of Brazil from the colonial period to 1942, see Brazilian real (old).
"BRL" redirects here. For other uses, see BRL (disambiguation).
Brazilian realReal brasileiro (Portuguese) ISO 4217CodeBRL (numeric: 986)Subunit 0.01UnitUnitrealPluralreaisSymbol$,R$Nicknamepila, prata, mango, pau, conto, réis (plural)DenominationsSubunit 1⁄100centavoBanknotesR$ 2, R$ 5, R$ 10, R$ 20, R$ 50, R$ 100, R$ 200Coins Freq. used5, 10, 25, 50 centavos, and R$ 1 Rarely used1 centavoDemographicsDate of introduction1 July 1994ReplacedCruzeiro RealUser(s)BrazilIssuanceCentral bankCentral Bank of Brazil Websitewww .bcb .gov .brPrinterCasa da Moeda do Brasil Websitewww .casadamoeda .gov .brMintCasa da Moeda do Brasil Websitewww .casadamoeda .gov .brValuationInflation3.94% (May 2023) Sourceagenciadenoticias.ibge.gov.br MethodCPI
The Brazilian real (pl. reais; sign: R$; code: BRL) is the official currency of Brazil. It is subdivided into 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. The real replaced the cruzeiro real in 1994.
As of April 2019, the real was the twentieth most traded currency.[1]
History
[edit]
Currencies in use before the current real include:
The Portuguese real from the 16th to 18th centuries, with 1,000 réis called the milréis.
The old Brazilian real from 1747 to 1942, with 1,000 réis also called the milréis.
The first cruzeiro from 1942 to 1967, at 1 cruzeiro = 1 milréis or 1,000 réis.
The cruzeiro novo from 1967 to 1970, at 1 cruzeiro novo = 1,000 first cruzeiros. From 1970 it was simply called the (second) cruzeiro and was used until 1986.
The cruzado from 1986 to 1989, at 1 cruzado = 1,000 second cruzeiros.
The cruzado novo from 1989 to 1990, at 1 cruzado novo = 1,000 cruzados. From 1990, because of the Plano Collor it was renamed the (third) cruzeiro and was used until 1993.
The cruzeiro real (CR$) from 1993 to 1994, at 1 cruzeiro real = 1,000 third cruzeiros.
The current real was introduced in 1994 at 1 real = 2,750 cruzeiros reais.
The modern real (Portuguese plural reais or English plural reals) was introduced on 1 July 1994, during the presidency of Itamar Franco, when Rubens Ricupero was the Minister of Finance as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real. The new currency replaced the short-lived cruzeiro real (CR$). The reform included the demonetisation of the cruzeiro real and required a massive banknote replacement.
At its introduction, the real was defined to be equal to 1 unidade real de valor (URV, "real value unit") a non-circulating currency unit. At the same time, the URV was defined to be worth 2,750 cruzeiros reais, which was the average exchange rate of the U.S. dollar to the cruzeiro real on that day. As a consequence, the real was worth exactly one U.S. dollar as it was introduced; that was equivalent to R$10 in 2020. Combined with all previous currency changes in the country's history, this reform made the new real equal to 2.75 × 1018 (2.75 quintillion) of Brazil's original réis.
Soon after its introduction, the real unexpectedly gained value against the U.S. dollar, due to large capital inflows in late 1994 and 1995. During that period it attained its maximum dollar value ever, about US$1.20=R$1. Between 1996 and 1998 the exchange rate was tightly controlled by the Central Bank of Brazil, so that the real depreciated slowly and smoothly to the dollar, dropping from near US$1=R$1 to about US$1=R$1.2 by the end of 1998. In January 1999 the deterioration of the international markets, disrupted by the Russian default, forced the Central Bank, under its new president Arminio Fraga, to float the exchange rate. This decision produced a major devaluation, to a rate of almost US$1=R$2.[2]
In the following years, the currency's value against the dollar followed an erratic but mostly downward path from 1999 until late 2002, when the prospect of the election of leftist candidate Luiz Inácio Lula da Silva, considered a radical populist by sectors of the financial markets, prompted another currency crisis and a spike in inflation. Many Brazilians feared another default on government debts or a resumption of heterodox economic policies and rushed to exchange their reais into tangible assets or foreign currencies.
The crisis subsided once Lula took office, after he, his finance minister Antonio Palocci, and Arminio Fraga reaffirmed their intention to continue the orthodox macroeconomic policies of his predecessor (including inflation-targeting, primary fiscal surplus and floating exchange rate, as well as continued payments of the public debt). The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little over US$1=R$2. In May 2007, for the first time since 2001 (six years), the real became worth more than US$0.50 — even though the Central Bank, concerned about its effect on the Brazilian economy, had tried to keep it below that symbolic threshold. Lula started his government in 01/01/2003 with an exchange rate of US$1=R$3.52 and finished it in 12/31/2010 with an exchange rate of US$1=R$1.66.[3]
The exchange rate as of September 2015 was US$1=R$4.05. After a period of gradual recovery, it reached US$1=R$3 by February 2017.
Jair Bolsonaro's tenure, initially welcomed with enthusiasm by the financial markets, started with US$1=R$3.86. Fueled by meager results of the economy, quick disenchantment followed, resulting in a lack of foreign investments and a real's strong depreciation.[4] On 13 May 2020, during the COVID-19 pandemic, which deeply affected Brazil,[5] the real reached a historical low against the US dollar, being negotiated at US$1=R$5.90.[6]
Following Lula's reelection in the 2022 general elections, the market, which was expected to have reacted poorly, turned out favorable in the first week.[7][8] The US dollar exchange hit its lowest point since 29 August 2022, dropping from roughly US$1=R$5.30 immediately before the second round of the election, to about US$1=R$5.05 a week after Lula's win.
Coins
[edit]
First series (1994–1997)
[edit]
Along with the first series of currency, coins were introduced in denominations of 1, 5, 10 and 50 centavos and 1 real on 30 June 1994; the 25 centavos piece was soon followed on 30 September 1994 due to the constant lack of change in intermediate values in the centavos range, which caused the validity of the old Cruzeiro and Cruzeiro Real banknotes to be extended for two months beyond what was initially intended for the exchange of banknotes and coins until then in circulation for new ones in the pattern that began to circulate in the second half of 1994. All were struck in stainless steel.
The coins issued in 1994 are identical in size and weight to the older cruzeiro real coins, save for the 1-centavo piece which corresponded to the even older 1000-cruzeiro coin, as no CR$1 coin was made. This influenced the replacement of this family with a newer one in 1998.
The original 1-real coins, produced only in 1994, were demonetized on 23 December 2003,[9] due to frequent counterfeiting.[10] All other coins remain legal tender.
First series Image Value Design Emission start date Withdrawn 1 centavo Obverse: Large denomination flanked by linear patterns.
Reverse: Head of Republic. 1 July 1994 Current 5 centavos Obverse: Large denomination flanked by linear patterns.
Reverse: Head of Republic. 10 centavos Obverse: Large denomination flanked by linear patterns.
Reverse: Head of Republic. 50 centavos Obverse: Large denomination flanked by linear patterns.
Reverse: Head of Republic. 1 real Obverse: Large denomination flanked by linear patterns.
Reverse: Head of Republic. 23 December 2003 25 centavos Obverse: Large denomination intersected by wavy lines.
Reverse: Head of Republic. 30 September 1994 Current
Commemorative coins
[edit]
In 1995, to commemorate the 50th anniversary of the Food and Agriculture Organization, the Central Bank of Brazil released two commemorative variants of the 10 and 25 centavos coins.
Circulating commemorative coins of the Brazilian real's first series Image Value Details 10 centavos Release date: 31 May 1995
Occasion: The 50th anniversary of the Food and Agriculture Organization (FAO)
Units produced: 1 million for each design
Reverse: The 10 centavos coin depicts hands offering a plant shoot with folious ramifications, and the 25 centavos coin depicts crop cultivation. Both coins contain the inscriptions "FAO—1945/1995" and "alimentos para todos" (food for all).[11][12] 25 centavos
Additionally, non-circulating commemorative coins have also been minted, with non-standard face values – namely R$2, R$3, R$4 and R$20 coins.[13] Although worth more than their face value to collectors, they are nevertheless legal tender.[14]
Non-circulating commemorative coins of the Brazilian real's first series Value Details 2 reais Release date: 4 October 1994
Occasion: 300th anniversary of the Brazilian mint (1694–1994)
Units produced: 7 thousand 4 reais Release date: 23 December 1994
Occasion: Commemorating Brazil's 4th FIFA World Cup win
Units produced: 9 thousand 20 reais Release date: 10 February 1995
Occasion: Commemorating Brazil's 4th FIFA World Cup win
Units produced: 2 thousand 3 reais Release date: 31 March 1995
Occasion: 30th anniversary of the Central Bank of Brazil (1965–1995)
Units produced: 5 thousand 2 reais Release date: 4 December 1995
Occasion: Tribute to Formula One racing driver Ayrton Senna (1960–1994)
Units produced: 10 thousand 20 reais Release date: 4 December 1995
Occasion: Tribute to Formula One racing driver Ayrton Senna (1960–1994)
Units produced: 5 thousand 3 reais Release date: 24 October 1997
Occasion: 100th anniversary of the city of Belo Horizonte, capital of the state of Minas Gerais
Units produced: 20 thousand
Second series (1998–present)
[edit]
In 1998, a second series of coins was introduced. It featured copper-plated steel coins of 1 and 5 centavos, bronze-plated steel 10 and 25 centavos, cupronickel 50 centavos coin, and a bimetallic nickel-brass and cupronickel coin of 1 real. In 2002 cupronickel was replaced with stainless steel for the 50-centavo coin and the central part of the 1-real coin, and the nickel-brass ring was changed to a bronze-plated steel one.[10][15]
In November 2005, the Central Bank discontinued the production of the 1 centavo coins, but the existing ones continue to be legal tender. Retailers now generally round their prices to the next 5 or 10 centavos.[citation needed]
Second series Image Value Design 1 centavo
(no longer produced) Obverse: The Southern Cross in right upper side.
Reverse: Depicts Pedro Álvares Cabral, Portuguese sea captain and Brazil's colonizer, with a 16th-century Portuguese ship in the background. 5 centavos Obverse: The Southern Cross in right upper side.
Reverse: Depicts Joaquim José da Silva Xavier (also known as Tiradentes), martyr of an early independence movement known as the Minas Conspiracy. In the background, a triangle, symbol of the movement, and a dove, symbol of peace and freedom. 10 centavos Obverse: The Southern Cross in right upper side.
Reverse: Depicts Emperor Pedro I, Brazil's first monarch. In the background, the Emperor on a horse: a scene alluding to the proclamation of independence. 25 centavos Obverse: The Southern Cross in right upper side.
Reverse: Depicts Field Marshal Deodoro da Fonseca, Brazil's first Republican president. The Republic's coat of arms is in the background. 50 centavos Obverse: The Southern Cross in right upper side.
Reverse: Depicts José Paranhos, Jr., the Baron of Rio Branco, the country's most distinguished Minister of Foreign Affairs. In the background, image of the country with ripples expanding outwards, representing the development of Brazil's foreign policy and the expansion and demarcation of the national borders. 1 real Obverse: The Southern Cross in right upper side.
Reverse: Outer ring depicts a sample of the marajoara art pattern. In the inner ring, the Efígie da República, symbol of the Republic.
In November 2019, the Central Bank had the Royal Dutch Mint produce 5 centavos and 50 centavos coins, which have a distinctive letter "A" to indicate they weren't minted by Casa da Moeda.[16]
Coins minted by the Royal Dutch Mint
5 centavos coin with mint mark
50 centavos coin with mint mark
Commemorative coins
[edit]
On occasion, the Central Bank of Brazil has issued special commemorative versions of some of the standard coins. These commemorative coins are legal tender, and usually differ from the standard design only on their reverse side.
Circulating commemorative coins of the Brazilian real's second series Image Value Details 1 real Release date: 10 December 1998
Occasion: The 50th anniversary of the Universal Declaration of Human Rights
Units produced: 600 thousand
Reverse: The official logo of the commemorations; in bas-relief, a human figure. In the outer ring, the inscriptions "Declaração Universal dos Direitos Humanos" (Universal Declaration of Human Rights) and "Cinqüentenário" (50th anniversary).[17] 1 real Release date: 12 September 2002
Occasion: The 100th birth anniversary of Brazilian former president Juscelino Kubitschek
Units produced: 50 million
Reverse: A face portrait of Kubitschek. Vertically, the inscription "Centenário Juscelino Kubitschek" (Juscelino Kubitschek's centenary). In the outer ring, images alluding to the columns of the Alvorada Palace, the presidential residence in Brasília, the city that he decided would be built.[18] 1 real Release date: 23 September 2005
Occasion: The 40th anniversary of the foundation of the Central Bank of Brazil
Units produced: 40 million
Reverse: Image of the trademark Central Bank building, inspired in the official logo developed for the commemorations. In the outer ring, the inscriptions "Banco Central do Brasil" (Central Bank of Brazil) and "1965 40 anos 2005" (1965 40 years 2005).[19] 1 real Release date: 13 August 2012
Occasion: The Olympic Flag Handover for the Rio 2016 Summer Olympics
Units produced: 2 million
Reverse: The Olympic Flag in a pole above the official logo of the Games of the XXXI Olympiad. In the outer ring, the inscriptions "Entrega da Bandeira Olímpica" (Olympic Flag Handover) and "Londres 2012—Rio 2016" (London 2012—Rio 2016)[20] 1 real Release dates: 28 November 2014, 17 April 2015, 7 August 2015, 19 February 2016 (four sets of four designs)
Occasion: 2016 Summer Olympics
Units produced: 20 million for each design
Reverse: Sixteen coin designs, representing athletics (triple jump), swimming, paralympic triathlon, golf, basketball, sailing, paralympic canoeing, rugby, football, volleyball, paralympic athletics (running), judo, boxing, paralympic swimming, and each mascot of the 2016 Summer Olympics and Paralympics.[20] 1 real Release date: 30 March 2015
Occasion: The 50th anniversary of the foundation of the Central Bank of Brazil
Units produced: 50 million
Reverse: The Central Bank building, its logo, and the inscription "50 anos" (50 years).[20] 1 real Release date: 28 August 2019
Occasion: The 25th anniversary of the creation of the Plano Real (Real Plan)
Units produced: 25 million
Reverse: A hummingbird feeding its chicks, based on the image of the 1 real banknote.
Similarly to the first series, non-circulating commemorative coins have also been minted, with the following non-standard face values: R$2, R$5, R$10 and R$20 coins.[13] Likewise, even if they are worth more than their face value to collectors, they are nevertheless legal tender.[14]
There were 18 types of non-circulating commemorative coins released from 2000 through 2009:
Non-circulating commemorative coins of the Brazilian real's second series (2000–2009) Value Details 5 reais Release date: 27 October 2000
Occasion: 500th anniversary of Brazil's discovery by the Portuguese (1500–2000)
Units produced: 15.286 20 reais Release date: 27 October 2000
Occasion: 500th anniversary of Brazil's discovery by the Portuguese (1500–2000)
Units produced: 6.558 2 reais Release date: 12 September 2002
Occasion: 100th anniversary of the birth of Juscelino Kubitschek (1902–2002)
Units produced: 11.414 20 reais Release date: 12 September 2002
Occasion: 100th anniversary of the birth of Juscelino Kubitschek (1902–2002)
Units produced: 2.499 2 reais Release date: 12 December 2002
Occasion: 100th anniversary of the birth of Carlos Drummond de Andrade (1902–2002)
Units produced: 6.959 20 reais Release date: 12 December 2002
Occasion: 100th anniversary of the birth of Carlos Drummond de Andrade (1902–2002)
Units produced: 2.499 5 reais Release date: 20 December 2002
Occasion: Commemorating Brazil's 5th FIFA World Cup win
Units produced: 9.999 20 reais Release date: 20 December 2002
Occasion: Commemorating Brazil's 5th FIFA World Cup win
Units produced: 2.499 2 reais Release date: 2 August 2003
Occasion: 100th anniversary of the birth of Ary Barroso (1903–2003)
Units produced: 4.958 20 reais Release date: 2 August 2003
Occasion: 100th anniversary of the birth of Ary Barroso (1903–2003)
Units produced: 2.481 2 reais Release date: 18 December 2003
Occasion: 100th anniversary of the birth of Candido Portinari (1903–2003)
Units produced: 2 thousand 2 reais Release date: 30 January 2004
Occasion: 100th anniversary of FIFA (1904–2004)
Units produced: 12.166 20 reais Release date: 30 January 2004
Occasion: 100th anniversary of FIFA (1904–2004)
Units produced: 4.060 2 reais Release date: 23 October 2006
Occasion: 100th anniversary of the Santos-Dumont 14-bis' famous flight (1906–2006)
Units produced: 4 thousand 2 reais Release date: 4 April 2007
Occasion: Commemorating the 2007 Pan American Games, which took place in Rio de Janeiro
Units produced: 10 thousand 5 reais Release date: 4 April 2007
Occasion: Commemorating the 2007 Pan American Games, which took place in Rio de Janeiro
Units produced: 4 thousand 5 reais Release date: 4 April 2007
Occasion: 200th anniversary of the arrival of the Portuguese royal family (1808–2008)
Units produced: 2 thousand 2 reais Release date: 18 June 2008
Occasion: 100th anniversary of the first Japanese immigration to Brazil (via the Kasato Maru ship) (1908–2008)
Units produced: 10 thousand
From 2010 through 2019, 15 types of non-circulating commemorative coins were released:
Non-circulating commemorative coins of the Brazilian real's second series (2010–2019) Value Details 5 reais Release date: 21 April 2010
Occasion: 50th anniversary of the foundation of Brasília, capital of Brazil (1960–2010)
Units produced: 6 thousand 5 reais Release date: 21 May 2010
Occasion: Commemorating the 2010 FIFA World Cup
Units produced: 9 thousand 5 reais Release date: 1 July 2011
Occasion: 100th anniversary of Ouro Preto, former capital of Minas Gerais (1711–2011)
Units produced: 2 thousand 5 reais Release date: 13 August 2012
Occasion: The Olympic Flag Handover for the Rio 2016 Summer Olympics
Units produced: 14.127 5 reais Release date: 29 October 2012
Occasion: Commemorating the United Nations's International Year of Cooperatives (2012)
Units produced: 5 thousand 5 reais Release date: 15 November 2012
Occasion: Commemorating the city of Goiás, former capital of the state of Goiás
Units produced: 3 thousand 5 reais Release date: 6 December 2013
Occasion: Commemorating the city of Diamantina, Minas Gerais
Units produced: 3 thousand 10 reais Release date: 29 January 2014
Occasion: Commemorating the 2014 FIFA World Cup, which took place in Brazil
Units produced: 5 thousand 5 reais Release date: 29 January 2014
Occasion: Commemorating the 2014 FIFA World Cup, which took place in Brazil
Units produced (2 versions): 17.819 (mascot); 19.038 (globe) 2 reais Release date: 29 January 2014
Occasion: Commemorating the 2014 FIFA World Cup, which took place in Brazil
Units produced (6 versions): 19.959 (goalkeeper); 19.929 (chest); 19.723 (heading); 19.802 (pass); 19.952 (dribble); 19.993 (goal) 10 reais Release date: 28 November 2014 (100 metres); 17 April 2015 (pole vault); 7 August 2015 (freestyle wrestling); 19 February 2016 (Olympic torch)
Occasion: Commemorating the 2016 Summer Olympics, which took place in Rio de Janeiro
Units produced: 5 thousand (each) 5 reais Release date: 28 November 2014; 17 April 2015; 7 August 2015; 19 February 2016
Occasion: Commemorating the 2016 Summer Olympics, which took place in Rio de Janeiro
Units produced (4 versions): 18.700 + 17.500 + 18 thousand + 13.850 (rowing); 18.700 + 17.500 + 17 thousand + 13.900 (cycling); 18.700 + 17.500 + 17 thousand + 13.300 (athletics); 18.700 + 17.500 + 17.759 + 13.750 (beach volleyball) 5 reais Release date: 5 December 2014
Occasion: Commemorating the city of São Luís, capital of Maranhão
Units produced: 3 thousand 5 reais Release date: 3 December 2015
Occasion: Commemorating the city of Salvador, capital of Bahia
Units produced: 3 thousand 5 reais Release date: 25 November 2016
Occasion: Commemorating the city of Olinda, a city in Pernambuco
Units produced: 3 thousand
Since 2020, 3 types of non-circulating commemorative coins were released:
Non-circulating commemorative coins of the Brazilian real's second series (2020–2029) Value Details 2 reais Release date: 26 July 2022
Occasion: 200th anniversary of the Independence of Brazil (1822–2022)
Units produced: 40.000 (as of 10 June 2024; 40.000 authorized) 5 reais Release date: 26 July 2022
Occasion: 200th anniversary of the Independence of Brazil (1822–2022)
Units produced: 15.013 (as of 10 June 2024; 20.000 authorized) 5 reais Release date: 11 April 2024
Occasion: 200th anniversary of the first Constitution of Brazil and the creation of the Brazilian legislative body (1824–2024)
Units produced: 5.614 (as of 10 June 2024; 10.000 authorized)
Trial strike controversy
[edit]
In 2011, a collector named Pedro Pinto Balsemão claimed to have found a trial strike of the R$1, with a never before seen design, completely different from circulating 1 real coins.[21] Despite the initial skepticism, it was later supposedly confirmed via FOIA [pt] requests and interviews that Casa da Moeda do Brasil had minted trial strikes of the R$1 coin prior to the currency design change in 1998, with custom designs that were purposefully different to the final product as to avoid leaks.[22][23]
In May 2021, however, Bentes Group published an explanation as to why the "Real Bromélia" was not included in their Brazilian coins catalog. They claim to have done extensive research into the piece, and to have concluded that it is not a trial strike or test coin, but instead a sort of vending machine token with no numismatic value.[24]
Banknotes
[edit]
First series (1994–2010)
[edit]
In 1994, banknotes print "A" were issued by Casa da Moeda do Brasil in the amounts of 1, 5, 10, 50 and 100 reais, in addition to supplementary issues of banknotes ordered abroad in the values of 5, 10 and 50 reais of the print "B" produced abroad by the companies Giesecke+Devrient, Thomas de la Rue and François-Charles Oberthur Fiduciaire respectively. In 1997, modified banknotes of 1 real (print "B"), 5 and 10 reais (print "C") were launched, bearing the national flag as a watermark instead of the effigy of the republic in order to reduce the risk of such banknotes being used for counterfeiting banknotes at higher denominations. In 2000, the 10 reais commemorative banknote (print "D") was launched, and this banknote was the first polymer banknote to be issued in the country. In 2000 and 2001, the 2 and 20 reais banknotes were launched, respectively, using the sea turtle and the golden lion tamarin in the watermark and theme, and the 20 reais banknote was the first to make use of holographic elements on the Brazilian banknotes. In 2003, the print "C" of the 1 real banknote was put into circulation, which would have the name "República Federativa do Brasil" at the top in the place where the name "Banco Central do Brasil" was customarily placed, which was placed on the under the obverse of the bill, next to the word real. Such banknote ceased to be issued in 2005.
First series[25] Image Value Dimensions Description Obverse Reverse Obverse Reverse 1 real 140 mm × 65 mm The Republic's Effigy,
portrayed as a bust Sapphire-spangled emerald hummingbird (Amazilia lactea) 2 reais Hawksbill turtle (Eretmochelys imbricata) 5 reais Great egret (Casmerodius albus) 10 reais Green-winged macaw (Ara chlorepterus) 20 reais Golden lion tamarin (Leontopithecus rosalia) 50 reais Jaguar (Onça pintada, Panthera onca) 100 reais Dusky Grouper (Epinephelus marginatus)
Commemorative banknotes
[edit]
In April 2000, in commemoration of the 500th anniversary of the Portuguese arrival on Brazilian shores, the Brazilian Central Bank released a polymer 10 real banknote that circulated along with the other banknotes above. The Brazilian Mint printed 250 million of these notes, which at the time accounted for about half of the 10 real banknotes in circulation.
Obverse Reverse Value Year Material Description 10 reais 2000 Polymer Obverse: Image of Pedro Álvares Cabral, the colonizer of Brazil.
Reverse: Stylized version of the map of Brazil, with pictures highlighting the ethnic and cultural plurality of the country.
Second series (2010–present)
[edit]
On 3 February 2010, the Central Bank of Brazil announced the new series of the real banknotes which would begin to be released in April 2010. The new design added security enhancements in an attempt to reduce counterfeiting. The notes have different sizes according to their values to help vision-impaired people. The changes were made reflecting the growth of the Brazilian economy and the need for a stronger and safer currency. The new banknotes began to enter circulation in December 2010, coexisting with the older ones.[26][27] On 29 July 2020, the Central Bank of Brazil announced the release of the 200 reais banknote.[28] It was released into circulation on 2 September 2020.[29]
Second series Image Value Dimensions Main color Description Date of first issue Watermark Obverse Reverse Obverse Reverse 2 reais 121 mm × 65 mm Blue Wave pattern; head of Republic Hawksbill turtle (Eretmochelys imbricata) 29 July 2013 Hawksbill turtle and electrotype 2 5 reais 128 mm x 65 mm Purple Plants; head of Republic Great egret (Casmerodius albus) 29 July 2013 Great egret and electrotype 5 10 reais 135 mm × 65 mm Red Plants; head of Republic Green-winged macaw (Ara chlorepterus) 23 July 2012 Green-winged macaw and electrotype 10 20 reais 142 mm × 65 mm Yellow Plants; head of Republic Golden lion tamarin (Leontopithecus rosalia) 23 July 2012 Golden lion tamarin and electrotype 20 50 reais 149 mm × 70 mm Brown Jungle plants; head of Republic Jaguar (Panthera onca) 13 December 2010 Jaguar and electrotype 50 100 reais 156 mm × 70 mm Cyan Underwater plants and starfish; head of Republic; coral Dusky Grouper (Epinephelus marginatus); coral 13 December 2010 Dusky Grouper and electrotype 100 200 reais 142 mm × 65 mm Grey Savanna plants; head of Republic Maned wolf (Chrysocyon brachyurus) 2 September 2020 Maned wolf and electrotype 200
Among the security features of the second series is ultraviolet printing in the design, referred to as "fluorescent elements".[30] These appear and glow under ultraviolet light.
Exchange rates
[edit]
Current exchange rates
[edit]
Current BRL exchange rates From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD ARS JPY USD From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD ARS JPY USD From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD ARS JPY USD From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD ARS JPY USD
Historical exchange rate
[edit]
Brazilian Reais per US dollar 2002–2021 Year Lowest ↓ Highest ↑ Average Date Rate Date Rate Rate 2002 11 April 2.2640 10 October 4.0050 2.9221 2003 2 July 2.818 14 February 3.7000 3.0780 2004 30 December 2.6540 22 May 3.2420 2.9260 2005 11 November 2.1630 15 March 2.7660 2.4349 2006 5 May 2.0560 24 May 2.4050 2.1782 2007 14 November 1.732 5 January 2.153 1.948 2008 31 July 1.5620 5 December 2.6210 1.8349 2009 15 October 1.698 2 March 2.4510 1.9974 2010 13 October 1.6550 5 February 1.8910 1.7603 2011 26 July 1.5284 22 September 1.9520 1.6750 2012 29 February 1.6920 3 December 2.1395 1.9546 2013 11 March 1.9430 21 August 2.4523 2.1576 2014 10 April 2.1825 16 December 2.7614 2.3531 2015 22 January 2.5554 23 September 4.2491 3.3910 2016 25 October 3.1023 22 January 4.1737 3.4300 2017 16 February 3.0390 19 May 3.3703 3.1855 2018 25 January 3.1463 14 September 4.2066 3.6644 2019 1 February 3.6447 28 November 4.2640 3.9437 2020 2 January 4.0195 14 May 5.8887 5.2420 2021 25 June 4.9142 14 September 5.8757 5.3975
Date Rate 1994-07-01 1.00 1994-10-14 0.83 1995-02-15 0.88 1995-12-29 0.97 1996-06-11 1.00 1996-12-31 1.04 1997-12-31 1.12 1998-12-31 1.20 1999-01-12 1.21 1999-01-13 1.31 1999-01-29 1.98 1999-03-03 2.16 1999-04-30 1.66 1999-12-31 1.78 2000-12-31 1.96 2001-05-02 2.23 2001-10-15 2.78 2002-01-25 2.38 2002-04-12 2.27 2002-06-27 2.83 2002-09-30 3.87 2002-10-12 3.93 2002-10-22 3.96 2002-12-27 3.53 2003-02-18 3.61 2003-06-28 2.87 2003-09-30 2.93 2003-12-28 2.93 2004-03-31 2.91 2004-05-23 3.18 2004-06-28 3.10 2004-09-30 2.85 2004-12-28 2.69 2005-02-19 2.56 2005-03-26 2.73 2005-06-28 2.38 2005-09-25 2.26 2005-11-11 2.17 2005-12-28 2.36 2006-03-27 2.15 2006-05-07 2.05 2006-12-29 2.13 2007-11-07 1.73 2008-08-01 1.56 2009-03-03 2.42 2009-10-14 1.71 2010-12-30 1.66 2011-07-23 1.53 2012-03-18 1.79 2012-08-19 2.01 2013-03-31 2.01 2013-07-13 2.26 2013-11-01 2.23 2014-01-23 2.40 2014-02-06 2.40 2014-10-23 2.50 2014-12-16 2.75 2015-01-22 2.56 2015-02-02 2.71 2015-03-06 3.05 2015-03-19 3.29 2015-04-24 2.95 2015-04-28 2.88 2015-05-08 2.97 2015-05-29 3.18 2015-08-06 3.53 2015-09-01 3.69 2015-09-04 3.80 2015-09-17 3.88 2015-09-22 4.05 2015-09-24 4.24 2015-09-25 3.97 2015-10-02 3.94 2015-10-09 3.75 2015-11-20 3.69 2015-12-03 3.74 2015-12-09 3.73 2016-02-23 3.97 2016-03-13 3.58 2016-06-30 3.18 2016-10-25 3.10 2017-02-14 3.09
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[31] Rank Currency ISO 4217
code Symbol or
abbreviation Proportion of daily volume Change
(2019–2022) April 2019 April 2022 1 U.S. dollar USD US$ 88.3% 88.5% 0.2pp 2 Euro EUR € 32.3% 30.5% 1.8pp 3 Japanese yen JPY ¥ / 円 16.8% 16.7% 0.1pp 4 Sterling GBP £ 12.8% 12.9% 0.1pp 5 Renminbi CNY ¥ / 元 4.3% 7.0% 2.7pp 6 Australian dollar AUD A$ 6.8% 6.4% 0.4pp 7 Canadian dollar CAD C$ 5.0% 6.2% 1.2pp 8 Swiss franc CHF CHF 4.9% 5.2% 0.3pp 9 Hong Kong dollar HKD HK$ 3.5% 2.6% 0.9pp 10 Singapore dollar SGD S$ 1.8% 2.4% 0.6pp 11 Swedish krona SEK kr 2.0% 2.2% 0.2pp 12 South Korean won KRW ₩ / 원 2.0% 1.9% 0.1pp 13 Norwegian krone NOK kr 1.8% 1.7% 0.1pp 14 New Zealand dollar NZD NZ$ 2.1% 1.7% 0.4pp 15 Indian rupee INR ₹ 1.7% 1.6% 0.1pp 16 Mexican peso MXN MX$ 1.7% 1.5% 0.2pp 17 New Taiwan dollar TWD NT$ 0.9% 1.1% 0.2pp 18 South African rand ZAR R 1.1% 1.0% 0.1pp 19 Brazilian real BRL R$ 1.1% 0.9% 0.2pp 20 Danish krone DKK kr 0.6% 0.7% 0.1pp 21 Polish złoty PLN zł 0.6% 0.7% 0.1pp 22 Thai baht THB ฿ 0.5% 0.4% 0.1pp 23 Israeli new shekel ILS ₪ 0.3% 0.4% 0.1pp 24 Indonesian rupiah IDR Rp 0.4% 0.4% 25 Czech koruna CZK Kč 0.4% 0.4% 26 UAE dirham AED د.إ 0.2% 0.4% 0.2pp 27 Turkish lira TRY ₺ 1.1% 0.4% 0.7pp 28 Hungarian forint HUF Ft 0.4% 0.3% 0.1pp 29 Chilean peso CLP CLP$ 0.3% 0.3% 30 Saudi riyal SAR ﷼ 0.2% 0.2% 31 Philippine peso PHP ₱ 0.3% 0.2% 0.1pp 32 Malaysian ringgit MYR RM 0.2% 0.2% 33 Colombian peso COP COL$ 0.2% 0.2% 34 Russian ruble RUB ₽ 1.1% 0.2% 0.9pp 35 Romanian leu RON L 0.1% 0.1% 36 Peruvian sol PEN S/ 0.1% 0.1% 37 Bahraini dinar BHD .د.ب 0.0% 0.0% 38 Bulgarian lev BGN BGN 0.0% 0.0% 39 Argentine peso ARS ARG$ 0.1% 0.0% 0.1pp … Other 1.8% 2.3% 0.5pp Total[a] 200.0% 200.0%
See also
[edit]
Central Bank of Brazil
Economy of Brazil
Plano Real
Portuguese real
Notes
[edit]
References
[edit]
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The Laurence Pope Collection Of Portuguese Colonial Banknotes Part One
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Banco Nacional Ultramarino, Mozambique, printers archival specimen 10 Mil Reis, 1 March 1909, serial number range 70001
|
en
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/apple-touch-icon.png
|
LiveAuctioneers
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https://www.liveauctioneers.com/en-gb/price-result/the-laurence-pope-collection-of-portuguese-colonial-banknotes-part-one/
|
High quality Caracca Atlantica model ship by Mamoli, 1:54 scale. Box 3.5x10x29.5". Portuguese merchant ships like this one played a vital part in the age of exploration.Date: Country: State: City: Pro
Part of an old time collection these over 100 Early US Stamps, including banknotes, commemoratives, definitives and more. Part of a great old-time collection.
Swiss. C. 2010. This IWC Portuguese IW5001-07 is a distinguished and classic timepiece that is part of the renowned Portuguese collection. This collection pays homage to the brand's historical ties wi
An 80 piece collection of assorted Portuguese Cabbage Ware, by Bordallo Pinheiro. Includes: one (1) leaf serving dish with curved handle; three (3) large round serving bowls; three (3) small round ser
Two Women's Understructure Pieces: One Corset, One Crinoline, 1870s This lot includes one corset and one crinoline from the Tasha Tudor Collection of the Colonial Williamsburg Foundation. Tasha Tudor
Spanish Colonial School, painting, 17th c., Peruvian, Trinity Embodied as One, oil on canvas, unsigned, unframed, 17"h x 15"w Provenance: From a Single Owner Collection of Spanish Colonial Art
comprising ten leather lens cases, three Leica camera bodies, one with a view finder attached to the top, Leica binoculars, two Leica boxes, one with accessories, a Leica f=9cm lens in its leather cas
From the Helen & Gordon Vokey Collection. Exhibits scattered fine surface scratches that, for the most part, are isolated to one side. Condition 9 and 8.75. Marked: "Copyright 1947 The Double-Cola Co.
This serial number one blue seal from Arkansas originally showed up as part of the Hendrix collection at the bottom of the market in 2009 and it sold for a pittance as did many notes from that collect
Vanishing Point Staring Barry Newman 1971 Original Half sheet movie poster. One Owner!This item is part of an original, single owner collection totaling more than 1,500 movie posters, lobby cards, and
Rare Antique Indigo Mexican Saltillo Sarape complete Blanket. First Half 19th Century. Very finely woven in one panel. Wool on a cotton foundation. This piece was part of a Private UK Collection. Hand
DK Cartier Panthere 18k Yellow Gold & Hematite Bangle This unique and wonderful bangle is one of a kind! It is made of 18k yellow gold & hematite. This is part of the famous Panthere Collection. It is
ALS, one page, 7.75 x 9.75, February 1, 1827. Handwritten letter to "Colo. Leroy Pope," introducing a "Mr. Goodacre." In part: "Mr. Goodacre has spent some days in Nashville, has given several lecture
Found underground at Eureka, Nevada. There are the upper parts of 2 pairs of pants of early Levis, 1 with partial label on the side, each was made for suspenders. One pair measures 15 inches across th
Lee Bank $5, July 1, 1857, printed by Danforth, Wright & Co., NY and Phila. Pieces missing. Of the eleven bank notes in the purser's safe, this is the only one from the Lee Bank. The Lee Bank (Massach
UNRESERVED. Serial#: 1111263023. The Taylor 918e is part of a long line of body shape design innovations. This guitar is no longer in production. The Grand Orchestra model unleashes one of Taylor's bo
New World, Spanish Colonial, Mexico, ca. 19th century CE. A truly striking wooden representation of the Virgin Mary with a Serpent and Crescent Moon - one of my favorite santos in our collection. The
[Incunabula] Quentell, Heinrich (printer)Biblia (in West Low German, With Glosses According to Nicolaus de Lyra's Postils)(Cologne: Heinrich Quentell, about 1478-79). Part one (of two) only. Folio (41
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8738
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dbpedia
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1
| 80
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https://www.iotafinance.com/en/Info-currency-PTE-Portugese-escudo.html
|
en
|
Information on currency : Portugese escudo
|
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Informations about the currency Portugese escudo
|
en
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/img/iota.ico
|
https://www.iotafinance.com/en/Info-currency-PTE-Portugese-escudo.html
|
The Portuguese Escudo was the official currency of Portugal before the country adopted the Euro. It was in use from 1911 to 2002.
The Portuguese Escudo was introduced after the proclamation of the Portuguese Republic in 1910. It was replaced by the Euro on January 1, 2002, when Portugal, along with several other European countries, adopted the common currency.
Subunits
The Portuguese Escudo was divided into 100 centavos.
Coins and Banknotes
The Portuguese Escudo had various denominations of coins and banknotes. Coins were issued in centavos and Escudos, while banknotes were issued in various denominations.
Euro Adoption
Portugal adopted the Euro on January 1, 2002. From this date, the Portuguese Escudo ceased to be legal tender, and all transactions switched to the Euro.
Since the adoption of the Euro, the Portuguese Escudo is no longer in circulation, and any remaining banknotes and coins are considered collector's items. The Euro is now the official currency used in Portugal.
Exchange Rate
The exchange rate at which the Portuguese Escudo was replaced by the Euro was fixed at 1 Euro = 200.482 Portuguese Escudos.
|
|||||
8738
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dbpedia
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0
| 8
|
https://simify.com/blogs/travel/portugal-currency
|
en
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Unveiling Portugal's Peso: What is the Currency in Portugal?
|
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2023-11-24T09:49:40
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Explore the currency of Portugal, the Euro, often mistakenly referred to as the Peso. Learn about its value, usage, and impact on travel.
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en
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Simify
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https://simify.com/blogs/travel/portugal-currency
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Greetings, fellow wanderers of the world! Today, we embark on a virtual journey to Portugal, a land blessed with sun-kissed shores, historic cobblestone streets, and of course, a currency that has seen its fair share of transformation.
The Basics of Portuguese Currency
Portuguese Escudo to Euro Transition
Let's step into the time capsule and rewind to the late 20th century when Portugal waved goodbye to the Portuguese Escudo and embraced the Euro with open arms. The transition, which took place in 2002, wasn't just a mere change in bills and coins; it marked a pivotal moment in Portugal's economic landscape.
Why did they make the switch, you ask? Well, apart from wanting to hop on the Eurozone bandwagon, Portugal saw the Euro as a ticket to stability and a way to strengthen its economic ties with other European nations. The outcome? A more unified currency landscape and a seamless experience for international travelers.
The Euro – Portugal's Official Currency
Now, let's talk about the star of the show: the Euro. Yes, that shiny, universally recognized currency that makes your wallet feel a bit more cosmopolitan. The Euro, denoted by the code EUR, is the official currency of Portugal and 18 other countries in the Eurozone.
If you're picturing banknotes adorned with illustrious Portuguese figures and iconic landmarks, you're on the right track. The Euro banknotes are a work of art, featuring everything from bridges to windows and doors. And the coins? They're a pocket-sized gallery of European unity, showcasing various designs from participating countries.
While you're busy marveling at the artistic brilliance of your newfound currency, keep in mind that Euros come in different denominations, making them practical for transactions of all sizes. From the humble one Euro coin to the regal 500 Euro note, you've got a range of options to fit your spending needs.
So, next time you're handed a Euro bill, take a moment to appreciate the artistry and the economic unity it represents.
The Symbolism of the Euro
Now, let's talk symbols – not the cryptic kind you find in ancient scrolls, but the ones that make your wallet a treasure trove of cultural significance. The Euro symbol, €, is more than just a fancy squiggle; it represents the spirit of the European Union.
Crafted by the hands of Belgium's Alain Billiet, the Euro symbol is a blend of simplicity and meaning. The two horizontal lines across the € not only denote stability but also signify the euro's role as a catalyst for European integration. It's a small, subtle stroke that speaks volumes about unity in diversity.
Currency Code: EUR
Enough with the art class; let's get down to the nitty-gritty – the currency code. EUR isn't just an arbitrary set of letters; it's a key to the Eurozone vault. Whether you're checking exchange rates online or withdrawing cash from an ATM, you'll be seeing those three letters more often than your favorite travel blog.
Understanding the currency code is like having a backstage pass to the financial concert. When you see EUR, you know you're dealing with the Euro, and that's the universal language of money in Portugal.
As we venture further into the intricacies of currency exchange, let's keep our metaphorical Euro passports ready, because knowing the currency code is like having your travel essentials – you just can't do without it.
Currency Exchange in Portugal
Where to Exchange Currency
Ah, the age-old question every traveler grapples with: where to exchange your hometown treasure for the shiny, new Euro. Fear not, intrepid explorer, for Portugal is equipped with an array of options to satisfy your currency cravings.
First and foremost, airports and major transportation hubs are your initial pit stops. While airport exchange services might not offer the most favorable rates, they do provide convenience. Consider exchanging a small amount here for immediate expenses, like that first aromatic cup of Portuguese coffee or a tantalizing pastel de nata.
Once you've quenched your initial thirst for Euros, venture into the city. Banks and currency exchange offices are scattered across urban landscapes, beckoning you to swap your bills for the Euro charm. Keep an eye out for those offering competitive rates and minimal fees – your wallet will thank you later.
And if you're feeling tech-savvy, ATMs are your digital currency comrades. Portugal boasts a robust network of ATMs, ensuring that a cash oasis is never too far away. Before you plunge your card into the ATM abyss, though, remember to check with your bank about international transaction fees to avoid any post-travel financial surprises.
Currency Exchange Rates
Now, let's tackle the perplexing world of exchange rates. Think of them as the elusive chameleons of the financial jungle, ever-changing and always adapting. Understanding how they work is the key to ensuring you get the most bang for your Euro.
Exchange rates, simply put, represent the value of one currency in terms of another. They're influenced by a myriad of factors – economic conditions, geopolitical events, and even your aunt's lemonade stand profits. Okay, maybe not the last one, but you get the idea.
To avoid feeling like you're navigating a currency labyrinth blindfolded, keep an eye on real-time exchange rates. Numerous online platforms and currency converter apps can be your trusty sidekicks in this quest. Compare rates from different sources, including banks, exchange offices, and even your friendly neighborhood ATM.
Thanks for visiting our blog, are you planing to travel to Europe? Check out our eSIM Portugal & Europe Sim Card.
As we transition to the next leg of our currency adventure, remember this: mastering the art of currency exchange is like learning a new dance. With the right moves, you'll be gliding through Portugal's picturesque landscapes with your Euros leading the way.
Using Credit Cards and ATMs
Credit Card Usage in Portugal
Picture this: You're strolling through the cobbled streets of Porto, eyes wide with wonder, and the aroma of freshly baked pastries wafting through the air. But, wait – your wallet is feeling a bit too light for that pastry indulgence. Fear not, for plastic fantastic is here to save the day!
Credit cards are widely accepted in urban areas and popular tourist destinations across Portugal. From swanky restaurants to charming boutiques, your credit card is your golden ticket to hassle-free transactions. But, and there's always a but, it's wise to carry some cash, especially when venturing into smaller towns or rural areas where the magnetic allure of credit cards might be less potent.
Now, before you start swiping away with abandon, a word of caution: foreign transaction fees. These sneaky little charges can add up, turning that budget-friendly shopping spree into a not-so-pleasant surprise when your statement arrives. Check with your credit card issuer about these fees, and consider getting a card with travel perks to maximize your financial expedition.
ATM Access
Imagine this scenario: You've just hiked to the summit of Sintra, and the breathtaking view has left you craving a refreshing beverage. Fear not, for ATMs are your reliable companions in Portugal's vast terrains.
ATMs are scattered like hidden gems throughout the country, ensuring that you're never too far from a cash oasis. However, a little preparation goes a long way. Notify your bank about your travel plans to prevent any unwarranted freezes on your card, and keep an eye out for ATMs affiliated with major networks to minimize withdrawal fees.
While the convenience of ATMs is undeniable, remember that some remote areas may have limited access. It's always a good idea to have a stash of Euros for such occasions, ensuring that you're prepared for any unexpected twists in your Portuguese adventure.
Cultural Aspects of Currency in Portugal
Tipping Etiquette
Ah, tipping – that subtle dance between appreciation and cultural sensitivity. In Portugal, tipping is generally appreciated, but it's not as ingrained in the culture as it might be in some other places. A service charge is often included in restaurant bills, but rounding up or leaving a few extra Euros for exceptional service is a gracious gesture.
As you savor your bacalhau or sip on a glass of port wine, consider rounding up to the nearest Euro or leaving a 5-10% tip if the service has truly wowed you. Tipping in cafes and bars is more casual, often involving small change or rounding up to show your gratitude.
Bargaining and Cash Transactions
Now, let's talk about the art of the deal – bargaining. While it's not as common in Portugal as in some other parts of the world, there are situations where a bit of friendly negotiation can come in handy. Think markets, local crafts, or even some smaller, independent stores.
When engaging in the delicate dance of bargaining, having cash in hand can be advantageous. It not only streamlines the process but also shows that you're serious about sealing the deal. So, stash a bit of cash in your pocket before venturing into the vibrant markets of Lisbon or the charming alleys of Porto.
And here's a pro-tip: Politeness goes a long way. Even if you don't strike the deal you hoped for, maintaining a friendly demeanor ensures that you leave a positive impression on the seller and, perhaps, with a unique Portuguese trinket in hand.
As we wrap up this currency expedition, let's dive into a series of FAQs to address some common queries that might be lingering in the minds of fellow travelers. From whether you can use other currencies in Portugal to the best strategies for exchanging money, we've got the answers to ensure your currency journey in Portugal is as smooth as a Fado melody. Before you take off make sure to check with local government of the travel status.
Frequently Asked Questions (FAQs)
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https://whiteboardcrypto.com/portugal-currency/
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Portugal Currency (Euro History + Facts)
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2024-02-27T18:29:21+00:00
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Portugal's currency used to be the escudo, introduced in 1911 after the monarchy was overthrown. The country switched to the euro, the European Union's
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en
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WhiteboardCrypto
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https://whiteboardcrypto.com/portugal-currency/
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Portugal’s currency used to be the escudo, introduced in 1911 after the monarchy was overthrown. The country switched to the euro, the European Union’s common currency, in 1999 after meeting specific EU requirements. By 2002, the euro had fully replaced the escudo as Portugal’s currency.
The euro is divided into 100 cents, with coins available in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2 coins. Banknotes are available in denominations of €5, €10, €20, €50, €100, €200, and €500.
This article explores the history of Portugal’s currency, tracing its development from early times under royal rule to its current form as the euro. It covers the changes in Portugal’s monetary system, including the significant transition to the European Union’s single currency.
Historical Journey of Portugal Currency
Portugal has a rich history of currency dating back to the Roman Empire. The first coins used in Portugal were Roman coins, which were used until the fall of the Western Roman Empire in 476 AD. After that, the Visigoths and the Moors also minted their own coins, but it wasn’t until the 12th century that Portugal started to mint its own coins, called dinheiro.
From 1139 to 1911, Portugal used various currencies. Initially, the Portuguese dinheiro was introduced by King Dom Afonso Henriques, with the mealha as half a dinheiro.
This system was based on the Roman currency, where twelve dinheiros equaled one soldo, and twenty soldos equaled one libra. King Dom Sancho I introduced the gold morabitino, and later, King Dom Dinis I introduced the silver tornês.
In 1380, King Fernando I added new coins like the gold dobra and the silver real. Various other currencies like the Byzantine siliquae and the Moorish dirhem circulated alongside the dinheiro.
In the 15th century, Portugal became a powerful maritime nation with a vast empire stretching from Brazil to India. The currency used during this time was the real, which was the unit of currency of Portugal and the Portuguese Empire from around 1430 until 1911.
The real was subdivided into 1,000 reis, and was used throughout the Portuguese Empire, including Brazil, until the early 20th century.
Escudo
From 1911 to 1999, after the Republican Revolution, the Portuguese escudo replaced the real at a rate of 1,000 réis to 1 escudo, subdivided into 100 centavos.
The escudo was used in Portugal, its African colonies until 1975, and in colonial Macau, which still uses the Macanese pataca. Timor-Leste used the Portuguese timor, then the timor escudo, while India used the Indian rupia and then the Indian escudo until 1961.
Since 1999, Portugal has used the euro, which replaced the escudo in circulation by 2002. Brazil reverted to the real after briefly using the Brazilian cruzeiro. Most of Portugal’s colonies adopted new currencies post-independence, like Timor-Leste with the American dollar and Mozambique with the metical.
Today, the euro is the official currency of Portugal and is used throughout the European Union. The euro is subdivided into 100 cents and is used by 19 of the 28 EU member countries.
Euro
Portugal’s transition to the euro in 2002 marked a key moment in its economic and EU integration. The journey began in 1986 with Portugal joining the European Economic Community, which became the EU.
By 1998, Portugal fulfilled the criteria to adopt the euro, joining the initial group of eurozone countries. The euro started as electronic currency in 1999 and physical euro banknotes and coins replaced the escudo in 2002, with a dual circulation period until the end of February.
Euro Coins
The euro, introduced in 1999, is the official currency of the Eurozone, consisting of 20 member countries. It is divided into eight coin denominations, ranging from one cent to two euros, each featuring a common reverse side depicting a map of Europe.
However, the obverse side varies among member countries, showcasing unique designs. In addition to Eurozone members, four European microstates (Andorra, Monaco, San Marino, and Vatican City) also use the euro with their own designed coins. The coins are minted at national mints, adhering to strict quotas, while the European Central Bank manages the common side.
Over the years, the euro’s design has evolved, with changes in 2007 reflecting the EU’s enlargement and updates in 2017 for some denominations. The euro’s introduction aimed to foster economic and monetary union, contributing to stability and collaboration among member states.
The coins incorporate security features, and their design considers tactile elements for the visually impaired. While national sides of regular coins can be updated every 15 years, commemorative coins may vary more frequently. As of 2023, 24 countries issue euro coins with their national sides, reflecting the diversity within the Eurozone.
Euro Bills
Euro banknotes, the common currency of the eurozone, have evolved since their 1999 inception. Initially, under ES1, these €5 to €500 notes featured a uniform design with the European flag, a map, and “euro” in Latin and Greek.
The designs, by Robert Kalina, resulted from a 1996 competition. ES1, made of pure cotton, excluded non-EU Cyprus and Malta. ES2, or Europa series, introduced size changes and enhanced durability with updated security features. Reinhold Gerstetter redesigned the notes, featuring Mario Draghi’s signature post-March 2012.
Anticipated in 2024, the third series will redesign notes based on public-voted themes. Security features include confidential elements like holograms and watermarks.
The Europa series introduced Europa’s face, reflecting EU expansion and adding Bulgaria’s Cyrillic alphabet. Circulating since 2013, it phased out the €500 note due to concerns about criminal use.
Security features include watermarks, holograms, color-changing ink, and more, with consultation for the visually impaired. A 2021 plan outlines the next redesign with potential themes like “European culture.”
The ECB monitors euro banknote circulation and stock, ensuring integrity since its 2002 introduction. The euro’s history involves expansion, formalized political authority through the Lisbon Treaty, and usage across multiple EU countries. The seven denominations feature stylized historical European architectural illustrations on both sides.
Inflation and Buying Power of Portugal Euro
According to World Data, over the past 62 years, from 1960 to 2022, Portugal’s inflation rate varied between -0.8% and 31.0%. In 2022, the inflation rate was 7.8%.
The average annual inflation rate during this period was 8.1%, leading to an overall price increase of 10,422.72%. This means an item that cost 100 euros in 1960 would cost 10,422.72 euros in early 2023. As of November 2023, the year-over-year inflation rate was recorded at 1.5%.
Portugal’s economic forecast indicates a modest recovery following a challenging year in 2023. Economic growth has slowed, but the labor market remains strong with high employment rates.
GDP growth is expected to recover gradually, with inflation projected to moderate, aligning with the euro-area average. The government balance is forecast to achieve a surplus of 0.8% of GDP in 2023, but will narrow over the next few years.
GDP growth rates are predicted at 2.2% for 2023, 1.3% for 2024, and 1.8% for 2025. Inflation rates are expected to decrease from 5.5% in 2023 to 2.4% in 2025. Unemployment is projected to remain stable around 6.4% to 6.5%.
The economic slowdown hasn’t significantly impacted employment, which continues to grow, particularly in tourism, construction, and administrative services. Inflation is moderating, helped by declining energy prices, although wage growth could exert some pressure on service prices.
The general government balance is expected to turn positive in 2023 due to robust labor markets and controlled government spending. However, public debt remains high at over 100% of GDP, though it is projected to decrease to 97.2% by 2025.
The forecast indicates a balanced yet cautious economic outlook for Portugal in the near future.
Currency Usage in Portugal
If you’re planning a trip to Portugal, you’ll need to know a little bit about the country’s currency. Portugal uses the euro (EUR), which is divided into 100 cents. Banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500, while coins come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2.
Is USD Accepted in Portugal?
While some tourist-oriented businesses may accept US dollars, it’s always best to have euros on hand for your trip to Portugal.
Using euros will help you avoid any confusion or misunderstandings that may arise from currency exchange rates or fees. ATMs are widely available throughout the country, and most businesses accept credit cards, so you should have no trouble getting the euros you need for your trip.
Exchanging Currency in Portugal
If you’re traveling to Portugal, you’ll need to exchange your currency to euros. Here’s what you need to know about exchanging currency in Portugal.
Where can I exchange Portugal Currency?
You can exchange currency in Portugal at banks, exchange offices, and ATMs. Banks typically offer the best exchange rates, but they may charge a commission or have limited hours. Exchange offices may have more flexible hours, but they may charge higher fees. ATMs are widely available and convenient, but they may have withdrawal limits and foreign transaction fees.
Before you exchange currency, check the exchange rate to make sure you’re getting a fair deal. You can use online currency converters or check the rates at banks or exchange offices. Keep in mind that exchange rates fluctuate constantly, so it’s a good idea to exchange your currency as soon as possible.
What to know before exchanging currency in Portugal
Before exchanging currency in Portugal, remember to bring your passport for transactions at banks or exchange offices. Avoid airport exchanges due to higher rates and check for hidden fees at banks and exchange offices.
Stay cautious of scams, particularly from street vendors. Use ATMs wisely, noting any fees and exchange rates, and opt for those in secure locations. Although credit cards are widely accepted, keep cash for small purchases or emergencies.
ATMs are readily available for withdrawing euros with a debit card, but be mindful of potential fees from your bank for international transactions.
Choosing Between USD and Portugal Currency
If you’re planning a trip to Portugal, you may be wondering whether to use USD or the local currency, the euro. Here are some factors to consider when making your decision.
Exchange Rate
The exchange rate between USD and euro fluctuates constantly, so it’s important to check the current rate before making any transactions.
You can use an online currency converter like XE to get an idea of the current rate. Keep in mind that the rate you see online may not be the rate you get when exchanging money in person, as exchange offices and banks often charge fees.
Convenience
Using Portugal currency is generally more convenient than using USD. Most businesses in Portugal, including restaurants, shops, and hotels, only accept euros. If you try to pay with USD, you may receive a poor exchange rate or be charged additional fees.
While many places in Portugal accept credit cards, it’s always a good idea to have some cash on hand for smaller purchases or in case of emergencies.
ATMs are widely available throughout the country, and you can use your debit card to withdraw euros. Just be aware that your bank may charge fees for international transactions, so it’s a good idea to check with them before you go.
Fees
When exchanging money, you should be aware of any fees that may be charged. Banks and exchange offices often charge fees for exchanging currency, and these fees can vary widely.
Some credit cards also charge fees for foreign transactions. To avoid unnecessary fees, it’s a good idea to research your options before you leave for your trip.
Tips
When traveling in Portugal, use these tips to manage your money effectively:
Withdraw cash using ATMs from reputable banks to avoid high fees, and prefer using a credit card with no foreign transaction fees for better exchange rates and fee savings.
Stay informed about the current exchange rate and compare prices in both USD and euros to ensure fair deals. Keep cash for small purchases like snacks or public transportation, as some places might not accept credit cards for minor transactions.
Lastly, avoid exchanging money at airports or tourist spots due to their higher fees and less favorable exchange rates.
By considering these factors and following these tips, you can make an informed decision about whether to use USD or Portugal currency on your trip.
Cost of Living in Portugal
If you’re planning to move to Portugal, it’s important to have an idea of the cost of living in the country. The cost of living in Portugal is generally lower than in other European countries, making it an attractive destination for expats. However, the cost of living can vary significantly depending on the city you choose to live in and your lifestyle.
Accommodation is one of the biggest expenses in Portugal. The cost of rent varies depending on the location, type of property, and the number of rooms.
In Lisbon, for example, the average monthly rent for a one-bedroom apartment in the city center is around €800-€1,200 (~$860-1300 USD). If you’re on a tight budget, you can find cheaper accommodation outside the city center.
The cost of food in Portugal is generally lower than in other European countries. You can expect to pay around €10-€15 for a meal at an inexpensive restaurant and around €25-€35 for a meal at a mid-range restaurant. If you’re on a tight budget, you can save money by shopping at local markets and cooking your meals.
Public transportation in Portugal is affordable and efficient. A single ticket on a bus or metro in Lisbon costs around €1.50. If you plan to use public transportation frequently, it’s worth buying a monthly pass, which costs around €35. Taxis are also relatively cheap, with an average fare of around €5 for a short ride.
The cost of utilities, such as electricity, gas, and water, varies depending on your usage and the location of your property. On average, you can expect to pay around €80-€120 per month for basic utilities in a small apartment.
Portugal has a good public healthcare system, which is free or low-cost for residents. If you’re not eligible for public healthcare, you can opt for private health insurance, which can cost around €50-€100 per month.
Overall, the cost of living in Portugal is affordable compared to other European countries. However, it’s important to keep in mind that the cost of living can vary significantly depending on your lifestyle and the city you choose to live in.
Don’t Get Scammed Tips
When traveling to Portugal, it’s important to be aware of the common scams that may occur. Here are some tips to help you avoid being scammed when dealing with currency in Portugal:
1. Know the exchange rate
Before exchanging currency, it’s important to know the current exchange rate. This will help you understand how much money you should be receiving when exchanging your currency.
You can check the current exchange rate online or by using a currency converter app. Be sure to compare rates at different exchange offices to get the best deal.
2. Avoid exchanging currency at airports or tourist areas
Currency exchange offices at airports or tourist areas may offer lower exchange rates or charge higher fees. It’s better to exchange currency at banks or exchange offices in the city center.
3. Be cautious when using ATMs
ATMs are a convenient way to withdraw cash, but they can also be a target for scams. Always cover the keypad when entering your PIN and check the card slot for any skimming devices. It’s better to use ATMs located inside banks or shopping centers.
4. Watch out for counterfeit currency
Counterfeit currency is a problem in Portugal, especially in tourist areas. Always check the bills you receive for signs of counterfeiting, such as blurry printing or missing security features. If you receive a suspicious bill, report it to the police.
5. Avoid using credit cards at small shops or street vendors
Small shops or street vendors may not have secure credit card terminals, which can put your personal information at risk. It’s better to use cash or a secure credit card terminal at larger stores or restaurants.
By following these tips, you can protect yourself from currency scams in Portugal and enjoy your trip with peace of mind.
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https://www.axa-schengen.com/en/countries-schengen-area
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Schengen Countries: What Are They?
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The Schengen Area consists of 27 countries and covers nearly all of mainland Europe, with those countries that fall within the Schengen Area listed here.
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https://www.axa-schengen.com/en/countries-schengen-area
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The Schengen Agreement is a treaty which led to the creation of Europe's Schengen Area, in which internal border checks have largely been abolished. It was signed on 14 June 1985 by five of the ten member states of the then European Economic Community and enacted a decade later, with all countries in the European Union (EU), except the U.K. and Ireland, joining over the coming years. Countries in Europe but outside the EU have also joined, including Switzerland, Norway, and Iceland. Britain has subsequently left the EU - meaning it is extremely unlikely to join Schengen in the foreseeable future.
Why is it called the ‘Schengen’ Area?
The name Schengen comes from the town in southeastern Luxembourg where France, Germany, Belgium, Luxembourg, and the Netherlands signed the original Schengen Agreement in 1985.
What does it mean if I want to travel to Europe?
The agreement has abolished border checks at the signatories' common borders within the area, allowing individuals to travel freely within it. It gives residents in border areas the freedom to cross borders away from fixed checkpoints and has harmonized visa policies, meaning that for short stays of under 90 days, you can get a Schengen Visa. Under the Schengen Agreement, traveling from one country to another within the Schengen Area is done without border controls. In fact, the Schengen Visa makes it possible to visit all the countries in the Schengen Area and to cross internal borders without further formalities.
Please be aware that the European Union and the Schengen Area are two different zones. The list below will enable you to see the difference and check that the countries where you are planning to stay are all in the Schengen Area.
What European countries are not part of the Schengen Zone?
Although 29 countries are inside the Schengen Zone, including most nations in mainland Europe - not every European state is inside the area where border checks have been abolished. Find out the list of non-Schengen countries.
Do I always need a visa to travel to the Schengen Area?
Some countries have reciprocal visa-free travel arrangements with the Schengen states - including the U.K. and America. From the end of 2022, those traveling from these countries will need to apply for ETIAS authorization - an electronic document that allows for streamlined background checks and the collection of biometric information.
Was the U.K. ever in the Schengen Area?
The United Kingdom was never a member of the Schengen Agreement, as it secured an opt-out that other countries did not. Similarly, while Ireland is in the EU it is not in Schengen.
Before Brexit, the U.K. was subject to European Union law and Europeans had a right to live and work in the U.K. - and vice versa. Little has changed for those outside the EU as they were subject to these laws before Brexit - and so they have to apply for a short or long stay visa accordingly to the relevant authorities.
Are the Canary Islands and other Europe's overseas territories part of the Schengen Area?
The Schengen Area includes the Atlantic islands belonging to Spain and Portugal, such as the Canaries (Tenerife, Fuerteventura, Gran Canaria, Lanzarote, La Palma, La Gomera, El Hierro and La Graciosa) and Madeira. However, most overseas regions and territories are not part of the Schengen Area. For example, French Guiana, Martinique (France), Reunion (France), Guadeloupe (France), Curaçao (Netherlands), and Greenland (Denmark) are not a part of the common travel area, and may not be within the EU.
How can AXA help?
AXA offers several insurance policies for travel in Europe, from a low-cost option, priced at as little as €22 ($24) per week of your trip, that will meet the Schengen Visa requirements, to multi-trip insurance that will cover you for ongoing visits. None of these policies will require you to pay an excess fee on medical costs.
Those seeking a multiple-entry visa can purchase the Multi Trip insurance from €328 per year, which again covers you for expenses up to €100,000.
Additionally, AXA Schengen insurance covers, depending on the policy subscribed, the U.K. and the non-Schengen countries of the European Union, like Ireland, Romania, or Bulgaria.
Related topics on the Schengen visa
How to apply for a Schengen visa?
Who needs a Schengen visa?
How to fill in a Schengen visa application form?
How much does a Schengen visa cost?
What type of Schengen visa do I need?
What is a Schengen business visa?
What is a Schengen student visa?
How to visit or stay with your partner living in the Schengen area?
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https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/portugal-and-euro_en
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en
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Portugal and the euro
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Portugal joined the European Union in 1986 and was one of the first countries to adopt the euro on 1 January 1999.
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Economy and Finance
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https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/portugal-and-euro_en
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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.
Institutions
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https://www.bnpparibas.pt/en/brands-and-institutions/corporate-and-investment-banking/live-currency-rater-portugal/
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Live Currency Rates for Portugal
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2021-07-15T10:40:51+00:00
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The exchange rates displayed on this page are indicative of the rates which will be applied to international payments processed by BNP Paribas. These rates are based on the SPOT rate at the time of publication and are therefore intended as a guide only. To see a list of the indicative rates for your international […]
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en
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Portugal
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https://www.bnpparibas.pt/en/brands-and-institutions/corporate-and-investment-banking/live-currency-rater-portugal/
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The exchange rates displayed on this page are indicative of the rates which will be applied to international payments processed by BNP Paribas. These rates are based on the SPOT rate at the time of publication and are therefore intended as a guide only.
To see a list of the indicative rates for your international payment please select the currency of your account from the menu below.
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https://cepr.org/voxeu/columns/unhappy-anniversary-missed-opportunities-growth-and-convergence-portugal
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en
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Unhappy anniversary: Missed opportunities for growth and convergence in Portugal
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2024-03-11T00:00:00
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Portugal has failed to capitalise on the opportunities provided by EU accession and has regressed in terms of economic development over the past almost quarter of a century. This column argues that this disappointing outcome is largely down to policies biased towards current consumption instead of private sector-led development. Policies that incentivise firms to grow larger, produce more sophisticated products, and exit the market faster when they fail, and efforts towards human capital accumulation by older labour force cohorts and immigrants, can help with Portugal’s convergence process.
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CEPR
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https://cepr.org/voxeu/columns/unhappy-anniversary-missed-opportunities-growth-and-convergence-portugal
|
Portugal is a small country (albeit with great history), accounting for 1.5% of the GDP and 2.3% of the population of the EU. It is also a very open economy, with international trade representing more than 100% of GDP and a significant dependence on external capital flows.
Portugal held national elections on 10 March 2024, and on 25 April it will commemorate 50 years of the return of democracy. However, in spite of very significant external support, free access to the large EU markets, and monetary stability brought about by euro area accession, the Portuguese population has not become better off for over a generation. Why such a disappointing outcome, what can be done and what are the lessons for other EU countries? The short answer is public policies biased towards current consumption and not towards private sector-led development. This column will elaborate on that.
Converging before EU accession
Portugal was under a dictatorial regime from 1926 until 1974, when the ‘Carnation Revolution’ heralded the overthrow of the dictatorship by the Portuguese military. During most of the dictatorship period, Portugal was under the ‘Estado Novo’ (the ‘New State’), a nationalist regime that, however, implemented a series of economic liberalisation and integration measures, particularly after the end of WWII. The country benefited from financial support from the Marshall Plan, joined the European Free Trade Association and the OECD in 1960, and signed a free trade agreement with the European Economic Community (EEC), the predecessor to the EU, in 1972.
The result was that Portugal registered a strong process of liberalisation and economic integration that lasted from the mid-1950s to 1973, with important effects in terms of ‘real convergence’ – that is, the approximation of the country towards higher levels of development. The average growth rate of GDP and GDP per capita during the period between the mid-1950s and the Portuguese EU accession in 1986 was actually twice as high as during the post-EU accession period: respectively 3.9 % versus 2.0%, respectively, for GDP growth, and 3.4% versus 1.9% for GDP per capita growth (Figure 1).
Figure 1 Average growth in GDP and GDP per capita in Portugal (%)
Source: Banco de Portugal (BdP) and Instituto Nacional de Estatística (INE).
Real integration was led by a historically unique set of large and diversified family-owned Portuguese industrial and financial conglomerates, similar to the Japanese zaibatsus – the Companhia União Fabril (CUF), the Champalimaud Group, the Espírito Santo Group, Banco Português do Atlântico, Banco Borges & Irmão, Banco Fonsecas & Burnay and Banco Nacional Ultramarino – which, according to some estimates, had a combined turnover of around 75% of the Portuguese 1974 GDP (CUF, for example, was ranked among the 200 largest companies in Europe in the early 1970s,and was the largest company in the Iberian Peninsula; see Ferreira da Silva et al. 2015).
Not converging after EU accession
Portugal submitted its application for membership of the EEC on 28 March 1977 and became an EU Member State on 1 January 1986, but its real economic convergence reversed soon afterwards: adjusting for price levels (Portugal, poorer than the EU average, has lower prices for non-tradable goods and services), Portugal’s GDP per capita in relation to the EU reached 66% in 1973, before the Carnation Revolution, fell to 59% in 1985 before Portugal’s entry into the EU, reached a maximum of 72% in 1999, falling afterwards almost continuously to below 65% (i.e. below the value in 1973) in 2022 (Figure 2).
Figure 2 GDP per capita in Portugal, as a percentage of the equivalent value of the EU
Source: World Bank.
This result is even more surprising given that Portugal benefited (and still benefits) from very significant EU unilateral transfers: the total of all the different types of EU support over time is close to half of Portugal’s GDP. Portugal also joined the euro in 1999, which was expected to have supported real convergence as it not only eliminated the economic costs of a separate currency in interactions with other euro area economies (Portugal's largest economic partners) but also implied more favourable financing conditions and less uncertainty for all economic agents. Yet, convergence stopped. Why?
Carrying out a growth decomposition exercise helps to understand what led to this result (Figure 3): the contribution of the quantity of labour remained at similar levels before and after accession, while contribution of the quality of labour to growth almost doubled (due to the accumulation of human capital). However, the contribution of capital (i.e. physical investment) to growth decreased by around 30%, while the contribution of total factor productivity (TFP), a proxy for technological progress, became negative. In other words, most of Portugal’s reduction in growth and convergence since EU accession is associated with these (related) falls in capital and TFP, which are likely related to the nature of the ecosystem of Portuguese private companies post-1974 and to public policies.
Figure 3 Decomposition of growth drivers for Portugal, 1951-2023
Source: Conference Board.
Firms, investment, and (big) government in Portugal
The Carnation Revolution led to the deliberate dismantling of the large Portuguese privately owned conglomerates. As a result, Portugal’s economy became heavily dominated by small and medium-sized enterprises (SMEs): currently, only 0.1% of Portuguese companies are classified as ‘large’ (i.e. with more than 250 employees and an annual turnover exceeding €50 million), while 96% of all companies are classified as ‘micro’ (i.e. with fewer than 10 employees and less than €2 million in annual turnover).
These Portuguese micro-companies tend to operate in less sophisticated and non-tradable sectors: while 5% of Portuguese companies in 2021 were in manufacturing, 30% were in sectors like restaurants, hotels, and real estate. These types of companies invest little, and even less in research and development activities (below 1% of GDP in 2020). As a result, total investment fell from almost 35% of GDP in 1974 to 19% in 2020 (Figure 4).
Figure 4 Gross fixed capital formation and public investment (% of GDP)
Source: BdP and INE, IMF.
Portugal has also become a ‘big government’ country, with tax revenues having more than doubled as a percentage of GDP between 1974 and 2021, from 20% to around 45%. This greatly increased revenue is mostly used for social benefits (pensions, public health, etc.), which more than doubled as a share of total state expenses, reaching more than 40%, at the same time that investment collapsed to less than 5% (Figure 5). Additionally, the tax and regulatory burdens are above the EU average.
Figure 5 Evolution of types of government expenditures in Portugal (% of total)
Source: BdP and INE, IMF.
Less, but more: The role of human capital
The positive side of the growth decomposition above was human capital accumulation. The process through which this happened is intuitive. The Portuguese population migrated from rural to urban areas (that is, from lower productivity activities to higher productivity activities), at the same time acquiring higher levels of human capital, which rose sharply in the country: more than a third of the total population were illiterate in 1960 and less that 1% of the population had a higher academic qualification, whereas by 2021 around 20% of Portuguese people had a university qualification and only 3% were illiterate (Figure 6).
Figure 6 Education levels of the Portuguese population
Source: INE, World Bank.
However, further increasing the amount of human capital faces challenges, given the already high percentage of the urban population and the ageing and decline of the Portuguese population, which decreased by almost 300,000 inhabitants between 2010 and 2020, with this drop only partially offset by migration.
It is also necessary to take into account the internal absorption capacity of this more qualified workforce. The country now has net emigration, so the decrease in the total population is due to both a birth rate below the replacement level (this has been the case since 1982, and with a figure of 1.4 births per woman in 2021, it is the lowest in the EU) and net emigration. This is a highly qualified net emigration (‘brain drain’), with almost half of all Portuguese emigrants in 2021 having a higher academic qualification (more than twice the percentage across the whole population). Surveys suggest that the main reason for emigration is the lack of jobs: 24% of those aged between 16 and 24 in Portugal were unemployed in 2023 (compared with 5% of those between 25 and 74 years old).
Figure 7 Growth dynamics of the Portuguese population
Sources: BdP and INE, and World Bank.
Heroes of the Sea, once more?
“Heróis do Mar” (“Heroes of the Sea”) is the first line of the Portuguese national anthem, referring to the country’s courageous exploration of the Atlantic Ocean in the 15th and 16th centuries. Sadly, the country has failed to capitalise on the opportunities provided by EU accession, and as a result has regressed in terms of economic development for almost a quarter of a century. It will also face serious adverse factors in the future, as its population is both ageing and shrinking, and its productive structure is heavily biased towards firms that do not invest, are too small, and too concentrated in traditional non-tradable sectors.
In this column, I conclude that the fundamental reason for this outcome is inadequate government policies that destroyed a previously existing productive ecosystem and that restricted the national private sector’s capacity for growth, innovation, and investment, while at the same time significantly expanding the state’s non-productive current expenditures and its regulatory and tax footprint.
These shortcomings can be corrected by policies that are more supportive of a private sector-led development, incentivising firms to grow larger, produce more sophisticated products, and exit the market faster when they fail, and by making efforts towards higher qualification of older labour force cohorts and immigrants. Countries like Ireland and Poland, which opted for a development strategy based on creating favourable conditions for private investment (domestic, from the EU, or from outside the EU), supporting investment in tradable sectors and by linking their economies with EU and global supply chains, show how powerful this strategy can be for convergence (Figure 8).
Figure 8 Convergence in Ireland, Poland and Portugal (GDP per capita, % of EU average)
Source: EUROSTAT
The new political cycle about to start in Portugal and the EU, plus the natural reflections associated with the anniversary of the Carnation Revolution, provide a golden opportunity for such changes.
Another conclusion is that EU membership is not a ‘silver bullet’. Being an EU member is better understood as providing several instruments which, if properly used, can significantly support convergence (Vinhas de Souza et al. 2018). However, this positive result depends on the choice and implementation of a specific set of policies, as Ireland and Poland show.
Author’s note: This column does not necessarily reflect the opinion of any organisation to which the author is or was affiliated with. All usual disclaimers apply.
References
Ferreira da Silva, A, L Amaral and P Neves (2015), “Business Groups in Portugal in the Estado Novo Period (1930–1974): Family, Power and structural change”, Business History 58(1):49-68.
Naudé, W and M Cameron (2020), “Export-Led Growth after COVID-19: The Case of Portugal”, IZA Discussion Paper No. 13875.
Vinhas de Souza, L, O Dreute, V Isaila and J-M Frie (2018), “Reviving convergence: making EU member states fit for joining the euro area”, in E Nowotny, D Ritzberger-Grünwald and H Schuberth (eds), Structural Reforms for Growth and Cohesion: Lessons and Challenges for CESEE Countries and a Modern Europe, Edward Elgar.
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Part 25 - Foreign Acquisition
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As used in this part—
Caribbean Basin country means any of the following countries: Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bonaire, British Virgin Islands, Curacao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saba, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Sint Eustatius, Sint Maarten, or Trinidad and Tobago.
Caribbean Basin country end product—
(1) Means an article that–
(i)
(A) Is wholly the growth, product, or manufacture of a Caribbean Basin country; or
(B) In the case of an article that consists in whole or in part of materials from another country, has been substantially transformed in a Caribbean Basin country into a new and different article of commerce with a name, character, or use distinct from that of the article or articles from which it was transformed; and
(ii) Is not excluded from duty-free treatment for Caribbean countries under 19 U.S.C. 2703(b).
(A) For this reason, the following articles are not Caribbean Basin country end products:
(1) Tuna, prepared or preserved in any manner in airtight containers.
(2) Petroleum, or any product derived from petroleum.
(3) Watches and watch parts (including cases, bracelets, and straps) of whatever type including, but not limited to, mechanical, quartz digital, or quartz analog, if such watches or watch parts contain any material that is the product of any country to which the Harmonized Tariff Schedule of the United States (HTSUS) column 2 rates of duty apply (i.e., Afghanistan, Cuba, Laos, North Korea, and Vietnam).
(4) Certain of the following: textiles and apparel articles; footwear, handbags, luggage, flat goods, work gloves, and leather wearing apparel; or handloomed, handmade, and folklore articles.
(B) Access to the HTSUS to determine duty-free status of articles of the types listed in paragraph (1)(ii)(A)(4) of this definition is available via the Internet at https://usitc.gov/tata/hts/index.htm. In particular, see the following:
(1) General Note 3(c), Products Eligible for Special Tariff treatment.
(2) General Note 17, Products of Countries Designated as Beneficiary Countries under the United States- Caribbean Basin Trade Partnership Act of 2000.
(3) Section XXII, Chapter 98, Subchapter II, Articles Exported and Returned, Advanced or Improved Abroad, U.S. Note 7(b).
(4) Section XXII, Chapter 98, Subchapter XX, Goods Eligible for Special Tariff Benefits under the United States-Caribbean Basin Trade Partnership Act; and
(2) Refers to a product offered for purchase under a supply contract, but for purposes of calculating the value of the acquisition, includes services (except transportation services) incidental to the article, provided that the value of those incidental services does not exceed that of the article itself.
Civil aircraft and related articles means-
(1) All aircraft other than aircraft to be purchased for use by the Department of Defense or the U.S. Coast Guard;
(2) The engines (and parts and components for incorporation into the engines) of these aircraft;
(3) Any other parts, components, and subassemblies for incorporation into the aircraft; and
(4) Any ground flight simulators, and parts and components of these simulators, for use with respect to the aircraft, whether to be used as original or replacement equipment in the manufacture, repair, maintenance, rebuilding, modification, or conversion of the aircraft and without regard to whether the aircraft or articles receive duty-free treatment under section 601(a)(2) of the Trade Agreements Act.
Component means an article, material, or supply incorporated directly into an end product or construction material.
Construction material means an article, material, or supply brought to the construction site by a contractor or subcontractor for incorporation into the building or work. The term also includes an item brought to the site preassembled from articles, materials, or supplies. However, emergency life safety systems, such as emergency lighting, fire alarm, and audio evacuation systems, that are discrete systems incorporated into a public building or work and that are produced as complete systems, are evaluated as a single and distinct construction material regardless of when or how the individual parts or components of those systems are delivered to the construction site. Materials purchased directly by the Government are supplies, not construction material.
Cost of components means-
(1) For components purchased by the contractor, the acquisition cost, including transportation costs to the place of incorporation into the end product or construction material (whether or not such costs are paid to a domestic firm), and any applicable duty (whether or not a duty-free entry certificate is issued); or
(2) For components manufactured by the contractor, all costs associated with the manufacture of the component, including transportation costs as described in paragraph (1) of this definition, plus allocable overhead costs, but excluding profit. Cost of components does not include any costs associated with the manufacture of the end product.
Critical component means a component that is mined, produced, or manufactured in the United States and deemed critical to the U.S. supply chain. The list of critical components is at 25.105.
Critical item means a domestic construction material or domestic end product that is deemed critical to the U.S. supply chain. The list of critical items is at 25.105.
Designated country means any of the following countries:
(1) A World Trade Organization Government Procurement Agreement (WTO GPA) country (Armenia, Aruba, Australia, Austria,, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea (Republic of), Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Montenegro, Netherlands, New Zealand, North Macedonia, Norway, Poland, Portugal, Romania, Singapore, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Taiwan (known in the World Trade Organization as "the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei)"), Ukraine, or United Kingdom);
(2) A Free Trade Agreement (FTA) country (Australia, Bahrain, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Korea (Republic of), Mexico, Morocco, Nicaragua, Oman, Panama, Peru, or Singapore);
(3) A least developed country (Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, Laos, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nepal, Niger, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Yemen, or Zambia); or
(4) A Caribbean Basin country (Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bonaire, British Virgin Islands, Curacao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saba, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Sint Eustatius, Sint Maarten, or Trinidad and Tobago).
Designated country end product means a WTO GPA country end product, an FTA country end product, a least developed country end product, or a Caribbean Basin country end product.
Domestic construction material means-
(1) For use in subparts other than 25.6—
(i) For construction material that does not consist wholly or predominantly of iron or steel or a combination of both—
(A) An unmanufactured construction material mined or produced in the United States; or
(B) A construction material manufactured in the United States, if–
(1) The cost of the components mined, produced, or manufactured in the United States exceeds 60 percent of the cost of all its components, except that the percentage will be 65 percent for items delivered in calendar years 2024 through 2028 and 75 percent for items delivered starting in calendar year 2029 (unless an alternate percentage is established for a contract in accordance with FAR 25.201(c)).Components of unknown origin are treated as foreign; or
(2) The construction material is a commercially available off-the-shelf (COTS) item; or
(ii) For construction material that consists wholly or predominantly of iron or steel or a combination of both, a construction material manufactured in the United States if the cost of foreign iron and steel constitutes less than 5 percent of the cost of all the components used in such construction material. The cost of foreign iron and steel includes but is not limited to the cost of foreign iron or steel mill products (such as bar, billet, slab, wire, plate, or sheet), castings, or forgings utilized in the manufacture of the construction material and a good faith estimate of the cost of all foreign iron or steel components excluding COTS fasteners. Iron or steel components of unknown origin are treated as foreign. If the construction material contains multiple components, the cost of all the materials used in such construction material is calculated in accordance with the definition of “cost of components” in this section; or
(3) For use in subpart 25.6, see the definition in 25.601.
Domestic end product means-
(1) For an end product that does not consist wholly or predominantly of iron or steel or a combination of both—
(i) An unmanufactured end product mined or produced in the United States;
(ii) An end product manufactured in the United States, if–
(A) The cost of its components mined, produced, or manufactured in the United States exceeds 60 percent of the cost of all its components, except that the percentage will be 65 percent for items delivered in calendar years 2024 through 2028 and 75 percent for items delivered starting in calendar year 2029 (unless an alternate percentage is established for a contract in accordance with FAR 25.101(d)). Components of unknown origin are treated as foreign. Scrap generated, collected, and prepared for processing in the United States is considered domestic; or
(B) The end product is a COTS item; or
(2) For an end product that consists wholly or predominantly of iron or steel or a combination of both, an end product manufactured in the United States, if the cost of foreign iron and steel constitutes less than 5 percent of the cost of all the components used in the end product. The cost of foreign iron and steel includes but is not limited to the cost of foreign iron or steel mill products (such as bar, billet, slab, wire, plate, or sheet), castings, or forgings utilized in the manufacture of the end product and a good faith estimate of the cost of all foreign iron or steel components excluding COTS fasteners. Iron or steel components of unknown origin are treated as foreign. If the end product contains multiple components, the cost of all the materials used in such end product is calculated in accordance with the definition of "cost of components" in this section.
Domestic offer means an offer of a domestic end product. When the solicitation specifies that award will be made on a group of line items, a domestic offer means an offer where the proposed price of the domestic end products exceeds 50 percent of the total proposed price of the group.
Eligible offer means an offer of an eligible product. When the solicitation specifies that award will be made on a group of line items, an eligible offer means a foreign offer where the combined proposed price of the eligible products and the domestic end products exceeds 50 percent of the total proposed price of the group.
Eligible product means a foreign end product, construction material, or service that, due to applicability of a trade agreement to a particular acquisition, is not subject to discriminatory treatment.
End product means those articles, materials, and supplies to be acquired for public use.
Fastener means a hardware device that mechanically joins or affixes two or more objects together. Examples of fasteners are nuts, bolts, pins, rivets, nails, clips, and screws.
Foreign construction material means a construction material other than a domestic construction material.
Foreign contractor means a contractor or subcontractor organized or existing under the laws of a country other than the United States.
Foreign end product means an end product other than a domestic end product.
Foreign iron and steel means iron or steel products not produced in the United States. Produced in the United States means that all manufacturing processes of the iron or steel must take place in the United States, from the initial melting stage through the application of coatings, except metallurgical processes involving refinement of steel additives. The origin of the elements of the iron or steel is not relevant to the determination of whether it is domestic or foreign.
Foreign offer means any offer other than a domestic offer.
Free Trade Agreement country means Australia, Bahrain, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Korea (Republic of), Mexico, Morocco, Nicaragua, Oman, Panama, Peru, or Singapore.
Free Trade Agreement country end product means an article that-
(1) Is wholly the growth, product, or manufacture of a Free Trade Agreement (FTA) country; or
(2) In the case of an article that consists in whole or in part of materials from another country, has been substantially transformed in an FTA country into a new and different article of commerce with a name, character, or use distinct from that of the article or articles from which it was transformed. The term refers to a product offered for purchase under a supply contract, but for purposes of calculating the value of the end product, includes services (except transportation services) incidental to the article, provided that the value of those incidental services does not exceed that of the article itself.
Israeli end product means an article that-
(1) Is wholly the growth, product, or manufacture of Israel; or
(2) In the case of an article that consists in whole or in part of materials from another country, has been substantially transformed in Israel into a new and different article of commerce with a name, character, or use distinct from that of the article or articles from which it was transformed.
Least developed country means any of the following countries: Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, Laos, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nepal, Niger, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Yemen, or Zambia.
Least developed country end product means an article that-
(1) Is wholly the growth, product, or manufacture of a least developed country; or
(2) In the case of an article that consists in whole or in part of materials from another country, has been substantially transformed in a least developed country into a new and different article of commerce with a name, character, or use distinct from that of the article or articles from which it was transformed. The term refers to a product offered for purchase under a supply contract, but for purposes of calculating the value of the end product, includes services (except transportation services) incidental to the article, provided that the value of those incidental services does not exceed that of the article itself.
Noneligible offer means an offer of a noneligible product.
Noneligible product means a foreign end product that is not an eligible product.
Predominantly of iron or steel or a combination of both means that the cost of the iron and steel content exceeds 50 percent of the total cost of all its components. The cost of iron and steel is the cost of the iron or steel mill products (such as bar, billet, slab, wire, plate, or sheet), castings, or forgings utilized in the manufacture of the product and a good faith estimate of the cost of iron or steel components excluding COTS fasteners.
Steel means an alloy that includes at least 50 percent iron, between 0.02 and 2 percent carbon, and may include other elements.
United States means the 50 States, the District of Columbia, and outlying areas.
U.S.-made end product means an article that is mined, produced, or manufactured in the United States or that is substantially transformed in the United States into a new and different article of commerce with a name, character, or use distinct from that of the article or articles from which it was transformed.
World Trade Organization Government Procurement Agreement (WTO GPA) country means any of the following countries: Armenia, Aruba, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea (Republic of), Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Montenegro, Netherlands, New Zealand, North Macedonia, Norway, Portugal, Romania, Singapore, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Taiwan, Ukraine, or United Kingdom.
WTO GPA country end product means an article that-
(1) Is wholly the growth, product, or manufacture of a WTO GPA country; or
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The Nomad Capitalist’s Guide to South American Countries and Their Currencies
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Explore South American countries and their currencies, their histories, and performance against the US dollar in our comprehensive guide.
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Nomad Capitalist
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https://nomadcapitalist.com/global-citizen/south-american-countries-currencies/
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In this article, we’ll have a look at the diverse South American currencies. Our focus will be on the national currencies in use across the South American continent and the impact they have on the respective economies.
The understanding of these national currencies is not just a matter of intellectual curiosity; it’s vital for investors and travelers alike. With a grasp of the local currencies and their relative strengths, you can identify attractive investment opportunities and plan travel budgets more effectively.
Don’t miss this opportunity to boost your financial knowledge and practical know-how. Visit Nomad Capitalist to keep abreast of the latest trends in international travel and investment.
South American Currencies: History and Performance
Understanding the economic landscape of the South American continent involves delving into the diverse world of its national currencies.
Each South American country, from the bustling centers of Argentina and Brazil to the tranquil landscapes of Bolivia and Uruguay, boasts a unique monetary history. These stories, involving bouts of hyperinflation, periods of stability, and significant economic reforms, have shaped the currencies in circulation today.
Let’s begin.
1. Argentina – Argentine Peso (ARS)
First used in 1826, the Argentine peso has a complex history, marked by periods of high inflation and devaluation. Despite these economic challenges, it remains the only national currency of Argentina.
The peso’s value against the United States dollar has varied significantly over the years, reflecting the country’s economic instability and periods of severe crisis which show no signs of ending anytime soon.
2. Bolivia – Bolivian Boliviano (BOB)
The Bolivian boliviano replaced the Bolivian peso in 1987 during a time of hyperinflation.
As Bolivia’s national currency, its performance against strong currencies such as the United States dollar over the years has been influenced by changes in the country’s economic policies and global economic trends.
3. Brazil – Brazilian Real (BRL)
Introduced in 1994 as part of the Plano Real, the Brazilian real aimed to stabilize the country’s economy following a period of hyperinflation.
Today, the real is one of the most significant South American currencies, and its performance against the United States dollar is closely watched by investors interested in the South American continent.
4. Chile – Chilean Peso (CLP)
The Chilean peso has maintained a significant level of stability throughout the years due to the strong economic management of the country.
First established as the country’s official currency in 1975, it’s considered a strong South American currency, with a fairly steady performance against the United States dollar.
5. Colombia – Colombian Peso (COP)
The Colombian peso, used since 1810, has seen considerable fluctuations against the United States dollar over the years.
These variations reflect evolving economic conditions in Colombia, but the Colombian peso has proven resilient, retaining its place among key South American currencies.
6. Ecuador – United States Dollar (USD)
In a unique situation, Ecuador adopted the United States dollar as its national currency in 2000 following a severe financial crisis. The objective of this move was to stabilize the country’s economy.
Consequently, the country no longer has its own currency and exclusively relies on the United States dollar for all transactions.
7. Guyana – Guyanese Dollar (GYD)
The Guyanese dollar, in use since 1839, has seen periods of inflation and economic uncertainty.
The currency has changed in value against the US dollar the over the years. This reflects the shifts in the economic conditions of the United States and the performance of domestic industries.
8. Paraguay – Paraguayan Guaraní (PYG)
The Paraguayan guaraní has been Paraguay’s national currency since 1944.
The currency has faced inflationary pressures over the years, but the guaraní continues to be an integral part of Paraguay’s economy. Its performance against the United States dollar reflects the economic developments within this South American country.
9. Peru – Peruvian Nuevo Sol (PEN)
Peru introduced the Peruvian nuevo sol in 1991 to replace the hyperinflated inti. The nuevo sol has shown relative stability against the United States dollar over the years, demonstrating the benefits of the country’s economic reforms.
10. Suriname – Surinamese Dollar (SRD)
Introduced in 2004 to replace the Surinamese guilder, the Surinamese dollar is a relatively young currency.
Its value against the United States dollar has been affected by a variety of factors, including Suriname’s economic policy decisions and global economic trends.
11. Uruguay – Uruguayan Peso (UYU)
The Uruguayan peso has a long history dating back to 1896. Despite facing periods of inflation and economic reform, it has maintained its status as Uruguay’s only national currency.
Over the years, its value against the United States dollar has fluctuated, reflecting both local and international economic trends.
12. Venezuela – Venezuelan Bolívar (VES)
The Venezuelan bolívar, first introduced in 1879, has undergone several iterations due to high inflation and economic challenges. Most recently, the bolívar soberano was introduced in 2018 to replace the bolívar fuerte. The bolívar’s value against the United States dollar has dramatically decreased in recent years due to hyperinflation and economic instability.
Despite these challenges, understanding the dynamics of the bolívar is important for anyone interested in Venezuela’s economic situation, which is in start contrast with neighboring Colombia.
South American Currencies – Significance
As we conclude this exploration of South American currencies, it’s clear that each carries a rich and intricate history. Their stories speak of resilience, economic challenges, and the intricate dynamics of the global financial system.
As we continue to navigate the financial landscape of the South American continent, understanding the national currencies is a must. Their performance, particularly against the United States dollar, remains an essential indicator of local economic health.
So whether you’re considering investment opportunities or planning a trip, keeping an eye on these currencies can offer valuable insights.
Familiarizing the Financial Landscape of the South American Continent
Understanding the diverse and rich world of South American currencies provides insightful perspectives for those interested in travel and investment opportunities across the continent.
Indeed, monitoring each currency’s performance against strong currency, like the US dollar, helps measure the economic health of each of these South American nations.
From the bustling economies of Brazil and Argentina to the unique situation in Ecuador and the inflation-stricken Venezuelan Bolívar, each country’s currency has a story to tell, a story that can guide your financial decisions.
Whether you’re an investor eyeing new territories, a traveller planning your next adventure, or just someone keen on understanding global financial dynamics, keeping an eye on South American currencies is key.
With the right information at your disposal, you can navigate the rich economic landscape of South America with confidence.
To keep abreast of investment and travel opportunities across South America and beyond, we invite you to explore more on Nomad Capitalist. Contact us today to learn how we can help you go where you’re treated best with the latest information on travel and international investment opportunities.
South American Countries and Their Currencies Frequently Asked Questions
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Notes, Coins & Currency. Currency Collector. Pictures of Money, Photos of Bank Notes, Currency Images, Currencies of the World.
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Front: Portrait and bust of Portuguese writer Camilo Castelo Branco (1825-1890). Portuguese coat of arms (Armillary sphere + the quinas + the castles). Reverse: Engraved picture of the city of Porto in the middle of the XIX century. Watermark: Identical portrait of Camilo Castelo Branco. Security features: Watermark. Running serial numbers. Segmented metallic security strip. Main colour: Blue. Artist: Unknown. Signatures: (as depicted) Manuel Jacinto Nunes (O Vice-Governador); Domingos Pedro de Castro Constâncio Pereira Coutinho (O Administrador). Issuer: Bank of Portugal. Date of Issue: 30 November 1965. Date of withdrawal: N/a. Legal tender: No, but redeemable until 30-12-2022. Material: Cotton paper. Printer: De La Rue.
This picture is for reference only. It may not be exactly the same image as the one
for sale in the pricelist or this may be a gallery item (not for sale).
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OECD Better Life Index
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Howâs Life?
Portugal performs well across a number of well-being dimensions relative to other countries in the Better Life Index. Portugal outperforms the average in housing safety and environmental quality. It underperforms average in income, social connections, civic engagement and life satisfaction. These assessments are based on available selected data.
Money, while it cannot buy happiness, is an important means to achieving higher living standards. In Portugal, the average household net-adjusted disposable income per capita is USD 24 877 a year, less than the OECD average of USD 30 490 a year.
In terms of employment, about 69% of people aged 15 to 64 in Portugal have a paid job, above the OECD employment average of 66%. Some 72% of men are in paid work, compared with 67% of women. In Portugal, 6% of employees work very long hours in paid work, below the OECD average of 10%, with 8% of men working very long hours in paid work compared with 3% of women.
Good education and skills are important requisites for finding a job. In Portugal, 55% of adults aged 25-64 have completed upper secondary education, lower than the OECD average of 79%. However, completion varies between men and women, as 52% of men have successfully completed high school compared with 59% of women. In terms of the quality of the education system, the average student scored 492 in reading literacy, maths and science in the OECD's Programme for International Student Assessment (PISA). This score is higher than the OECD average of 488. On average in Portugal, girls outperformed boys by 3 points, well below the average OECD gap of 5 points.
In terms of health, life expectancy at birth in Portugal is around 82 years, one year higher than the OECD average of 81 years. Life expectancy for women is 85 years, compared with 79 for men. The level of atmospheric PM2.5 – tiny air pollutant particles small enough to enter and cause damage to the lungs – is 8.3 micrograms per cubic meter, below the OECD average of 14 micrograms per cubic meter. In Portugal, 89% of people say they are satisfied with the quality of their water, higher than the OECD average of 84%.
Concerning the public sphere, there is a moderate sense of community and moderate levels of civic participation in Portugal, where 87% of people believe that they know someone they could rely on in time of need, less than the OECD average of 91%. Voter turnout, a measure of citizens' participation in the political process, was 49% during recent elections, much lower than the OECD average of 69%. Social and economic status can affect voting rates; voter turnout for the top 20% of the population is an estimated 52% and for the bottom 20% it is an estimated 47%.
When asked to rate their general satisfaction with life on a scale from 0 to 10, Portuguese people gave it a 5.8 grade on average, lower than the OECD average of 6.7.
For more information on estimates and years of reference, see FAQ section and BLI database.
Key Findings
Living in satisfactory housing conditions is one of the most important aspects of people's lives. Housing is essential to meet basic needs, such as shelter, but it is not just a question of four walls and a roof. Housing should offer a place to sleep and rest where people feel safe and have privacy and personal space; somewhere they can raise a family. All of these elements help make a house a home. And of course there is the question whether people can afford adequate housing.
Housing costs take up a large share of the household budget and represent the largest single expenditure for many individuals and families, by the time you add up elements such as rent, gas, electricity, water, furniture or repairs. In Portugal, households on average spend nearly 20% of their gross adjusted disposable income on keeping a roof over their heads, in line with the OECD average.
In addition to housing costs it is also important to examine living conditions, such as the average number of rooms shared per person and whether households have access to basic facilities. The number of rooms in a dwelling, divided by the number of persons living there, indicates whether residents are living in crowded conditions. Overcrowded housing may have a negative impact on physical and mental health, relations with others and children's development. In addition, dense living conditions are often a sign of inadequate water and sewage supply. In Portugal, the average home contains 1.7 rooms per person, in line with the OECD average. In terms of basic facilities, 99.1% of dwellings in Portugal contain private access to an indoor flushing toilet, more than the OECD average of 97%.
More Resources
How's Life?: Measuring Well-being
Key Findings
Having a job brings many important benefits, including: providing a source of income, improving social inclusion, fulfilling one's own aspirations, building self-esteem and developing skills and competencies. In Portugal, around 69% of the working-age population aged 15 to 64 has a paid job. This figure is the same as the OECD average.
Unemployed persons are defined as those who are not currently working but are willing to do so and actively searching for work. Long-term unemployment can have a large negative effect on feelings of well-being and self-worth and result in a loss of skills, further reducing employability. In Portugal, the percentage of the labour force that has been unemployed for a year or longer is currently at 2.3%, higher than the OECD average of 1.3%.
The wages and other monetary benefits that come with employment are an important aspect of job quality. Portuguese people earn USD 28 410 per year on average, much less than the OECD average of USD 49 165.
Another essential factor of employment quality is job security, in terms of expected loss of earnings when someone becomes unemployed. This includes how likely you are to lose your job, how long you are likely to remain unemployed and how much financial assistance you can expect from government. Workers facing a high risk of job loss are more vulnerable, especially in countries with smaller social safety nets. In Portugal, workers face an expected 8.1% loss of earnings if they become unemployed, much higher than the OECD average of 5.1%.
For more information on estimates and years of reference, see FAQ section and BLI database.
Better Policies for Better Lives
Jobs for innovation and productivity
The Portuguese economy contracted in 2011-13 in the wake of the global financial crisis. However, GDP is forecast to grow in real terms in 2014. The government has taken significant action to restore the sustainability of public finances and restart growth. On-going reforms aim to improve product and labour market regulation, upgrade education and skills, and enhance innovation.
Innovation also has a major role to play in boosting productivity. Portugal’s business environment is very conducive to entrepreneurship, although provision of venture capital is at the median of OECD countries. Various initiatives support business innovation, entrepreneurship and SMEs. +Innovation +Industry is a new investment programme addressed to small firms and entrepreneurs in traditional business sectors. +Innovation +Industry aims to promote business spin-offs and innovation capacity by providing access to a Venture Capital Funds, business accelerators for internationalisation and coaching for business development. SIFIDE provides fixed and incremental tax credits for R&D and supports the hiring of doctoral-level graduates in companies. In 2013, the government launched INOVA, Creative Youngsters: Entrepreneurs for the 21st century programme to develop an environment that favours innovation and creativity in primary and secondary schools. The programme seeks to foster youngsters' analytical capabilities and the mind-sets needed to identify business opportunities, take risks and face competition.
More Resources
How's Life?: Measuring Well-being OECD Job Quality Database
Key Findings
A well-educated and well-trained population is essential for a country's social and economic well-being. Education plays a key role in providing individuals with the knowledge, skills and competences needed to participate effectively in society and in the economy. Having a good education greatly improves the likelihood of finding a job and earning enough money. The Portuguese can expect to go through 17 years of education between the ages of 5 and 39, similar to the OECD average of 18 years.
Graduating from upper secondary education has become increasingly important in all countries, as the skills needed in the labour market are becoming more knowledge-based. High-school graduation rates therefore provide a good indication of whether a country is preparing its students to meet the minimum requirements of the job market. In Portugal, 55% of adults aged 25-64 have completed upper secondary education, much lower than the OECD average of 79%.
But graduation rates, while important, speak little to the quality of education received. The OECD's Programme for International Student Assessment (PISA) reviews the extent to which students have acquired some of the knowledge and skills that are essential for full participation in modern societies. In 2018, PISA focused on examining students' reading ability, skills in maths and level in sciences, as research shows that these skills are more reliable predictors of economic and social well-being than the number of years spent in school.
The average student in Portugal scored 492 in reading literacy, maths and sciences, above the OECD average of 488. The best-performing school systems manage to provide high-quality education to all students.
Better Policies for Better Lives
“School clusters” for better results across regions
Shortcomings in Portugal’s education system were brought to light following the OECD’s Programme for International Student Assessment (PISA) results in 2000. Key challenges were concentrated in primary schools in rural areas, and in town and cities, many schools were overcrowded putting stress on teachers. Limited resources and strain on schools resulted in many disadvantaged students in repeating grades and even dropping out of school.
Sweeping reforms soon followed after a national debate on how to best address the needs of students and teachers. Among the most successful was the creation of school clusters which bring between 5-10 schools together under a single educational project. Working together, the Ministry of Education and municipalities create clusters considering unique characteristics specific to school sizes, student needs, as well as geographical and demographic factors. By broadening the number of available staff and facilities, school clusters have helped improve the services and support available to students.
More Resources
How's Life?: Measuring Well-being
Key Findings
The quality of our local living environment has a direct impact on our health and well-being. Outdoor air pollution is one important environmental issue that directly affects the quality of people's lives. Despite national and international interventions and decreases in major pollutant emissions, the health impacts of urban air pollution continue to worsen, with air pollution set to become the top environmental cause of premature mortality globally by 2050. Air pollution in urban centres, often caused by transport and the use of small-scale burning of wood or coal, is linked to a range of health problems, from minor eye irritation to upper respiratory symptoms in the short-term and chronic respiratory diseases such as asthma, cardiovascular diseases and lung cancer in the long-term. Children and the elderly may be particularly vulnerable.
PM2.5 – tiny particulate matter small enough to be inhaled into the deepest part of the lung – is monitored in OECD countries because it can harm human health and reduce life expectancy. In Portugal, PM2.5 levels are 8.3 micrograms per cubic meter, below the OECD average of 14 micrograms per cubic meter and below than the annual guideline limit of 10 micrograms per cubic meter set by the World Health Organization.
Access to clean water is fundamental to human well-being. Despite significant progress in OECD countries in reducing water pollution, improvements in freshwater quality are not always easy to discern. In Portugal, 89% of people say they are satisfied with water quality, higher than the OECD average of 84%.
Better Policies for Better Lives
Compare your water services
The Water and Waste Services Regulation Authority launched a mobile app in 2014 to provide users with better information about water and waste services. The app lets citizens compare their services with those in 278 other municipalities across Portugal. They can also find information about how to reduce their own water consumption and waste production. This gives users the tools they need to demand better services from low performing operators and improve their general knowledge to make better environmental choices. By publicising poor performance and educating the public the app pressures operators to improve their services. The introduction of benchmarks has also incentivised improve efficiency and services.
More Resources
How's Life?: Measuring Well-being OECD Environmental Outlook to 2050
Key Findings
Trust in government is essential for social cohesion and well-being. High voter turnout is a measure of citizens' participation in the political process. In the most recent elections for which data are available, voter turnout in Portugal was 49% of those registered. This figure is one of the lowest rates in the OECD, where average turnout is 69%.
Broader public engagement in the decision-making process is also important for holding the government to account and maintaining confidence in public institutions. The formal process for public engagement in developing laws and regulations is one way to measure the extent to which people can become involved in government decisions on key issues that affect their lives. In Portugal, the level of stakeholder engagement in developing regulations is 1.5 (on a scale between 0 and 4); lower than the OECD average of 2.1.
For more information on estimates and years of reference, see FAQ section and BLI database.
Better Policies for Better Lives
Citizen shops for better services
Portugal has built a network of local "citizen shops" which offer public and private services. These range from public social security and tax services to private services such as arranging the connecting and disconnecting of electricity, water and gas or cable television subscriptions. In one single place, citizens have access to a wide range of services with longer opening hours and can save considerable amounts of time.
Some second generation citizen shops offer counters organised around common life events, such as the "I lost my wallet" service, "having a child" service or housing-related services as well as multi-service counters.
The citizen shops cover the whole country with shops in most district capitals, and have greatly improved the efficiency and quality of services provided to citizens.
The Citizen Map is an online platform, adapted for mobiles, that provides location information for all public service locations. Users can use the map to search and find the closest location of a public service. The information contained within the map is also stored and made available at the Portuguese Open Data portal.
More Resources
How's Life?: Measuring Well-being Regulatory Policy Outlook: Portugal
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https://www.portugalglobal.pt/en/investment/why-portugal/reasons-to-invest/global-market-access/
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Global Market Access
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Portugal is well connected and offers a unique location that facilitates business whether you go East or West.
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https://www.portugalglobal.pt/en/investment/why-portugal/reasons-to-invest/global-market-access/
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A global language that bridges continents and cultures
Portugal's historical and linguistic ties with the Asian, African and Southern American continents make it a bridge for international relations.
As the official language of nine countries, Portuguese is currently the fifth most spoken language in the world, with more than 260 million speakers – a number that is expected to rise to almost 400 million by 2050 and to 500 million by 2100, according to United Nations estimates.
The Portuguese language is also the cornerstone of the Community of Portuguese-Speaking Countries (CPLP), a privileged multilateral forum that promotes cultural, economic, and political cooperation between member states. Besides Portugal, this alliance brings together six countries from Western and Southern Africa, as well as Brazil and East Timor, which represents a potential market of more than 290 million consumers.
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https://quizzclub.com/trivia/what-was-the-name-of-the-currency-of-portugal-prior-to-the-euro/answer/1838827/
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What was the name of the currency of Portugal prior to the Euro?
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2020-09-27T03:54:00+00:00
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Time to challenge yourself. Click here to answer this question and others on QuizzClub.com
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en
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QuizzClub.com — The World's Largest collection of Quizzes, Trivia Questions, Personality Tests
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https://quizzclub.com/trivia/what-was-the-name-of-the-currency-of-portugal-prior-to-the-euro/answer/1838827/
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Portugal officially began using the euro in January 1999. Before adopting the euro, Portugal used the Portuguese “escudo” as its official currency. The escudo was phased out on March 28th, 2002 after the euro was adopted on January 1, 1999.
The escudo was divided into 100 "centavos" (cents). During the adoption of the euro, the exchange rate for the escudo was 200.48 to €1. Although the currency is no longer used as a medium of exchange in Portugal, the escudo banknote is still eligible for exchange with the euro until February 28, 2022. The exchange of escudo coins ceased on December 31, 2002.
The first euro banknotes were released for circulation in 2002, and are produced by the European Central Bank. They took over from the local currency and became the official banknote of the Eurozone. The design of the euro banknote is identical across the Eurozone although they are printed in the respective countries. They are made of pure cotton fiber to make them have a durable and distinctive feeling.
The Portuguese euro coins have three designs. They portray seven castles and five escutcheons, the same image portrayed in the Portuguese coat of arms.
The euro notes in circulation are €5, €10, €20, €50, €100, €200, €500. All euro notes bear the flag of the European Union, the map of Europe, the name "euro" in both Latin and Greek, and the signature of the president of the European Central Bank.
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https://en.wikipedia.org/wiki/Portuguese_escudo
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Portuguese escudo
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https://en.wikipedia.org/wiki/Portuguese_escudo
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Currency of Portugal from 1911 to 2002
Portuguese escudoEscudo português (Portuguese)
25 escudo (1985), obverse25 escudo (1985), reverse
ISO 4217CodePTEUnitUnitEscudoPluralescudosSymbol (⟨$⟩ is used when double-barred cifrão is not available)DenominationsSuperunit 1000contoSubunit 1⁄100centavoPlural centavocentavosBanknotes Freq. used500 , 1,000 , 2,000 , 5,000 , 10,000 Rarely used100Coins Freq. used1 , 5 , 10 , 20 , 50 , 100 , 200 Rarely used2+1⁄2 , 25DemographicsUser(s)None, previously:
PortugalIssuanceCentral bankBanco de Portugal Websitewww .bportugal .ptMintImprensa Nacional-Casa da Moeda Websitewww .incm .ptValuationInflation2.8% (2000) Sourceworldpress.orgEU Exchange Rate Mechanism (ERM)Since19 June 1989Fixed rate since31 December 1998Replaced by euro, non cash1 January 1999Replaced by euro, cash1 January 20021 € =200.482 PTEThis infobox shows the latest status before this currency was rendered obsolete.
The Portuguese escudo was the currency of Portugal from 22 May 1911 until the introduction of the euro on 1 January 2002. The escudo was subdivided into 100 centavos. The word escudo literally means shield; like other coins with similar names, it depicts the coat of arms of the state.
Amounts in escudos were written as escudos centavos with the cifrão as the decimal separator (for example: 25 00 means 25.00 escudos, 100 50 means 100.50 escudos). Because of the conversion rate of 1,000 réis = 1 , three decimal places were initially used ( 1 = 1 000).
History
[edit]
The currency replaced by the escudo in 1911 was denominated in Portuguese reals (plural: réis) and milréis worth 1,000 réis. The milréis was equivalent to 2.0539 grams fine gold from 1688 to 1800, and 1.62585 g from 1854 to 1891. Gold escudos worth 1.6 milréis (or 1.600 ; not to be confused with the 20th-century currency) were issued from 1722 to 1800 in denominations of 1⁄2, 1, 2, 4 and 8 escudos.
The escudo (gold) was again introduced on 22 May 1911, after the 1910 Republican revolution, to replace the real at the rate of 1,000 réis to 1 escudo. The term mil réis (thousand réis) remained a colloquial synonym of escudo up to the 1990s. One million réis was called one conto de réis, or simply one conto. This expression passed on to the escudo, meaning one thousand escudos.
The escudo's value was initially set at 675 = 1 kg of gold. After 1914, the value of the escudo fell, being fixed in 1928 at 108.25 to £1 sterling. This was altered to 110 to £1 stg in 1931. A new rate of 27.50 escudos to the U.S. dollar was established in 1940, changing to 25 in 1940 and 28.75 in 1949.
During World War II, escudos were heavily sought after by Nazi Germany, through Swiss banks, as foreign currency to make purchases to Portugal and other neutral nations.[1]
Inflation throughout the 20th century made centavos essentially worthless by its end, with fractional value coins with values such as 50 centavos and 2+1⁄2 eventually withdrawn from circulation in the 1990s. With the entry of Portugal in the Eurozone, the conversion rate to the euro was set at 200.482 = €1.[2]
Territorial usage
[edit]
The escudo was used in the Portuguese mainland, the Azores and Madeira, with no distinction of coins or banknotes. In Portugal's African colonies, the escudo was generally used up to independence, in the form of Banco Nacional Ultramarino and Banco de Angola banknotes (rather than those of the Bank of Portugal used in Portugal proper), with Portuguese and in some cases local coins circulating alongside:
Angolan escudo
Cape Verdean escudo
Mozambican escudo
Portuguese Guinean escudo
São Tomé and Príncipe escudo
Of the above, only Cape Verde continues to use the escudo.
In Macau, the currency during the colonial period was, as it is today, the Macanese pataca.
Timor-Leste adopted the Portuguese Timorese escudo whilst still a Portuguese colony, having earlier used the Portuguese Timor pataca.
Portuguese India adopted the Portuguese Indian escudo for a brief time between 1958 and 1961 before Goa became a part of India; prior to that, it used the Portuguese Indian rupia.
Coins
[edit]
The mintage period for the various denominations of the gold escudo (worth 1.6 milréis or 1.600 ) introduced in 1722 was different: 1⁄2 escudo through 1821, 2 escudos through 1789, and 4 escudos through 1799. The eight-escudo coin was only struck between 1722 and 1730.
Between 1912 and 1916, silver 10, 20 and 50 centavos and 1 coins were issued. Bronze 1 and 2 centavos and cupro-nickel 4 centavo coins were issued between 1917 and 1922.
In 1920, bronze 5 centavos and cupro-nickel 10 and 20 centavo coins were introduced, followed, in 1924, by bronze 10 and 20 centavos and aluminium-bronze 50 centavos and 1 coins. Aluminium bronze was replaced with cupro-nickel in 1927.
In 1932, silver coins were introduced for 2+1⁄2 , 5 and 10 . The 2+1⁄2 and 5 were minted until 1951, with the 10 minted until 1955 with a reduced silver content. In 1963, cupro-nickel 2+1⁄2 and 5 were introduced, followed by aluminium 10, bronze 20 and 50 centavos and 1 in 1969. Cupro-nickel 10 and 25 were introduced in 1971 and 1977, respectively. In 1986, a new coinage was introduced which circulated until replacement by the euro. It consisted of nickel-brass 1 , 5 and 10 , cupro-nickel 20 and 50 , with bimetallic 100 and 200 introduced in 1989 and 1991.
Coins in circulation at the time of the changeover to the euro were:
1 (0.50 cent)
5 (2.49 cents)
10 (4.99 cents)
20 (9.98 cents)
50 (24.94 cents)
100 (49.88 cents)
200 (99.76 cents)
Coins ceased to be exchangeable for euros on December 31, 2002.
Coins of the Portuguese escudo Image Value Equivalent in euros Diameter Weight Thickness Material Obverse Reverse Dates of issue 1 0.50 cent 16 mm 1.69 g 1.2 mm Nickel-brass Coat of arms of Portugal and knot Stained glass window pattern 1986-2001 5 2.49 cents 21.1 mm 5.25 g 2 mm 10 4.99 cents 23.5 mm 7.5 g 2.3 mm 20 9.98 cents 26.5 mm 6.9 g 1.64 mm Copper-nickel Coat of arms of Portugal Nautical compass and the cross of the Military Order of Christ 50 24.94 cents 31 mm 9.41 g 1.65 mm Stylized ship and four fishes below 100 49.88 cents 25.5 mm 8.3 g 2.5 mm Bi-metallic coin (Aluminium-bronze center plug with a Copper-nickel outer ring) Pedro Nunes; text "EUROPA" 1989-2001 200 99.76 cents 28 mm 9.8 g 2.2 mm Bi-metallic coin (Copper-nickel center plug with an Aluminium-bronze outer ring) Garcia de Orta 1991-2001
Another name for the 50 centavos coin was coroa (crown). Long after the 50 centavos coins disappeared, people still called the 2+1⁄2 coins cinco coroas ("five crowns").
Also, people still referred to escudos at the time of the changeover in multiples of the older currency real (plural réis). Many people called the 2+1⁄2 coins dois e quinhentos (two and five-hundreds), referring to the correspondence 2+1⁄2 = 2500 réis. Tostão (plural tostões) is yet another multiple of real, with 1 tostão = 100 réis.
Banknotes
[edit]
The Casa da Moeda issued notes for 5, 10, and 20 centavos between 1917 and 1925 whilst, between 1913 and 1922, the Banco de Portugal introduced notes for 50 centavos, 1 , 2+1⁄2 , 5 , 10 , 20 , 50 , 100 , 500 and 1,000 . 50 centavos and 1 notes ceased production in 1920, followed by 2+1⁄2 , 5 and 10 in 1925 and 1926. 5,000 notes were introduced in 1942.
The last 20 and 50 notes were printed dated 1978 and 1980, respectively, with 100 notes being replaced by coins in 1989, the same year that the 10,000 note was introduced.
Banknotes in circulation at the time of the changeover to the euro were:
500 (€2.49)
1,000 (€4.99)
2,000 (€9.98)
5,000 (€24.94)
10,000 (€49.88)
The last series of escudo banknotes could be returned to the central bank Banco de Portugal and converted to euros until 28 February 2022.
Escudo banknotes celebrated notable figures from the history of Portugal. The final banknote series featured the Age of Discovery, with João de Barros, Pedro Álvares Cabral, Bartolomeu Dias, Vasco da Gama, and Henry the Navigator.
The last 100 banknote depicted Fernando Pessoa, the famous Portuguese writer and poet.
Banknotes of the Portuguese escudo (1995–2002 "Portuguese seafarers & explorers" Issue) Image Value Equivalent in Euros (€) Main color Obverse Reverse Watermark [1] 500 €2.49 Olive and Violet João de Barros Allegory of the Age of Discovery João de Barros [2] 1,000 €4.99 Brown and Purple Pedro Álvares Cabral Sailing ship, animals of Brazil Pedro Álvares Cabral [3] 2,000 €9.98 Blue and deep blue-green Bartolomeu Dias; Cruzado coin of Dom João II Sailing ship, compass card, map Bartolomeu Dias [4] 5,000 €24.94 Green and brown-violet Vasco da Gama Sailing ship, Vasco da Gama with authorities in Calicut Vasco de Gama [5] 10,000 €49.88 Red and dark brown Henry the Navigator (Infante Dom Henrique) Sailing ship Henry the Navigator (Infante Dom Henrique)
Colloquial expressions
[edit]
Conto was the unofficial multiple of the escudo: 1 conto meant 1,000 , 2 contos meant 2,000 and so on. The original expression was conto de réis, which means 'one count of réis' and referred to one million réis. Since the escudo was worth 1,000 réis (the older currency), therefore one conto was the same as a thousand escudos. The expression remained in usage after the advent of the euro, albeit less often, meaning €5, roughly worth 1,000 .
Occasionally paus, literally meaning 'sticks', was also used to refer to the escudo ("Tens mil paus?" – 'Do you have 1,000 escudos/sticks?'). During the move from escudos to euros the Portuguese had a joke saying that they had lost three currencies: the escudo, the conto, and the pau.
See also
[edit]
Portuguese euro coins
Economy of Portugal
Economic history of Portugal
Notes
[edit]
^ 1999 by law, 2002 de facto.
References
[edit]
Sources
[edit]
Cuhaj, George S., ed. (2009). Standard Catalog of World Gold Coins 1601–present (6 ed.). Krause. ISBN 978-1-4402-0424-1.
Cuhaj, George S., ed. (2013). Standard Catalog of World Coins 1701–1800 (6 ed.). Krause. ISBN 978-1-4402-3884-0.
Overview of the Portuguese escudo from the BBC
Portuguese escudo coins
Historical banknotes from Portugal (in English and German)
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This article is about coins of the Portuguese escudo issued from 1914 to 2001. For earlier escudos of the Portuguese real, see Portuguese 1 escudo coin (real). The 1 escudo coin is a former circulation and commemorative piece of the Portuguese Republic. It was issued in nine types from 1914 to...
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Currency Wiki
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https://currencies.fandom.com/wiki/Portuguese_1_escudo_coin
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This article is about coins of the Portuguese escudo issued from 1914 to 2001. For earlier escudos of the Portuguese real, see Portuguese 1 escudo coin (real).
Escudo 2000 coin General information Country
Portugal
Used by
Portuguese Empire
Value
1.00
Years
1914–2001
Measurements and composition Mass
25 g (1914-1916)
8 g (1924-1979)
3 g (1981-1986)
1.69 g (1986-2001)
4.6 g (2001 gold)
Diameter
37 mm (1914-1916)
26 mm (1924-1979)
18 mm (1981-1986)
16 mm (1986-2001)
Thickness
1.75 mm (1927-1968)
2 mm (1969-1979)
1.7 mm (1981-1986)
1.2 mm (1986-2001)
Composition
silver (1914-1916)
aluminum-bronze (1924-1926)
copper-nickel-zinc (1927-1968)
bronze (1969-1979)
brass (1981-2001)
gold (2001)
Appearance Shape
round
Alignment
medallic (1914, 1924-1968, 1979, 1982)
coin (1915-1916, 1969-2001)
Edge
reeded (1914-1968, 1986-2001)
plain (1969-1986)
Obverse
see text
Reverse
see text
v · d · e
The 1 escudo coin is a former circulation and commemorative piece of the Portuguese Republic. It was issued in nine types from 1914 to 2001, with at least one being introduced under the each Portuguese government during the period (excluding the National Salvation Junta). Each was distributed by the Bank of Portugal and struck at the Imprensa Nacional-Casa da Moeda (formerly the Casa da Moeda) in Lisbon.
The first coin of the denomination, a circulating commemorative celebrating the birth of the Republic, was introduced around 1914. It was then followed by a standard circulation piece issued in 1915 and 1916, which in turn was replaced by a third type struck in 1924 and 1926.
In 1927, the Ditadura Militar introduced a new circulating escudo. This piece was then struck annually by the regime until 1931, and again by the Estado Novo (also known as the Second Portuguese Republic) from 1935 to 1968. Under the latter government, an additional type was then introduced in 1969 and struck until 1974. It was produced again in 1975 under the short-lived National Salvation Junta, and from 1976 to 1979 under the current Third Portuguese Republic.
A new republican issue was then issued from 1981 to 1986, followed by a final circulating type distributed from 1986 to 2001. A circulating commemorative celebrating the 1982 Roller Hockey World Cup in Barcelos was also produced in 1982, and a non-circulating piece commemorating the "last escudo" was released in 2001.
Prior to their eventual demonetization, each of the coins circulated for a nominal value of 1.00 escudo in Portugal and its former colonies. During the period from February 28 to December 31, 2002, the final four types were also temporarily exchangeable for a value of about 0.005 euro.
Coins[]
Revolution coin (1914)[]
On October 5, 1910, the Portuguese Republican Party organized a successful coup d'état against the Kingdom of Portugal. A republican regime was established in place of the constitutional monarchy, leading to the creation of the First Portuguese Republic. Under this new government, the real (meaning "royal") of the monarchy continued to be used until May 22, 1911, when the escudo was introduced as Portugal's new currency.
In 1911, the Portuguese government invited local artists to submit designs for a new series of national coins. Of the many submissions received, proposals by two sculptors, José Simões de Almeida (1880–1950) and Francisco dos Santos (1878–1930), were ultimately selected and incorporated onto Portuguese currency. In 1914, in commemoration of the fourth anniversary of the birth of the Portuguese Republic, the first 1 escudo piece of the new currency was released into circulation. It was engraved by Domingos Alves do Rego (1873–1960), and features designs by dos Santos on its obverse and Simões de Almeida on its reverse. Like most Portuguese coins, the piece was struck at the Imprensa Nacional-Casa da Moeda in Lisbon.
The coin is composed of .835 fine silver and measures 25 grams in mass and 37 millimeters in diameter. It has medallic alignment and a reeded edge, and like most coins, is round in shape. Both of its rims are raised and undecorated.
The obverse, designed by dos Santos, was based on his submission for a planned, but unrealized 4 centavo piece. In its center, it features a left-facing depiction of the Effigy of the Republic wearing a Phrygian cap and waving a lit torch. Personifying Portugal and the concept of liberty, this female figure is also portrayed with a Portuguese flag draped over her arm in front of a rising sun. Printed clockwise along the rim above is the Portuguese name of the Portuguese Republic, rendered as "REPUBLICA PORTUGUESA" without the acute on the first "U". It is accompanied by two pairs of five-pointed stars, one at either side of the obverse. The commemorative inscription "5 DE OUTUBRO DE 1910", Portuguese for "October 5, 1910", appears in large print near the bottom of the piece, the "5", "DE OUTUBRO DE", and "1910" all engraved on their own lines.
The reverse, designed by Simões de Almeida, was originally intended for the first 20 and 50 centavo pieces of Portugal. Displayed in the middle is the post-monarchical coat of arms of Portugal – which consists of a central escutcheon over an armillary sphere, both surrounded by two tied laurel branches. The escutcheon features five smaller escutcheons (quinas) containing five bezants each in its center and seven triple-towered castles in its boundary. On the coin, a fasces, then a common symbol of unity, also appears behind the central escutcheon and armillary sphere. Printed counterclockwise along the rim below the arms is the face value "1 ESCUDO".
Around 1,000,000 examples of the coin were manufactured during a single year of production. Only business strikes of this type are known to exist.
Gold patterns of the 1914 escudo, including a two-sided piece and uniface strikes featuring either side, are also reported to exist. They are listed as "rare" in the Standard Catalog of World Coins.
First Effigy design (1915–1916)[]
Within the first eight years of the First Portuguese Republic's existence, the new government introduced its first complete family of circulating coins. An initial 50 centavo piece was released in 1912, followed by a similar 20 centavo coin in 1913. The first standard 10 centavo and 1 escudo coins were then issued in 1915, 1 and 4 centavo pieces were released in 1917, and a 2 centavo coin was distributed in two varieties in 1918. The escudo of this series, struck at the Imprensa Nacional-Casa da Moeda in 1915 and 1916, was designed by José Simões de Almeida and engraved by Domingos Alves do Rego.
The coin is composed of .835 fine silver and measures 25 grams in mass and 37 millimeters in diameter. It has coin alignment and a reeded edge, and is round in shape. Both of its rims are raised and decorated with an ornate dentilated border.
The obverse of the coin, designed by Simões de Almeida in 1911, was originally designed for Portugal's 20 and 50 centavo pieces. A left-facing bust of the Effigy of the Republic appears in the center, a Phrygian cap and three stalks of grain covering her head. Printed clockwise along the rim is the Portuguese name of the Portuguese Republic, which is rendered as "REPUBLICA PORTUGUESA" without the acute over the first "U". Written in the opposite direction at the periphery below the allegory is the Gregorian date of minting, either "1915" or "1916".
The reverse features the coat of arms of Portugal in its center, the face value "1 ESCUDO" displayed counterclockwise along the rim below.
Around 3,223,000 examples of the coin were manufactured over two years of production. Only business strikes of this type are reported to exist.
Nickel-silver (alpaca) patterns of the coin dated 1915 are also known to exist.
Mintages Year Mintage 1915 1,818,000 1916 1,405,000 Total 3,223,000
Seated Effigy design (1924–1926)[]
During the first half of the 1920s, the First Portuguese Republic introduced its second (and final) series of circulating coins. The first pieces, redesigned 10 and 20 centavo coins, were introduced in 1920. They were then followed by new 5, 10, 20, and 50 centavo and 1 escudo pieces in 1924. The 1 and 2 centavo coins of the previous series continued to be struck until 1921 and 1922, respectively, while the 4 centavo piece was never issued again after 1917. The escudo of this new series, struck in 1924 and 1926 at the Imprensa Nacional-Casa da Moeda, was designed by José Simões de Almeida and engraved by Domingos Alves do Rego. It was eventually demonetized sometime prior to World War II.
The coin is composed of an aluminum-bronze alloy and measures 8 grams in mass and 26.8 millimeters in diameter. It has medallic alignment and a reeded edge, and is round in shape. Both of its rims are raised and undecorated.
An illustration of the Effigy of the Republic seated on a throne is displayed in the middle of the obverse. In this depiction, the Effigy is portrayed wearing a Phrygian cap, and a palm frond is illustrated near her feet. In her left hand (at the right) she holds the Portuguese flag on a pole, and in her right (at the left) she carries an olive branch, a symbol of peace. The Portuguese name of the Portuguese Republic, rendered as "REPUBLICA PORTUGUESA" without the acute over the first "U", appears clockwise along the coin's rim, the first word displayed to the left of the Effigy and the second featured to the right. Written in the opposite direction at the periphery below is the Gregorian date of minting, either "1924" or "1926", and engraved in small print next to it is the "SIMÕES" signature of the artist.
A depiction of the escutcheon and armillary sphere from the coat of arms of Portugal appears in the center of the reverse. Two branches, one at either side of the piece, flank the illustration and connect below it. The numeral "1" is displayed on a ribbon at the top of the piece, while the word "ESCUDO" is engraved counterclockwise along the coin's lower periphery.
Around 10,062,000 examples of the coin were manufactured over two years of production. Only business strikes of this type are recorded.
Mintages Year Mintage 1924 7,716,000 1926 2,346,000 Total 10,062,000
Second Effigy design (1927–1968)[]
In 1926, factions of the Portuguese Armed Forces staged a successful coup d'état against the government, establishing the Ditadura Militar (Military Dictatorship) in place of the First Republic. This new government then evolved into the Ditadura Nacional (National Dictatorship) in 1928, which in turn became the integralist authoritarian Estado Novo regime (New State), or Second Portuguese Republic, in 1933.
In January 1928, the Ditadura Militar (National Dictatorship) released new 50 centavo and 1 escudo coins into circulation. These were later followed by the first 2.50, 5, and 10 escudo pieces in 1932. The 10 centavo coin of the previous series also continued to be struck during this period until 1940, but the 1, 2, and 5 centavo coins were not reissued under the new government or its successors because of their low purchasing power. The 1 escudo piece of the series, struck from 1927 to 1968 at the Imprensa Nacional-Casa da Moeda, was eventually withdrawn and demonetized on January 1, 1982, under the Third Portuguese Republic. It was designed by José Simões de Almeida and engraved by Domingos Alves do Rego.
The coin is composed of a copper-nickel-zinc alloy of 61 percent copper, 20 percent zinc, and 19 percent nickel and measures 8 grams in mass, 26.5 millimeters in diameter, and 1.75 millimeters in thickness. It has medallic alignment and a reeded edge, and is round in shape. Both of its rims are raised and decorated with a dentilated border.
A right-facing illustration of the Effigy of the Republic with a Phrygian cap and laurel branch on her head is displayed in the middle of the obverse. Printed clockwise from the coin's lower left to upper right peripheries is the Portuguese name of the Portuguese Republic, rendered as "REPUBLICA PORTUGUESA" without the acute over the first "U". It is followed by the Gregorian date of minting, which is separated from the state title by a small horizontal line. The "SIMÕES" signature of the designer additionally appears in small print at the bottom of the piece, the "REGO GR" signature of the engraver (gravador in Portuguese) displayed in incuse lettering to the right.
The coat of arms of Portugal is featured at the top center of the reverse, with the face value "1 ESCUDO" displayed on two lines below. In this representation of the value, the numeral is rendered in significantly larger font than the following word, which is curved counterclockwise along the coin's lower periphery. It is flanked on both sides by a small flower.
Around 46,109,300 examples of the coin were manufactured. Only business strikes of this type are reported.
Various patterns and trial strikes of the coin are also known to exist. Copper examples weighing 7.2 grams were minted in 1928 and 1939, silver pieces were struck in 1927, brass coins were manufactured in 1928, aluminum specimens weighing 6.25 grams were produced in 1940, and cupronickel pieces were minted in 1961, 1962, 1964, and 1966. Some of the cupronickel specimens feature the word "PROVA" (meaning "test" or "pattern") in the field between the Effigy and date on the obverse.
Mintages Year Mintage 1927 1,917,000 1928 7,462,000 1929 1,617,000 1930 1,911,000 1931 2,039,000 1935 54,300 1939 304,000 1940 1,259,000 1944 993,000 1945 773,000 1946 2,507,000 1951 2,500,000 1952 2,500,000 1957 1,656,000 1958 1,447,000 1959 1,908,000 1961 2,505,000 1962 2,757,000 1964 1,611,000 1965 1,683,000 1966 2,607,000 1968 4,099,000 Total 46,109,300
1966 pattern coins[]
Around 1966, the Imprensa Nacional-Casa da Moeda considered redesigning the escudo coin. Although a new piece of the denomination would not be introduced until 1969, at least two patterns with rejected designs were struck in 1966. Both were designed by Portuguese sculptor Marcelino Norte de Almeida (1906–).
One piece struck in nickel-brass features a left-facing portrait of the Effigy of the Republic with a Phrygian cap on her head. Engraved in small print to the lower left is the word "PROVA".
The face value "1 ESCUDO" appears on two lines in the center of the reverse, the numeral rendered in significantly larger print than the following word. Written clockwise along the periphery above is the Portuguese name of the Portuguese Republic, "REPÚBLICA PORTUGUESA", the two words separated by a circular point. Engraved in the opposite direction at the periphery below is the Gregorian date of minting, "1966".
A bronze piece was struck using the same illustration of the Effigy on its obverse. This likeness is accompanied by the legend, "REPÚBLICA PORTUGUESA", which is engraved clockwise from the coin's lower left to lower right peripheries, and the Gregorian date of minting, which is displayed horizontally to the lower left of the image.
The reverse, identical in design to that of the 1969 escudo coin, features the face value "1 ESCVDO" on two lines at the top center. Five ears of wheat are additionally displayed below, and the "M NORTE" signature of the artist is inscribed in small print near the lower right rim. To identify the coin as a pattern, the word "PROVA" is engraved at an angle to the left of the face value.
The mintages of the 1966 patterns are currently unknown. Only a small number of examples of each design are known to exist.
Quinas design (1969–1979)[]
On July 12, 1963, the Estado Novo released a series of redesigned 2.50 and 5 escudo coins into circulation. These were later followed by new 10, 20, and 50 centavo and 1 escudo pieces on August 4, 1969, and the first base metal 10 escudo coin in 1971. The 1 escudo piece of this new series, which was struck annually at the Imprensa Nacional-Casa da Moeda from 1969 to 1979, was eventually withdrawn from circulation on January 1, 1987, under the Third Portuguese Republic. It was designed by Portuguese sculptor Marcelino Norte de Almeida.
The coin is composed of bronze and measures 8 grams in mass, 26 millimeters in diameter, and 2 millimeters in thickness. Most examples have coin alignment, but pieces from 1979 are also known to use medallic alignment. The coin has a plain edge and raised, undecorated rims, and is round in shape.
An illustration of the five quinas from the Portuguese coat of arms appears in the middle of the obverse. Printed clockwise along the periphery above is the Portuguese name of the Portuguese Republic, stylistically rendered as "REPVBLICA PORTVGVESA" with a circular point between the two words. Displayed in the opposite direction at the coin's lower rim is the Gregorian date of minting, which is separated from the aforementioned legend by two decorative objects (✤).
The reverse of the piece features the face value "1 ESCVDO" on two lines at the top center, above five ears of wheat. Inscribed in small print to the lower right is the "M NORTE" signature of the artist.
Around 95,961,000 examples of the coin, all business strikes, were manufactured over its 11 years of production.
Bronze 1969-dated patterns weighing 7.2 grams, a 1970-dated nickel essai, and a 1979 pattern with a reeded edge are also known to exist.
Mintages Year Mintage 1969 3,020,000 1970 6,009,000 1971 7,860,000 1972 3,815,000 1973 20,467,000 1974 11,444,000 1975 8,473,000 1976 7,353,000 1977 6,218,000 1978 7,061,000 1979 14,241,000 Total 95,961,000
1980 unissued pattern coins[]
First Quinas designs[]
Around 1980, the Imprensa Nacional-Casa da Moeda once again decided to redesign the escudo piece. Several designs, including a handful of rejected submissions, were drafted to grace the new coin, which was scheduled to be released later in 1980. Virtually all of the patterns were minted at the Imprensa Nacional-Casa da Moeda on nickel-brass planchets identical in size to the 1981 escudo.
One rejected obverse design features the five quinas from the Portuguese coat of arms at the top center. The Portuguese name of the Portuguese Republic, "REPUBLICA PORTUGUESA" appears on two horizontal lines below, above the Gregorian date of minting, "1980".
This obverse design was paired with at least three reverse designs. One features an illustration of a flower accompanied by the face value "1 ESCUDO", the numeral displayed to the left in large print and the word featured below. Another design solely features the face value "1 ESCUDO", with the numeral extending from the top of the reverse to the bottom and partially overlapped by the word. A third design, which was ultimately selected for the 1981 escudo, simply features the face value "1 ESCUDO" on two lines, the numeral rendered in larger print than the following word. A uniface trial strike with just this is known to exist.
The mintages of these patterns are currently unknown. A small amount of each type are currently known to exist.
Second Quinas design[]
Another rejected obverse design also appeared on a pattern in 1980. The five quinas from the Portuguese coat of arms appear in the center, the state title "REPUBLICA PORTUGUESA" inscribed clockwise along the periphery above. Engraved in the opposite direction at the rim below is the Gregorian date of minting, "1980".
The reverse of the pattern features the face value "1 ESCUDO" on two lines, the numeral rendered in larger print than the following word.
The mintage of this second pattern is also unknown. A small number of examples are currently known to exist.
First shield design (1981–1986)[]
On April 25, 1974, the Armed Forces Movement (MFA) launched a successful coup d'état against the Estado Novo regime, establishing the National Salvation Junta in its place. The aims of this new regime were to oversee the formation of a new civilian government and prevent the collapse of the Republic during the transitional period. After functioning for about a year, the junta was disbanded in 1975 and the Third Portuguese Republic was formally established.
In 1980, after reviewing a series of submissions for a new escudo piece (as mentioned above), the Imprensia Nacional-Casa da Moeda approved a design featuring the Portuguese shield, rather than just the five quinas. Although dated 1981, the new piece was released into circulation by the Third Portuguese Republic on November 17, 1980. With the discontinuation of the 20 centavo coin in 1974 and the 10 and 50 centavo pieces in 1979, it was now the lowest denominated coin that continued to be issued by the Imprensia Nacional-Casa da Moeda. Produced annually from 1981 to 1986, the coin was finally officially withdrawn on February 28, 2002, and demonetized on December 31 of the same year. It, like the previous escudo, was designed by Portuguese sculptor Marcelino Norte de Almeida.
The coin is composed of a brass alloy of 78 percent copper, 20 percent zinc, and 2 percent nickel and measures 3 grams in mass, 18 millimeters in diameter, and 1.7 millimeters in thickness. Most examples have coin alignment, but pieces from 1982 are also known to use medallic alignment. The piece has a plain edge and raised, undecorated rims, and is round in shape.
The Portuguese shield, the escutcheon in the coat of arms of Portugal, is illustrated in the center of the coin's obverse. Printed clockwise along the periphery above is the Portuguese legend "REPUBLICA PORTUGUESA", and engraved in the opposite direction at the rim below is the Gregorian date of minting.
The face value "1 ESCUDO" is displayed on two lines in the middle of the reverse, the numeral rendered in significantly larger print than the following word.
Around 250,673,000 examples of the coin, all business strikes, were manufactured during its six years of production.
Mintages Year Mintage 1981 30,165,000 1982 53,018,000 1983 53,165,000 1984 59,463,000 1985 46,832,000 1986 8,030,000 Total 250,673,000
1982 Roller Hockey World Cup coin (1982)[]
In 1982, 22 countries competed in that year's Roller Hockey World Cup. The tournament, the eighth to be hosted by Portugal, was played in Barcelos in the northeastern part of the country. In observance of this international event, the Imprensa Nacional-Casa da Moeda released a series of commemorative 1, 2.50, 5, and 25 escudo coins into circulation on September 4, 1982. Each was produced solely that year and designed by Portuguese artists Marcelino Norte de Almeida and Dorita de Castel-Branco (1936–1996). The 1 escudo piece of the series was officially withdrawn on February 28, 2002, and demonetized on December 31 of the same year.
The coin is composed of a nickel-brass alloy of 78 percent copper, 20 percent zinc, and 2 percent nickel and measures 3 grams in mass, 18 millimeters in diameter, and 1.7 millimeters in thickness. It has coin alignment and a plain edge, and is round in shape. Both of its rims are raised and undecorated.
The obverse, designed by Norte de Almeida, features the Portuguese shield in its center. Engraved clockwise along the periphery above is the state title "REPÚBLICA PORTUGUESA", the two words separated by a small circular point at the top of the piece. Engraved in the opposite direction at the bottom of the piece is the face value "1$00", which is separated from the aforementioned legend by two small small floral points.
Displayed in the middle of the reverse, designed by Castel-Branco, is an illustration of a roller hockey player skating toward a hockey ball to the right. The man is portrayed wearing shorts, skates, knee pads, and gloves and holding a hockey stick in his hands. The numeral "82", shortened for "1982", is displayed in large print to the upper left, and the "incm" mark of the Imprensa Nacional-Casa da Moeda and another "82" are engraved in smaller print to the upper right. The artist's signature, "DORITA", is also visible in a small font below the hockey player's skates. Printed counterclockwise along the rim below is the Portuguese legend "MUNDIAL HÓQUEI", which translates to English as "world hockey".
Around 1,990,000 examples of the coin, all business strikes, were manufactured during a single year of production.
Final design (1986–2001)[]
On September 12, 1986, the Third Portuguese Republic began issuing the last series of escudo coins. That year, the Bank of Portugal released redesigned 1, 5, 10 and new 20 and 50 escudo pieces into circulation. They were then joined by a 100 escudo coin on December 20, 1989, and a 200 escudo piece in 1991. Because of its infrequent use, the 2.50 escudo coin was not reissued under this new series. The 1 escudo piece of the series, struck annually from 1986 to 2001, was officially withdrawn from circulation on February 28, 2002, and demonetized on December 31 of the same year. It was designed by Portuguese sculptor Hélder Batista (1932–2015).
In commemoration of the end of the Portuguese escudo, the Imprensa Nacional-Casa da Moeda also struck a .917 gold escudo coin in 2001. Marketed as the Escudo em Ouro, or "gold escudo", the piece was never released into circulation and sold exclusively to collectors and investors. Like the circulating piece, it remained legal tender until December 1, 2002.
The circulating coin is composed of a brass alloy of 79 percent copper, 20 percent zinc, and 1 percent nickel and measures 1.69 grams in mass, 16 millimeters in diameter, and 1.2 millimeters in thickness. The gold piece is noticeably heavier with a mass of 4.6 grams, but its other dimensions are identical. Both types have coin alignment and a reeded edge, and are round in shape. The rims of each are raised and undecorated.
A depiction of the Portuguese shield is displayed below a tied knot in the middle of the obverse. It is accompanied by the Portuguese state title "REPUBLICA PORTUGUESA", which is engraved clockwise from the coin's upper right to left peripheries, and the Gregorian date of minting, which is inscribed in the same direction at the upper left rim. A group of four circular points separates the two words and the second word from the date. On gold pieces, "Au", the symbol of gold, also appears in small print above the shield.
An illustration of a decorative stained glass window appears at the top center of the obverse. On coins produced from 1986 to 1992, the outline of this image consists of a single thin line. Later pieces, however, use a thicker outline consisting of two lines. The face value "1 ESCUDO" is displayed below, the numeral rendered in larger, thicker print than the following word, which is engraved counterclockwise along the coin's lower boundary. The "H.BATISTA" signature of the artist is engraved in small print to the left, and the "incm" mark of the Imprensa Nacional-Casa da Moeda is inscribed to the right. These markings are noticeably smaller on pieces struck before 1992 than on later examples.
Around 218,782,800 brass coins were minted, including around 218,306,500 business strikes; 406,500 Brilliant Uncirculated pieces; and 69,800 proofs. All of the uncirculated and proof pieces were distributed in official mint and proof sets.
Only around 50,000 gold escudos were produced, each in a Brilliant Uncirculated grade.
Mintages Year Mintage Brass coin 1986 14,882,000 1987 21,922,000 1988 17,168,000 1989 17,194,000 1990 19,008,000 1991 18,456,000 1992 22,000,000 1993 10,505,000 1993 Proof 5,000 1994 10,328,000 1994 Proof 7,000 1995 12,000,000 1995 Proof 5,000 1996 12,000,000 1996 Proof 5,000 1997 8,000,000 1997 Proof 10,000 1998 4,000,000 1998 Proof 7,800 1999 10,000,000 1999 Proof 15,000 2000 21,000,000 2000 Proof 5,000 2001 250,000 2001 Proof 10,000 Total 218,782,800 Gold 2001 50,000
Legacy[]
In the months and years following Portugal's adoption of the euro, the final escudo coin has become a symbol of Portugal's now defunct currency. It has since appeared on a handful of non-circulating commemorative coins of Portugal and other countries.
In 1999, the former Portuguese colony of São Tomé and Príncipe issued a series of 11 commemorative 2,000 dobra pieces celebrating the introduction of the euro. Each piece represented one of the 11 countries to join the eurozone in 1999, including Portugal. The Portuguese piece features an embedded escudo coin on its reverse.
In 2002, the Republic of the Congo, Fiji, Nauru, North Korea, Samoa, Tokelau, and Tonga released a joint coin series celebrating the final issues of 17 European currencies (although some of the commemorated currencies had yet to be discontinued). A 5 dollar piece of Tokelau was struck to commemorate the "final issue of the Portuguese escudo", and features a rendition of the last 1 escudo coin on its reverse.
In 2005, a series of Liberian 5 dollar coins was also issued in commemoration of the euro. One example displays the final escudo coin on its reverse, next to a rendition of a 1 euro coin.
In 2010, the Imprensa Nacional-Casa da Moeda issued a commemorative 10 euro piece as part of an Ibero-American coin series celebrating historical coins and currency. At the bottom of the reverse, this piece includes an outline of the final escudo coin.
References[]
Template:Portuguese escudo
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https://economy-finance.ec.europa.eu/euro/use-euro/euro-outside-euro-area_en
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en
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The euro outside the euro area
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Which non-EU members use the euro or link their currency to the euro, and how the euro is used as a global currency.
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en
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Economy and Finance
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https://economy-finance.ec.europa.eu/euro/use-euro/euro-outside-euro-area_en
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Who else uses the euro?
The euro is used widely in global currency markets. It is also used as an official or de facto currency as well as an 'anchor' currency by a number of countries and regions outside the European Union.
Certain parts of the euro area are part of the European Union even though they are not on the European continent, such as the French overseas departments of Guadeloupe, French Guyana, and Martinique in the Caribbean, as well as Mayotte and Réunion in the Indian Ocean. The Portuguese islands of Madeira and the Azores, and the Spanish Canary Islands, all in the Atlantic Ocean, are other examples.
As part of the euro area, and because they fall within the legal rights, capacity, and supervision of the relevant European Union Member State, these regions use the euro normally.
However, the euro can also be found in other countries and regions which are neither part of the EU nor the euro area.
The euro as official currency
the Principality of Monaco, the Republic of San Marino, the Vatican City State the Principality of Andorra have concluded monetary agreements with the EU, granting them the rights to produce limited quantities of euro coins with their own design on the national side, but not to issue euro banknotes
certain French overseas territories, which are not part of the European Union have also signed agreements with the EU. They do not however issue their own coins:
the Saint-Pierre-et-Miquelon islands close to the eastern coast of Canada,
the Island of Saint-Barthélemy
The euro as de facto currency
Kosovo and Montenegro, in the Balkans, use the euro as a de facto domestic currency, as they have no agreements with the EU. This is keeping with an older practice of using the German mark, which was previously the de facto currency in these areas.
Several countries and territories outside the euro area and EU have linked their currencies to the euro. This is because the stable monetary system behind the euro makes it an attractive 'anchor' currency. In some cases, it is by bilateral agreement with euro area countries (such as France or Portugal because of their historical relations with some countries), while in others it is a unilateral decision of the country concerned. Different systems are used to establish these links
non-euro area EU countries link their currencies to the euro through the Exchange Rate Mechanism (ERM II). This linkage is one of the conditions for joining the euro area
countries, which are not part of the EU or do not wish to join ERM II, may decide to support an exchange rate against the euro that is only allowed to fluctuate within defined limits (‘currency peg’). The countries’ monetary authorities support this exchange-rate peg on their own by intervening in currency markets. The euro area has no agreements or obligations to support these currencies
other countries organise a ‘basket’ of currencies that includes the euro. In such cases, the link is less direct. The exchange rate of the national currency is linked to a fictitious exchange rate from a ‘basket’ of other currencies, such as the euro, the US dollar, and the Japanese yen
an additional tool available to countries’ monetary authorities are euro-based currency boards in charge of supporting the fixed foreign exchange rate, to which the normal objectives of central banks are subordinated
An international presence
The widespread use of the euro in the international financial and monetary system demonstrates its global presence
the euro is widely used, alongside the US dollar, as an important reserve currency for monetary emergencies. In 2015, more than one-fifth of the global foreign exchange holdings were in euros
the euro is the second most actively traded currency in foreign exchange markets. It is a counterpart in around 33% of all daily transactions, globally
The euro is used to issue government and corporate debt worldwide. In 2015, the share of euro denominated debt in the global markets was around 40%, on par with the role of the US dollar in the international debt market
the euro is also a currency used for invoicing and paying in international trade, not only between the euro area and countries outside the EU, but also between non-EU countries. It is used as trade invoicing currency for more than 50% of all euro area imports, and for more than 65% of all euro area exports
several countries manage their currencies by linking them to the euro, which acts as an anchor or reference currency.
Read more
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https://www.pinterest.com/pin/flags-symbols-currency-of-portugal--969681363495447824/
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en
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[] |
[] |
[] |
[
""
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2022-08-28T15:19:09+00:00
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The National Flag of Portugal is a rectangular bicolor and features two vertical bands of green (covering about two-fifths on the hoist side) and red (covering three-fifths on the fly side), with the national coat of arms (armillary sphere and Portuguese shield), centered on the dividing line; the country uses the euro…
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en
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Pinterest
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https://www.pinterest.com/pin/flags-symbols-currency-of-portugal--969681363495447824/
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8738
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dbpedia
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https://www.ifcm.co.uk/currency-converter/pte-ngn/1000
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en
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Exchange Rate Portuguese Escudo to Nigerian Naira
|
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[
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en
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https://ifccd.net/favicon.ico
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https://www.ifcm.co.uk/currency-converter/pte-ngn/1000
|
Risk Warning Notice: Your capital is at risk. Leveraged products may not be suitable for everyone.
CALDOW LIMITED with its registered address at Arch. Leontiou 187, 4th floor, 3020, Limassol, Cyprus is a payment agent of IFCMARKETS.CORP and is incorporated in the Republic of Cyprus under registration number HE 335779.
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8738
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0
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https://www.moedanumismatica.com/coins/portugal.html
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en
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Coins of Portugal
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Euro and escudo coins of Portugal, with images, characteristics and history of the Portuguese currencies.
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en
| null |
Euro Third Republic 2002 - 1975 - 2001 Estado Novo First Republic 1926 - 1974 1910 - 1926
Click the images to get additional information
Catalog available also listed by value
History of the Portuguese Coins
Portuguese dinheiro
Portugal's independence was proclaimed by Afonso Henriques after the Battle of Ourique on 25 July 1139, recognized as King Alfonso I (1128-1185) by the King of León and Castile Afonso VII in 1143, and by Pope Alexander III in 1179.
On 1179 the king adopted as currency of Portugal the dinheiro, used until 1433. The obverse of this coin had a large cross, as usual on the medieval coins. Its reverse had five shields arranged to form a cross, each of them with five dots, in memory of the five Moorish kings defeated by Alfonso I at the battle of Ourique. The shields is currently in Portugal's national arms.
The dinheiro comes from the monetary reform of Charlemagne, who established a standard based on the livre carolinienne in silver (the modern pound from the Roman libra), subdivided in 20 sous (the modern shilling from the Roman solidus) or 240 deniers (the modern penny from the Roman denarius). Coins derived from the French denier were the British pound, the Italian lira, the Spanish dinero and the Portuguese dinheiro.
As for the counting units, 12 dinheiros equaled one soldo and 20 soldos are equal to one libra: the denomination of half a dinheiro was called mealha. New coins introduced in the following centuries were the gold morabitino, introduced by Sancho I (1185-1211) from the Spanish maravedí and equivalent to 15 soldos, and the silver tornês, introduced by the King Denis one century later which worth 5½ soldos.
Portuguese real
King Ferdinand I introduced in 1380 the gold dobra, which worth 6 libras, and the silver real, which worth 10 soldos (120 dinheiros or ½ libra). The name real comes from the Spanish silver coin issued by King of Castile and Leon Peter I (1350-1369) with the name of nummus realis, that means money of the king. Real was also the name of a former silver coin in Spain and Spanish America, worth the eighth part of a peso.
King João I (1385-1433) introduced a new real, known as the real branco, in bullion having a value of 70 soldos (equivalent to 840 dinheiros), adopted as unit of account by King Duarte I, João I's successor, in 1433. Moreover, also the real preto of one tenth of a real branco (equivalent to 7 soldos) was issued in copper. During the reign of Manuel I (1495–1521), the name real branco was simplified to real, start minting real coins in copper.
Two denominations related to the real were the vintém, with a value of 20 réis, and the tostão, with a value of 100 réis.
In the 1580s were minted the last 1 real coins. After this time, the smallest coins minted was the 1½ réis until around 1750, after which the smallest circulating denomination became the three réis coin, issued until 1875. The denominations of 3, 5, 10, 20 and 40 réis were in copper, denominations of 50, 60, 100, 120, 240 and 480 réis were in silver, and 480, 800, 1200, 1600, 3200 and 6400 réis were in gold. The standard gold coin was 6400 réis, called peça, that increased its value to 7500 réis after 1826.
In 1837 was adopted the decimal system for the minting of the coins, using copper at the beginning and bronze from 1882 for 3, 5, 10 and 20 réis deniminations, silver coins for 50, 100, 200, 500 and 1000 réis denominations, and gold 1000, 2000, 2500, 5000 and 10,000 réis denominations. In 1900 the 50 and 100 réis denominations were issued in cupro-nickel.
In 1847 the Banco de Portugal issued the first banknote. In 1854, Portugal adopted the gold standard with a ratio of 1000 réis = 1.62585 grams fine gold, gold standard was maintained until 1891.
Portuguese cruzado
The Cruzado was a gold coin issued by Afonso V (1438-1481) trying to organize a crusade against the the fall of Constantinople by the Turks in 1453. It had a value of 400 reis. The name comes from Portuguese cruzado which means cross, referring to the cross of the patron saint of Portugal, St George, on the reverse.
King João II (1477-1495) introduced a new silver coin called cruzado at a value of 324 real branco. João III (1521-1557) fixed its value to 400 réis and Pedro II (1683-1706) increased its value to 480 réis. The cruzado was also minted by João IV (1640-1656) with value equal to 750 réis.
Portuguese escudo
On May 22, 1911, after the 1910 Portuguese Republican revolution, the Portuguese escudo replaced the real with the ratio of 1,000 réis = 1 escudo. The name escudo comes from the Portuguese for "shield" and the ISO 4217 code of the escudo currency was PTE.
The escudo is subdivided into 100 centavos and its symbol is the cifrão, a capital S with two strokes in the middle. Values in escudos are expressed in the form escudos$centavos using the cifrão as the decimal separator.
Portuguese euro
The euro was introduced in Portugal on January 1st, 1999, replacing the escudo from circulation on 28 February 2002, with coins in escudo being exchangeable for euro until December 31, 2002
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https://en.wikipedia.org/wiki/Portuguese_escudo
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Portuguese escudo
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2003-08-24T05:57:07+00:00
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https://en.wikipedia.org/wiki/Portuguese_escudo
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Currency of Portugal from 1911 to 2002
Portuguese escudoEscudo português (Portuguese)
25 escudo (1985), obverse25 escudo (1985), reverse
ISO 4217CodePTEUnitUnitEscudoPluralescudosSymbol (⟨$⟩ is used when double-barred cifrão is not available)DenominationsSuperunit 1000contoSubunit 1⁄100centavoPlural centavocentavosBanknotes Freq. used500 , 1,000 , 2,000 , 5,000 , 10,000 Rarely used100Coins Freq. used1 , 5 , 10 , 20 , 50 , 100 , 200 Rarely used2+1⁄2 , 25DemographicsUser(s)None, previously:
PortugalIssuanceCentral bankBanco de Portugal Websitewww .bportugal .ptMintImprensa Nacional-Casa da Moeda Websitewww .incm .ptValuationInflation2.8% (2000) Sourceworldpress.orgEU Exchange Rate Mechanism (ERM)Since19 June 1989Fixed rate since31 December 1998Replaced by euro, non cash1 January 1999Replaced by euro, cash1 January 20021 € =200.482 PTEThis infobox shows the latest status before this currency was rendered obsolete.
The Portuguese escudo was the currency of Portugal from 22 May 1911 until the introduction of the euro on 1 January 2002. The escudo was subdivided into 100 centavos. The word escudo literally means shield; like other coins with similar names, it depicts the coat of arms of the state.
Amounts in escudos were written as escudos centavos with the cifrão as the decimal separator (for example: 25 00 means 25.00 escudos, 100 50 means 100.50 escudos). Because of the conversion rate of 1,000 réis = 1 , three decimal places were initially used ( 1 = 1 000).
History
[edit]
The currency replaced by the escudo in 1911 was denominated in Portuguese reals (plural: réis) and milréis worth 1,000 réis. The milréis was equivalent to 2.0539 grams fine gold from 1688 to 1800, and 1.62585 g from 1854 to 1891. Gold escudos worth 1.6 milréis (or 1.600 ; not to be confused with the 20th-century currency) were issued from 1722 to 1800 in denominations of 1⁄2, 1, 2, 4 and 8 escudos.
The escudo (gold) was again introduced on 22 May 1911, after the 1910 Republican revolution, to replace the real at the rate of 1,000 réis to 1 escudo. The term mil réis (thousand réis) remained a colloquial synonym of escudo up to the 1990s. One million réis was called one conto de réis, or simply one conto. This expression passed on to the escudo, meaning one thousand escudos.
The escudo's value was initially set at 675 = 1 kg of gold. After 1914, the value of the escudo fell, being fixed in 1928 at 108.25 to £1 sterling. This was altered to 110 to £1 stg in 1931. A new rate of 27.50 escudos to the U.S. dollar was established in 1940, changing to 25 in 1940 and 28.75 in 1949.
During World War II, escudos were heavily sought after by Nazi Germany, through Swiss banks, as foreign currency to make purchases to Portugal and other neutral nations.[1]
Inflation throughout the 20th century made centavos essentially worthless by its end, with fractional value coins with values such as 50 centavos and 2+1⁄2 eventually withdrawn from circulation in the 1990s. With the entry of Portugal in the Eurozone, the conversion rate to the euro was set at 200.482 = €1.[2]
Territorial usage
[edit]
The escudo was used in the Portuguese mainland, the Azores and Madeira, with no distinction of coins or banknotes. In Portugal's African colonies, the escudo was generally used up to independence, in the form of Banco Nacional Ultramarino and Banco de Angola banknotes (rather than those of the Bank of Portugal used in Portugal proper), with Portuguese and in some cases local coins circulating alongside:
Angolan escudo
Cape Verdean escudo
Mozambican escudo
Portuguese Guinean escudo
São Tomé and Príncipe escudo
Of the above, only Cape Verde continues to use the escudo.
In Macau, the currency during the colonial period was, as it is today, the Macanese pataca.
Timor-Leste adopted the Portuguese Timorese escudo whilst still a Portuguese colony, having earlier used the Portuguese Timor pataca.
Portuguese India adopted the Portuguese Indian escudo for a brief time between 1958 and 1961 before Goa became a part of India; prior to that, it used the Portuguese Indian rupia.
Coins
[edit]
The mintage period for the various denominations of the gold escudo (worth 1.6 milréis or 1.600 ) introduced in 1722 was different: 1⁄2 escudo through 1821, 2 escudos through 1789, and 4 escudos through 1799. The eight-escudo coin was only struck between 1722 and 1730.
Between 1912 and 1916, silver 10, 20 and 50 centavos and 1 coins were issued. Bronze 1 and 2 centavos and cupro-nickel 4 centavo coins were issued between 1917 and 1922.
In 1920, bronze 5 centavos and cupro-nickel 10 and 20 centavo coins were introduced, followed, in 1924, by bronze 10 and 20 centavos and aluminium-bronze 50 centavos and 1 coins. Aluminium bronze was replaced with cupro-nickel in 1927.
In 1932, silver coins were introduced for 2+1⁄2 , 5 and 10 . The 2+1⁄2 and 5 were minted until 1951, with the 10 minted until 1955 with a reduced silver content. In 1963, cupro-nickel 2+1⁄2 and 5 were introduced, followed by aluminium 10, bronze 20 and 50 centavos and 1 in 1969. Cupro-nickel 10 and 25 were introduced in 1971 and 1977, respectively. In 1986, a new coinage was introduced which circulated until replacement by the euro. It consisted of nickel-brass 1 , 5 and 10 , cupro-nickel 20 and 50 , with bimetallic 100 and 200 introduced in 1989 and 1991.
Coins in circulation at the time of the changeover to the euro were:
1 (0.50 cent)
5 (2.49 cents)
10 (4.99 cents)
20 (9.98 cents)
50 (24.94 cents)
100 (49.88 cents)
200 (99.76 cents)
Coins ceased to be exchangeable for euros on December 31, 2002.
Coins of the Portuguese escudo Image Value Equivalent in euros Diameter Weight Thickness Material Obverse Reverse Dates of issue 1 0.50 cent 16 mm 1.69 g 1.2 mm Nickel-brass Coat of arms of Portugal and knot Stained glass window pattern 1986-2001 5 2.49 cents 21.1 mm 5.25 g 2 mm 10 4.99 cents 23.5 mm 7.5 g 2.3 mm 20 9.98 cents 26.5 mm 6.9 g 1.64 mm Copper-nickel Coat of arms of Portugal Nautical compass and the cross of the Military Order of Christ 50 24.94 cents 31 mm 9.41 g 1.65 mm Stylized ship and four fishes below 100 49.88 cents 25.5 mm 8.3 g 2.5 mm Bi-metallic coin (Aluminium-bronze center plug with a Copper-nickel outer ring) Pedro Nunes; text "EUROPA" 1989-2001 200 99.76 cents 28 mm 9.8 g 2.2 mm Bi-metallic coin (Copper-nickel center plug with an Aluminium-bronze outer ring) Garcia de Orta 1991-2001
Another name for the 50 centavos coin was coroa (crown). Long after the 50 centavos coins disappeared, people still called the 2+1⁄2 coins cinco coroas ("five crowns").
Also, people still referred to escudos at the time of the changeover in multiples of the older currency real (plural réis). Many people called the 2+1⁄2 coins dois e quinhentos (two and five-hundreds), referring to the correspondence 2+1⁄2 = 2500 réis. Tostão (plural tostões) is yet another multiple of real, with 1 tostão = 100 réis.
Banknotes
[edit]
The Casa da Moeda issued notes for 5, 10, and 20 centavos between 1917 and 1925 whilst, between 1913 and 1922, the Banco de Portugal introduced notes for 50 centavos, 1 , 2+1⁄2 , 5 , 10 , 20 , 50 , 100 , 500 and 1,000 . 50 centavos and 1 notes ceased production in 1920, followed by 2+1⁄2 , 5 and 10 in 1925 and 1926. 5,000 notes were introduced in 1942.
The last 20 and 50 notes were printed dated 1978 and 1980, respectively, with 100 notes being replaced by coins in 1989, the same year that the 10,000 note was introduced.
Banknotes in circulation at the time of the changeover to the euro were:
500 (€2.49)
1,000 (€4.99)
2,000 (€9.98)
5,000 (€24.94)
10,000 (€49.88)
The last series of escudo banknotes could be returned to the central bank Banco de Portugal and converted to euros until 28 February 2022.
Escudo banknotes celebrated notable figures from the history of Portugal. The final banknote series featured the Age of Discovery, with João de Barros, Pedro Álvares Cabral, Bartolomeu Dias, Vasco da Gama, and Henry the Navigator.
The last 100 banknote depicted Fernando Pessoa, the famous Portuguese writer and poet.
Banknotes of the Portuguese escudo (1995–2002 "Portuguese seafarers & explorers" Issue) Image Value Equivalent in Euros (€) Main color Obverse Reverse Watermark [1] 500 €2.49 Olive and Violet João de Barros Allegory of the Age of Discovery João de Barros [2] 1,000 €4.99 Brown and Purple Pedro Álvares Cabral Sailing ship, animals of Brazil Pedro Álvares Cabral [3] 2,000 €9.98 Blue and deep blue-green Bartolomeu Dias; Cruzado coin of Dom João II Sailing ship, compass card, map Bartolomeu Dias [4] 5,000 €24.94 Green and brown-violet Vasco da Gama Sailing ship, Vasco da Gama with authorities in Calicut Vasco de Gama [5] 10,000 €49.88 Red and dark brown Henry the Navigator (Infante Dom Henrique) Sailing ship Henry the Navigator (Infante Dom Henrique)
Colloquial expressions
[edit]
Conto was the unofficial multiple of the escudo: 1 conto meant 1,000 , 2 contos meant 2,000 and so on. The original expression was conto de réis, which means 'one count of réis' and referred to one million réis. Since the escudo was worth 1,000 réis (the older currency), therefore one conto was the same as a thousand escudos. The expression remained in usage after the advent of the euro, albeit less often, meaning €5, roughly worth 1,000 .
Occasionally paus, literally meaning 'sticks', was also used to refer to the escudo ("Tens mil paus?" – 'Do you have 1,000 escudos/sticks?'). During the move from escudos to euros the Portuguese had a joke saying that they had lost three currencies: the escudo, the conto, and the pau.
See also
[edit]
Portuguese euro coins
Economy of Portugal
Economic history of Portugal
Notes
[edit]
^ 1999 by law, 2002 de facto.
References
[edit]
Sources
[edit]
Cuhaj, George S., ed. (2009). Standard Catalog of World Gold Coins 1601–present (6 ed.). Krause. ISBN 978-1-4402-0424-1.
Cuhaj, George S., ed. (2013). Standard Catalog of World Coins 1701–1800 (6 ed.). Krause. ISBN 978-1-4402-3884-0.
Overview of the Portuguese escudo from the BBC
Portuguese escudo coins
Historical banknotes from Portugal (in English and German)
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https://www.politico.eu/article/a-timeline-of-the-eurozones-growth/
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A timeline of the eurozone’s growth
|
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[] |
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[
"European Monetary Union",
"Eurozone",
"Hungary",
"Lithuania"
] | null |
[
"Cynthia Kroet"
] |
2015-01-30T16:00:10+00:00
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The eurozone is readying itself for the admission of Lithuania, which on 1 January will become the 19th member to adopt the single currency.
|
en
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https://www.politico.eu/wp-content/themes/politico/assets/images/favicon/favicon.ico
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POLITICO
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https://www.politico.eu/article/a-timeline-of-the-eurozones-growth/
|
The enlargement of the eurozone has been a continuous process since it was launched on 1 January 1999, the date when the euro became the official currency of 11 European Union member states – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
It replaced the existing national currencies in two stages: first, in January 1999, as an accounting currency for non-cash payments, while the old currencies were still used for cash payments. Then, on 1 January 2002 the euro coins and banknotes were physically introduced in what by then were the 12 countries of the eurozone. Greece had been admitted on 1 January 2001.
The 12 countries that joined the EU in May 2004 were admitted on condition that they would join the eurozone in due course. It took until 2007 before the first of them did so: Slovenia blazed the trail. A year later, both Malta and Cyprus joined, followed by Slovakia in 2009. The Baltic states have been the most recent countries to join, with Estonia leading the way in 2011, followed by Latvia in 2014 and Lithuania now poised on the brink.
Of the countries that joined the EU in 2004, it is the biggest that now remain on the outside: Poland, the Czech Republic and Hungary.
The obligation to adopt the euro has been a feature of all EU accession treaties since 1992. The three countries that are allowed separate euro adoption referendums on eurozone membership are those whose EU membership precedes that date: the United Kingdom and Denmark. Sweden joined the EU in 1995 and is therefore theoretically obliged to join the eurozone, but it maintains that it has a choice over whether to join the exchange-rate mechanism (ERM II), which is a precondition of eurozone membership.
In the case of Denmark, a referendum on opt-outs of EU legislation is expected to be held in the next parliamentary mandate in the period 2015-19. If Denmark does decide to discuss the membership of the eurozone, and the citizens vote in favour, the country’s admission could proceed rapidly. Denmark is already part of the ERM, which aims at ensuring financial stability between the euro and other EU currencies.
Member states are not permitted to join the eurozone before their public finances comply with debt and deficit criteria outlined by the Stability and Growth Pact, which aim to keep inflation and long-term interest rates below certain values. They must also ensure that their national laws comply with the rules of the European Central Bank.
There are seven states under this obligation to join the euro, which are therefore labouring to meet the eurozone’s criteria. albeit with varying degrees of enthusiasm: in addition to Sweden, the Czech Republic, Hungary and Poland, there are the two countries admitted to the EU in 2007, Romania and Bulgaria, and the country admitted in 2013, Croatia.
In June 2014 the European Commission and the European Central Bank published convergence reports on the progress made by these countries in fulfilling the criteria.
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https://www.wilsoncenter.org/chapter-3-trade-agreements-and-economic-theory
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Chapter 3: Trade Agreements and Economic Theory
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Economists have had an enormous impact on trade policy, and they provide a strong rationale for free trade and for removal of trade barriers. Although the objective of a trade agreement is to liberalize trade, the actual provisions are heavily shaped by domestic and international political realities. The world has changed enormously from the time when David Ricardo proposed the law of comparative advantage, and in recent decades economists have modified their theories to account for trade in factors of production, such as capital and labor, the growth of supply chains that today dominate much of world trade, and the success of neomercantilist countries in achieving rapid growth.
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/core/misc/favicon.ico
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Wilson Center
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https://www.wilsoncenter.org/chapter-3-trade-agreements-and-economic-theory
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By William Krist
Almost all Western economists today believe in the desirability of free trade, and this is the philosophy advocated by international institutions such as the World Bank, the International Monetary Fund, and the World Trade Organization (WTO). And this was the view after World War II, when Western leaders launched the General Agreement on Tariffs and Trade (GATT) in 1947.
However, economic theory has evolved substantially since the time of Adam Smith, and it has evolved rapidly since the GATT was founded. To understand U.S. trade agreements and how they should proceed in the future, it is important to review economic theory and see how it has evolved and where it is today.
In the seventeenth and eighteenth centuries, the predominant thinking was that a successful nation should export more than it imports and that the trade surplus should be used to expand the nation’s treasure, primarily gold and silver. This would allow the country to have a bigger and more powerful army and navy and more colonies.
One of the better-known advocates of this philosophy, known as mercantilism, was Thomas Mun, a director of the British East India Company. In a letter written in the 1630s to his son, he said: “The ordinary means therefore to increase our wealth and treasure is by Foreign Trade, wherein wee must ever observe this rule; to sell more to strangers yearly than wee consume of theirs in value…By this order duly kept in our trading,…that part of our stock which is not returned to us in wares must necessarily be brought home in treasure.”[1]
Mercantilists believed that governments should promote exports and that governments should control economic activity and place restrictions on imports if needed to ensure an export surplus. Obviously, not all nations could have an export surplus, but mercantilists believed this was the goal and that successful nations would gain at the expense of those less successful. Ideally, a nation would export finished goods and import raw materials, under mercantilist theory, thereby maximizing domestic employment.
Then Adam Smith challenged this prevailing thinking in The Wealth of Nations published in 1776.[2] Smith argued that when one nation is more efficient than another country in producing a product, while the other nation is more efficient at producing another product, then both nations could benefit through trade. This would enable each nation to specialize in producing the product where it had an absolute advantage, and thereby increase total production over what it would be without trade. This insight implied very different policies than mercantilism. It implied less government involvement in the economy and a reduction of barriers to trade.
The Theory of Comparative Advantage
Thirty-one years after The Wealth of Nations was published, David Ricardo introduced an extremely important modification to the theory in his On the Principles of Political Economy and Taxation, published in 1817.[3] Ricardo observed that trade will occur between nations even where one country has an absolute advantage in producing all the products traded.
Ricardo showed that what was important was the comparative advantage of each nation in production. The theory of comparative advantage holds that even if one nation can produce all goods more cheaply than can another nation, both nations can still trade under conditions where each benefits. Under this theory, what matters is relative efficiency.
Economists sometimes compare this to the situation where even though a lawyer might be more proficient at both law and typing than the secretary, it would still pay the lawyer to have the secretary handle the typing to allow more time for the higher-paying legal work. Similarly, if each country specializes in the products where it is comparatively more efficient, total production will be higher and consumers will have more goods to utilize.
Smith and Ricardo considered only labor as a “factor of production.” In the early 1900s, this theory was further developed by two Swedish economists, Bertil Heckscher and Eli Ohlin, who considered several factors of production.[4] The so-called Heckscher-Ohlin theory basically holds that a country will export those commodities that are produced by the factor that it has in relative abundance and that it will import products whose production requires factors of production where it has relatively less abundance. This situation is often portrayed in economics textbooks as a simplified model of two countries (England and Portugal) and two products (textiles and wine). In this simplified portrayal, England has relatively abundant capital and Portugal has relatively abundant labor, and textiles are relatively capital intensive whereas wine is relatively labor intensive. With these conditions, both nations would be better off if they freely traded, and under such a situation of free trade, England would export textiles and import wine. This would maximize efficiency, resulting in more total production of textiles and wine and cheaper prices for consumers than would be the case without trade. Through empirical studies and mathematical models, economists almost universally believe that this model holds equally well for multiple products and multiple countries.
In fact, economists consider this law of comparative advantage to be fundamental. As Dominick Salvatore says in his basic economics textbook International Economics, the law of comparative advantage remains “one of the most important and still unchallenged laws of economics. …The law of comparative advantage is the cornerstone of the pure theory of international trade.”[5]
The law of comparative advantage also holds equally well for many factors of production. In addition to labor and capital, other factors of production include natural resources such as land and technology, and these can be subdivided. For example, land can be land for mining or land for farming, or technology for making cars or computer chips, or skilled and unskilled labor. Additionally, over time factor endowments may change. For example, natural resources, such as coal reserves, may be used up, or a country’s educational system may be improved, thereby providing a more highly skilled labor force.
Furthermore, some products do not utilize the same factors of production over their life cycle.[6] For example, when computers were first introduced, they were incredibly capital intensive and required highly skilled labor. Over time, as volume increased, costs came down and computers could be mass produced. Initially, the United States had a comparative advantage in production; but today, when computers are mass produced by relatively unskilled labor, the comparative advantage has shifted to countries with abundant cheap labor. And still other products may use different factors of production in different countries. For example, cotton production is highly mechanized in the United States but is very labor intensive in Africa. The fact that factors of production may change does not nullify the theory of comparative advantage; it just means that the mix of products that a nation can produce relatively more efficiently than its trade partners may change.
Traditional economic theories expounded by Ricardo and Heckscher-Ohlin are based on a number of important assumptions, such as perfect competition with no artificial barriers imposed by governments. A second assumption is that production occurs under diminishing or constant returns to scale, that is, the costs of producing each additional unit are the same or higher as production increases. For example, to increase his wheat crop, a farmer may be forced to use less-fertile land or pay more for laborers to harvest the wheat, thereby increasing the cost of each additional unit produced.
Another key assumption of traditional economic theory is that basic factors of production—such as land, labor, and capital—are not traded across borders. Although Ohlin believed that such basic factors of production were not traded, he argued that the relative returns to factors of production between countries would tend to be equalized as goods are traded between the countries. Subsequently, Samuelson argued that factor prices would in fact be equalized under free trade conditions, and this is known in economics as the factor price equalization theorem.[7] This might mean, for example, that international trade would cause wage rates for unskilled workers to fall in the high-wage country in relation to the rents available from capital and to the same level as wages in the low wage country, and for wages to rise in relation to the rents available from capital in the low-wage country and equal to the level of the country where labor was less abundant. (The implications of this are important and are explored further in chapter 8.)
In static terms, the law of comparative advantage holds that all nations can benefit from free trade because of the increased output available for consumers as a result of more efficient production. James Jackson of the Congressional Research Service describes the benefits as follows: Trade liberalization, “by reducing foreign barriers to U.S. exports and by removing U.S. barriers to foreign goods and services, helps to strengthen those industries that are the most competitive and productive and to reinforce the shifting of labor and capital from less productive endeavors to more productive economic activities.”[8]
Many economists, however, believe that the dynamic benefits of free trade may be greater than the static benefits. Dynamic benefits, for example, include the pressure on companies to be more efficient to meet foreign competition, the transfer of skills and knowledge, the introduction of new products, and the potential positive impact of the greater adoption of commercial law. Thus trade can affect both what is produced (static effects) and how it is produced (dynamic effects).
Terms of Trade
Another important concept in international trade theory is the concept of “terms of trade.” This refers to the amount of exports needed to obtain a given amount of imports, with the fewer amount of exports needed the better for the country. The terms of trade can shift, either benefiting a country or reducing its welfare.
Assume that the United States exports aircraft to Japan and imports televisions, and that one airplane can purchase 1,000 televisions. If one airplane now can purchase 2,000 televisions, the United States will be better off; alternatively, its welfare is diminished if it can only purchase 500 televisions with a single airplane.
A number of factors can affect the terms of trade, including changes in demand or supply, or government policy. In the example given just above, if Japanese demand for aircraft increases, the terms of trade will shift in the United States’ favor because it can demand more televisions for each airplane. Alternatively, if the Japanese begin producing aircraft, the terms of trade will shift in Japan’s favor, because the supply of aircraft will now be larger and the Japanese will have alternative sources of supply.
Under certain conditions, improvements in a country’s productivity can worsen its terms of trade. For example, if Japanese manufacturers of televisions become more efficient and reduce sale prices, Japan’s terms of trade will worsen as it will take more televisions to exchange for the airplane.
A country can also adopt a beggar-thy-neighbor stance by deliberately turning the terms of trade in its favor through the imposition of an optimum tariff or through currency manipulation. In his economics textbook, Dominick Salvatore defines an optimum tariff as
that rate of tariff that maximizes the net benefit resulting from the improvement in the nation’s terms of trade against the negative effect resulting from reduction in the volume of trade. . . . As the terms of trade of the nation imposing the tariff improve, those of the trade partner deteriorate, since they are the inverse. . . . Facing both a lower volume of trade and deteriorating terms of trade, the trade partner’s welfare definitely declines. As a result, the trade partner is likely to retaliate. . . . Note that even when the trade partner does not retaliate when one nation imposes the optimum tariff, the gains of the tariff-imposing nation are less than the losses of the trade partner, so that the world as a whole is worse off than under free trade. It is in this sense that free trade maximizes world welfare.[9]
If both countries play this game, both will be worse off. However, if only one country pursues this strategy, it can gain at its partner’s expense.
The Economic Effects of Trade Liberalization
The objective of reducing barriers to trade, of course, is to increase the level of trade, which is expected to improve economic well-being. Economists often measure economic well-being in terms of the share of total output of goods and services (i.e., gross domestic product, GDP) that the country produces per person on average. GDP is the best measurement of economic well-being available, but it has significant conceptual difficulties. As Joseph Stiglitz notes, the measurement of GDP fails “to capture some of the factors that make a difference in people’s lives and contribute to their happiness, such as security, leisure, income distribution and a clean environment—including the kinds of factors which growth itself needs to be sustainable.”[10] Moreover, GDP does not distinguish between “good growth” and “bad growth”; for example, if a company dumps waste in a river as a by-product of its manufacturing, both the manufacturing and the subsequent cleaning up of the river contribute to the measurement of GDP.
As the result of a multilateral round of trade negotiations under the GATT/WTO, tariffs are reduced during a transition period but are not completely eliminated. In the United States’ bilateral or regional free trade agreements (FTAs), however, parties to the agreement completely eliminate almost all tariffs on trade with each other, generally over a transition period, which may be five to ten years.
Although reducing barriers to trade generally represents a move toward free trade, there are situations when reducing a tariff can actually increase the effective rate of protection for a domestic industry. Jacob Viner gives an example: “Let us suppose that there are import duties both on wool and on woolen cloth, but that no wool is produced at home despite the duty. Removing the duty on wool while leaving the duty unchanged on the woolen cloth results in increased protection for the cloth industry while having no significance for wool-raising.”[11]
This happens for some products as a result of multilateral trade negotiations. For example, a country often reduces tariffs on products that are not import sensitive—often because they are not produced in that country—to a greater extent than it reduces tariffs on import sensitive products. In an FTA, where the end result is zero tariffs, this would not be an effect when the agreement is fully implemented. However, during the transition period it could well be relevant for some products. Other than this exception, however, reducing tariffs or other barriers to trade increases trade in the product, and this is the intent of the trade agreement.
The benefits to an economy from expanded exports as a trade partner improves market access are clear and indisputable. If the United States’ trade partner reduces barriers as a result of a trade agreement, U.S. exports will likely increase, which expands U.S. production and GDP. And suppliers to a firm that gains additional sales through exports will likely also increase their sales to that firm, thereby increasing GDP further.
The firms gaining sales through this may well hire more workers and possibly increase dividends to stockholders. This money is distributed through the economy a number of times as a result of what economists call the money multiplier effect, which states that for every $1 an individual receives as income, a portion of it will be spent (i.e., consumption) and a portion will be saved. If individuals save 10 percent of their income, for every $1 earned as income, 90 cents will be spent and 10 cents will be saved. The 90 cents that is spent then becomes income for another individual, and once again 90 percent of this will be spent on consumption. This continues until there is nothing left from the original $1 amount.
In fact, expanded exports increase a nation’s GDP by definition. One equation economists use for determining GDP is GDP = Domestic Consumption (C) + Domestic gross investment (In) + Government spending (G) + [Exports (E)—Imports (I )], or GDP = C + In + G + (E—I)
The impact of trade on GDP, therefore, is the net amount that exports exceed or are less than imports. However, this is a static measure. As noted above, expanded exports also have a dynamic effect as companies become more efficient as sales increase.
The economic impact of increased imports is different. By the economists’ definition of GDP, of course, increased imports reduce GDP. A way of looking at this is that if a U.S. firm produces a product that suddenly loses out to increased imports, it will reduce its production and employment, and consequently its suppliers will also reduce production and employment, thereby reducing economic output.
This would suggest that the mercantilists were right, that a nation would be well advised to restrict imports. However, almost all economists today would reject that conclusion, and in fact many economists believe that reducing its trade barriers benefits a country whether or not the country’s trade partners also reduce their barriers. Adam Smith and many economists after him argue that the objective of production is to produce goods for consumption. Stephen Cohen and his colleagues express this argument as follows: “The theories of comparative advantage (both classical and neoclassical) imply that liberalizing trade is always beneficial to consumers in any country, regardless of whether the country’s trading partners reciprocate by reducing their own trade barriers. From this perspective, the emphasis on the reciprocal lowering of trade barriers in most actual trade liberalization efforts . . . is misplaced.”[12]
The benefits of unilateral elimination of trade barriers are particularly obvious in those cases where the country does not produce the product; in these cases, eliminating trade barriers expands consumer choice. (As noted above, however, an exception to this occurs in situations where reducing a trade barrier on a raw material or component that is not produced by the country increases the effective rate of protection for the finished product.)
Even where the country does produce the product, increased competition from trade liberalization will likely lead to lower prices by the domestic firms. In this event, some of the consumer’s savings will then be spent consuming other products. The amount spent consuming other products will have positive production effects, which will somewhat mitigate the loss in production by the firm competing with the imports.
Increased import competition also has dynamic benefits by forcing domestic producers to become more efficient in order to compete in the lower price environment. Lower prices also may have a positive impact on monetary policy; because import competition reduces the threat of inflation, central banks can pursue a more liberal monetary policy of lower interest rates than otherwise would be the case. These lower rates benefit investment, housing, and other productive sectors.
Economic Models
Economists have developed a number of sophisticated models designed to simulate the changes in economic conditions that could be expected from a trade agreement. These models, which are based on modern economic theories of trade, are helpful where the barriers to trade are quantifiable, although the results are highly sensitive to the assumptions used in establishing the parameters of the model.
One type of model used extensively by economists to estimate the economy-wide effects of trade policy changes, such as the results of a multilateral trade round, is the Applied General Equilibrium Model, also called the Computable General Equilibrium (CGE) Model.[13] James
Jackson of the Congressional Research Service notes: “These models incorporate assumptions about consumer behavior, market structure and organization, production technology, investment, and capital flows in the form of foreign direct investment.”[14]
CGE models may be used to estimate the impact of a trade agreement on trade flows, labor, production, economic welfare, or even the environment. They may consider the effects of the agreement on all countries involved, and are ex ante; that is, they attempt to forecast changes that would result from a trade agreement. General equilibrium models are based on input-output models, which track how the output of one industry is an input to other industries. General equilibrium models use enormous data inputs that reflect all the elements to be considered.[15]
One of the great strengths of these models is that they can show how the effects on industries flow through the entire economy. One of their disadvantages is that because of their complexity, the assumptions behind their projections are not always transparent. Economic models are useful to give a sense of what might happen as a result of a trade agreement. They give the appearance of being authoritative, but users need to be aware that economic models are not predictive of what will actually happen and that they have significant weaknesses.
First, the results of any model depend on the assumptions underlying it, such as the degree to which imported products and domestically produced products can be substituted for one another, or whether or not there is perfect or imperfect competition. Differing assumptions can produce a wide range of results, not only in magnitude but also sometimes even in the direction of projected changes.
Second, the economic data needed are often weak, not only for developing countries but even for the United States and other developed nations. For example, trade and economic data between countries, and even within countries, are not readily compatible. In the United States, the North American Industry Classification System (NAICS), which is used to collect statistical data describing the U.S. economy, is based on industries with similar processes to produce goods or services. In contrast, data on international trade in goods are collected on a commodity basis.[16] The United States’ NAFTA partners, Canada and Mexico, also use NAICS, but the European Union uses a system called Nomenclature of Economic Activities. Although there are concordances between these differing systems, these are far from exact.
Nontariff barriers—such as import quotas, subsidies, standards, and regulations—must be converted to their tariff equivalents, and this is often difficult and unreliable. For new areas covered in trade negotiations —such as services, investment, and intellectual property—efforts to measure the impact of barriers is even more difficult.
Although measuring the impact of tariffs is more accurate than measuring nontariff barriers or services, it is not as straightforward as it would seem. For example, often economists use a weighted tariff by considering the proportion of imports entering under that tariff line. A problem with this approach is that a very high duty will completely block imports, resulting in the false conclusion that that tariff line is given no weight.
In view of the problems with trade models, some economists dismiss their usefulness. For example, Bhagwati says: “I consider many of the estimates of trade expansion and of gains from trade—produced at great expense by number-crunching at institutions such as the World Bank with the aid of huge computable models…as little more than flights of fancy in contrived flying machines.”[17] Many economists would consider this criticism extreme, but nonetheless trade models do need to be viewed with a large degree of caution.
The Economic Theory of Trade Blocs
The drafters of the GATT believed that reducing barriers to trade should be on a multilateral basis to get the greatest benefits of expanded production based on comparative advantage. As noted above, they enshrined this concept in Article I of the GATT (most-favored-nation, MFN, treatment), which requires members to give equal treatment with regard to trade barriers to all GATT members.
However, they also recognized a role for regional integration that would allow the members of a trade bloc to eliminate barriers on trade among themselves, while maintaining a discriminatory tariff on imports from nonmembers.[18] Accordingly, Article XXIV of the GATT provides for a major exception to the MFN principle that allows countries to form customs unions or free trade areas (FTAs) that may discriminate against nonmembers of the bloc.[19] In a customs union, the members eliminate trade barriers among themselves but erect a common customs tariff on imports from nonmembers. Members of a free trade area also eliminate trade barriers among themselves, but they each retain their own schedule of tariffs on imports from nonmembers.
Customs unions and free trade area agreements may expand trade and global welfare or they may diminish welfare depending on whether they create new trade patterns based on comparative advantage or simply divert trade from a more competitive nonmember to a member of the trade bloc. In 1950, the economist Jacob Viner defined trade creation as the situation where a member of a preferential trading bloc has a comparative advantage in producing a product and is now able to sell it to its free trade area partners because trade barriers have been removed.
Trade creation benefits the exporters in the member of the trade bloc that has a comparative advantage in producing a product and it benefits consumers in the importing member who now can purchase the product at a lower price. Domestic producers competing with the lower-cost imports from its partner country lose, but their loss is less than the gains to the exporters and consumers. Trade creation enhances global welfare through this greater efficiency.
In the case of trade diversion, however, a member gains its sales at the expense of a more competitive producer in a country that is not a member of the bloc, simply because its products enter its partner’s market duty free, while the more competitive nonmember producer faces a discriminatory duty.[20] Nonmember country exporters that would have a comparative advantage under equal competitive conditions lose from trade diversion.
Additionally, under trade diversion, the importing country loses the tariff revenue it had collected on those imports which now come in duty free from its bloc partner. The consumer in the importing partner does gain, because the imported good no longer has to bear the cost of the tariff; however, the consumer’s gain is necessarily less than or equal to the lost customs revenue, so the nation as a whole is less well off . Thus, trade diversion hurts both the importing country and the rest of the world. These loses are greater than the gains to the bloc member that gains exports due to trade diversion.
If trade diversion is greater than trade creation, formation of the customs union or FTA would diminish world welfare. If trade creation is greater, then global welfare is enhanced.
In addition to trade diversion and trade creation, which are basically static effects, participants in free trade areas and customs unions are also seeking dynamic benefits, such as expanded production as firms take advantage of the increased size of the market to increase output, and improved efficiency as firms adapt to increased competition. Access to a larger market is particularly important for small countries whose economy is too small to justify large-scale production.
To minimize the potential adverse consequences of such trade blocs, GATT Article XXIV requires that the members of a customs union or an FTA must eliminate trade barriers on “substantially all” trade between them, and that all the members of GATT have the opportunity to review the agreement. In the event that a GATT member not a party to the customs union faces higher tariffs on some products as a customs union is formed, Article XXIV requires that that member be compensated for the lost trade. However, as noted in chapter 2, Article XXIV has proven to be totally ineffective in restricting the growth of trade blocs; as a result, trade patterns today are significantly distorted by these preferential schemes.
Trade Theory Meets New Realities
From the time of Adam Smith in 1776 to the launching of the GATT in 1947, economic theory of trade evolved fairly slowly. Since the GATT was launched in 1947, however, there have been a number of significant modifications to the traditional Western economic theory of international trade. These modifications largely update the basic theory of trade to reflect the new realities of industry and commerce.
In the times of Smith, Ricardo, and Hecksher-Ohlin, companies were generally small and most international trade was in agricultural or mineral products or produced by small scale manufacturing. By 1947, however, large-scale manufacturing had evolved, and a great deal of trade was in manufactured products.
In 1979, the economist Paul Krugman noted that a great deal of trade was taking place between developed countries that had similar factors of production. For example, the United States and the nations of Europe have broadly similar factors of production, yet conduct an enormous amount of trade generally within the same industries. Thus, the United States will export automobiles and auto parts to Europe and at the same time import autos and auto parts from Europe.
The Heckscher-Ohlin model, which is good at projecting likely trade patterns between countries where factors of production are different, really did not explain this trade pattern. Krugman’s theory is based on product differentiation and economies of scale. For example, a Jeep and a Volkswagen are both automobiles, but they are highly differentiated as seen by the consumer. And both benefit from economies of scale; that is, the larger the production, the more costs can be reduced within a broad range of volume. Unlike wheat, where costs increase as volume is expanded, the cost of each additional automobile produced declines as production is increased, although at a very large volume of production costs would likely start to increase. Goods such as automobiles require large, mechanized production runs and substantial capital investment, and it may be extremely difficult for a new entrant to compete with an established firm.
Under trade based on product differentiation and economies of scale, several countries may produce the same product broadly defined and trade parts and differentiated products with one another. Thus, the United States might specialize in producing Jeeps, and Europe might specialize in producing Volkswagens. Clearly, a great deal of production in modern developed country economies is in industries that experience increasing returns to scale, and in these industries returns to factors of production would not tend to equalize as a result of international trade. In fact, returns to labor in a labor scarce economy might well increase, rather than decrease, as would be predicted by the factor price equalization theory.
Western economic theory has also changed in recent years to account for the fact that world trade has increased so much more rapidly than overall economic growth since the early 1970s. In 1973, the ratio of exports to GDP was 4.9 percent for the United States, and by 2005 this had more than doubled to 10.2 percent. For the world as a whole, this ratio was 10.5 percent in 1973, increasing to 20.5 percent in 2005.
What caused exports to increase more rapidly than production is that companies evolved from being domestically oriented to becoming multinational, and now many have evolved to become global. The first six rounds of GATT trade negotiations had reduced developed-country tariffs on industrial goods from the average of 40 percent after World War II to less than half that level by the end of the Kennedy Round in 1967. Additionally, international communications and transportation had improved enormously (the first commercial jet crossed the Atlantic in 1958, and the first satellite for commercial telecommunications was launched in 1965.)
As a result companies in some industries, such as electronics and chemicals, became multinational corporations and increasingly began to purchase and produce parts and materials in a number of countries. Each time these parts and materials cross a border, an international trade transaction has occurred; and then, when the final good is exported, another international trade transaction has occurred.
This trend has increased enormously during the past twenty-five years, and now this cross-border trade occurs in virtually all industries. Many products will have parts and materials from many countries; for example, a new suit may have cotton from West Africa that has been processed into fabric in Bangladesh, and sewn into a suit in China, with buttons imported from India. And then the suit may be exported to the United States. Another example is the first Airbus jumbo jet 380, which had parts and components from more than 1,500 suppliers in twenty seven countries. Many companies today have global supply chains, procuring parts and materials worldwide. Each specific part or material in the value chain is sourced from the country that can produce the part most cheaply, whether because of its endowment of factors of production or because of special incentives, such as tax holidays.
Kei-Mu Yi of the World Bank notes that standard economic models account very well for the increase in world trade through the mid-1970s but cannot explain the growth of trade since then.[21] However, a model that accounts for supply chains does explain the growth in trade, and he believes that such vertical specialization accounts for about 30 percent of world trade today.
Yi notes that tariff reductions have a far greater impact on these global supply chains than they do on traditional trade. To take the suit example, assume that China, Bangladesh, and the United States each reduces its tariffs by 1 percent and that imported fabric and buttons account for half the cost of the suit made in China; then the cost of producing the suit in China will be reduced by 0.5 percent. Coupled with the 1 percent U.S. tariff reduction, the cost to the U.S. consumer would be reduced by 1.5 percent. If the suit had been wholly produced in China, the cost to the consumer would have been reduced by just the U.S. tariff reduction, or 1 percent.
The emergence of these extensive supply chains has enormous implications. It means that for many products the traditional concept of “country of origin” no longer applies, because many products have many countries of origin. This in turn means that standard trade statistics have limitations in how useful they are for understanding what is really happening in world trade.[22] It has an impact on how countries should approach economic development, because it means that developing countries must become part of these global supply chains as a way to increase the amount of value added in the parts and materials provided to these supply chains. And it has an impact on how companies see themselves—a firm selling globally and procuring its parts and materials globally sees itself as a “global” firm rather than as a “national” firm.
Trade in Factors of Production and Services
Traditional economic theory assumed that goods are traded between countries, but that factors of production (e.g., labor, capital, and technology) and services are not traded from country to country. However, recently capital, technology, and services have been increasingly flowing easily over national borders, and even labor is moving from country to country more frequently. Accordingly, in recent rounds of multilateral negotiations and in U.S. bilateral agreements, negotiators have sought to develop rules governing investment, intellectual property protection, services, and labor.
In economic theory, if factors of production are fully mobile, the costs of all factors of production that could move across borders would result in equal costs in all trading countries. This would mean that the basis of comparative advantage for trade between countries would diminish and there would ultimately be less international trade.
In reality, of course, there are reasons other than trade barriers why factors of production such as capital or labor may not move across borders, even when there are no barriers and higher returns could be gained in other markets. Workers, for example, are reluctant to leave their homelands and family and friends, and investors are reluctant to invest in other markets where they have less familiarity. As a result, even eliminating all governmentally imposed barriers to trade in capital and labor would not lead to the complete equalization of costs between counties.
Like trade in investment and capital, post–World War II economists did not conceive of trade in services. In fact, trade in services was almost considered an oxymoron by early economists, such as Adam Smith and David Ricardo, who assumed that services are not tradable. This was also the view of trade negotiators for three or more decades after the GATT was launched.
Geza Feketukuty, the lead U.S. negotiator on services in the Uruguay Round, gives a wonderful anecdote of early efforts to launch negotiations on trade in services: “The Swiss delegate . . . dismissed trade in services by pointing out how impossible it was for him to have his hair cut by a barber in another country. The chairman of the committee . . . replied that every woman in Germany had benefited enormously from French exports of hairdressing services, and she was confident that the delegate’s wife would confirm the same was true in Switzerland.”[23]
Not surprisingly, economic theory as it applies to services trade is still being developed. In general, economists today assume that the basic theory of comparative advantage as it applies to goods applies equally well to cross-border trade in services. As Geza Feketekuty says, “The theory of comparative advantage as a theoretical statement about economic relationships should be equally valid whether the products encompassed by the theory are tradable physical goods such as shoes and oranges, or tradable services such as insurance and engineering.”[24]
Many types of services, such as telecommunications, are intimately interconnected to other economic activity. Trade liberalization in these areas can have far-reaching economic effects. For example, lowering the costs and increasing the availability of telecommunications services can help manufacturers compete in global markets, it can enable farmers to learn the latest techniques, and it can help other services sectors, such as tourism, that can now reach the world market through the Internet. Liberalization of telecommunications services even facilitated the creation of a new form of enterprise, namely, “off shoring,” where companies moved some of their basic operations such as telemarketing call centers to low-cost locations in other countries.
In contrast, liberalizing restrictions in some other sectors, such as tourism, may affect revenues and employment for the providers and the country but will have only a minimal impact on the competitiveness of other sectors within the country. In other words, the liberalization of some services may have multiplier effects throughout the economy, whereas in other sectors the benefits will largely flow only to the affected sector.
Creating Comparative Advantage
The classic Western model of trade was based on eighteenth-century economic realities. Factors of production were relatively fixed: Land was immobile (although its fertility or usage might change), and labor mobility was highly restricted by political constraints. For most of the century, the movement of capital across borders was limited by political barriers and a lack of knowledge of other markets. (However, by the middle of the nineteenth century both capital and labor were flowing more freely between Europe and the Americas.) Technology in the eighteenth century was relatively simple by today’s standards and was relatively similar in all countries. Additionally, the production of most products at that time was subject to diminishing returns, which meant that as production increased, the costs of producing each additional unit increased.
In this world, the classic Ricardian model of trade provided a good explanation for trade patterns, such as which countries would produce what products. England would produce textiles based on its wool production and capital availability, and Portugal would produce wine based on its sunshine and fertile soil. If Portugal chose to impose barriers to the importation of British textiles, its own economy would be less well off, and it would still be in Britain’s interest to allow the free importation of Portuguese wine.
However, the world economy began to change in the twentieth century, as some products could be produced under conditions of increasing returns to scale. As a company produced more steel, production could be automated and the costs of each additional unit could be significantly reduced. And the same was true for automobiles and a growing number of other more sophisticated products.
By the last twenty-five years of the twentieth century, the global economy was significantly different. Land and labor were still relatively fixed, although capital could again move more freely around the world. However, technology was highly differentiated among countries, with the United States leading in many areas.
An established company in an industry that required extensive capital investment and knowledge had an enormous advantage over potential competitors. Its production runs were large, enabling it to produce product at low marginal cost. And the capital investment for a new competitor would be large.
In this new world, the economic policies pursued by a nation could create a new comparative advantage. A country could promote education and change its labor force from unskilled to semiskilled or even highly skilled. Or it could provide subsidies for research and development to create new technologies. Or it could take policy actions to force transfer of technology or capital from another country, such as allowing its companies to pirate technology from competitors or imposing a requirement that foreign investors transfer technology.
Ralph Gomory and William Baumol describe this well:
The underlying reason for these significant departures from the original model is that the modern free-trade world is so different from the original historical setting of the free trade models. Today there is no one uniquely determined best economic outcome based on natural national advantages. Today’s global economy does not single out a single best outcome, arrived at by international competition in which each country serves the world’s best interests by producing just those goods that it can naturally turn out most efficiently. Rather, there are many possible outcomes that depend on what countries actually choose to do, what capabilities, natural or human-made, they actually develop.[25]
In the world of the late twentieth century, a country might be dominant in an industry because of its innate comparative advantage, or it might be dominant because of a strong boost from government policy, or it might be dominant because of historical accident. For example, the U.S. dominance in aircraft was probably due to a strong educational system that produced highly competent engineers, a large domestic market with a dedicated customer (the U.S. military), and the historical accident that the aircraft industries of the United States’ major competitors—Japan, Germany, and England—had all been destroyed in World War II.
Once such an industry becomes dominant, it is extremely difficult for other countries’ industries to compete. The capital costs of entry may be very large, and it is difficult for a new entrant to master the technology. Additionally, the industry normally has a web of suppliers that are critical to competitiveness, such as steel companies and tire manufacturers. However, if such an industry losses its dominance, it is equally difficult for it to reenter the market.
A country with such a dominant industry benefits enormously economically. Because of its dominant position, such an industry may pay high wages and provide a stable base of employment.
Access to other markets plays an important role in this economic model where comparative advantage can be created. Without free trade, it becomes extremely costly for a government to subsidize a new entrant because the subsidy must be large enough both to overcome foreign trade barriers and to jump-start the domestic producer. The WTO and the United States’ FTAs also play an important role by setting out rules that govern what actions a country may take in many areas to create comparative advantage; for example, the subsidies code limits the type of subsidies that governments may grant.
Gomory and Baumol note that because countries can create a comparative advantage in goods with decreasing costs of production, there are many possible outcomes to trade patterns: “These outcomes vary in their consequences for the economic well-being of the countries involved. Some of these outcomes are good for one country, some are good for the other, some are good for both. But it often is true that the outcomes that are the very best for one country tend to be poor outcomes for its trading partner.”[26]
Although country policies can lead to creation of a dominant industry, such an industry may not be as efficient as if it had occurred in another country. An example given by Gomory and Baumol is Japan’s steel industry. Japan has no domestic energy supplies and high wages; by contrast, China “has low labor costs and lots of coal.”[27] In theory, China would be the efficient producer of steel, but in reality Japan is the dominant producer. (This example is less valid today, as China has become a major steel producer.)
Although there are many areas where government policies can create comparative advantage, there are still many areas where the classic assumptions of an inherent comparative advantage still hold. The key is whether the industry is subject to constant or increasing costs, such as wheat, or decreasing costs, such as autos, aircraft, or semiconductors.
Neomercantilism
The economic theory based on Ricardo’s concept of comparative advantage dominates current thinking in the West and formed the intellectual basis for formation of the GATT/WTO. The doctrine of mercantilism, which dominated thinking up to the end of the eighteenth century, is generally rejected by Western economists today.
However, a number of countries—including Japan, South Korea, China, and some other countries in the Far East—have pursued a neomercantilism model in which they seek to grow through an aggressive expansion of exports, coupled with a very measured reduction of import barriers. These countries seek to develop powerful export industries by initially protecting their domestic industry from foreign competition and providing subsidies and other support to stimulate growth, often including currency manipulation.
The success of some countries pursuing a neomercantilist strategy does not refute the law of comparative advantage. In fact, the reason these countries are successful is that they focus on industries where they have or can create a comparative advantage. Thus Japan first focused on industries such as steel and autos, and later on electronics, where a policy of import protection and domestic subsidies could enable their domestic firms to compete in world markets, and particularly the U.S. market.
To succeed in a neomercantilist strategy, of course, a country needs access to other markets, which the progressive liberalization of trade barriers under the GATT/WTO provided. Neomercantilists generally focus on key industries selected by government, a strategy known as industrial policy. A successful industrial policy requires a farsighted government. Japan had an extremely competent group of government officials in the Ministry of Industry and Trade (MITI), which oversaw its industrial policy and was basically immune from political pressures. Although MITI had many successes, it also made some missteps. For example, in their planning to develop a world-class auto industry in the 1950s, MITI officials initially believed they had too many auto companies, and urged Honda to merge with another company. Instead, Honda elected to invest in the United States and went on to become a leading auto producer.
Countries pursuing the neomercantilist model have also generally promoted education and high domestic savings to finance their growing export industries. For example, the savings rate in Japan has often been more than 20 percent of GDP, and it approaches 40 percent of China’s GDP today. (By contrast, the U.S. savings rate has been only about 2 percent over the past decade and in some years was actually negative.)
Many economists argue that a neomercantilist strategy may be successful for a while but that over time such a strategy will not be effective. Basically this argument is that the complexities for governments in picking potential winners and identifying how to promote those industries are too great. For example, Japan was very successful with its neomercantilist strategy until the mid-1990s. However, since then the Japanese economy has been stagnating, and many economists believe that Japan will need to change its approach to stimulating domestic demand rather than focusing on export markets. During the past ten years, South Korea and China have also pursued neomercantilist policies, and it remains to be seen if these are effective over the long term.
Additionally, a number of economists argue that government intervention can be effective in promoting a specific sector but that industrial policies are not effective at the macro level of benefiting the economy as a whole. In any case, Western economists and policymakers today almost universally reject the idea that the United States should adopt an industrial policy that picks winners and losers. Opponents of a possible U.S. industrial policy argue that under the U.S. system, such a policy would be subject to political pressures that would ensure failure.
Instead, the real debate among economists and policymakers is whether the United States should respond to foreign neomercantilist practices, and if so, how. Stephen Cohen and his colleagues say:
Free trade advocates argue that imposing import barriers, even if other countries do so, is tantamount to shooting oneself in the foot. The advisability of turning the other cheek to other countries’ trade barriers is based on an economic argument traceable to Adam Smith in the eighteenth century: Since consumption is the sole end of production, consumers’ interests come before producers’ interests, especially those of relatively inefficient producers. Carried to its logical conclusion, this strategy recommends that the U.S. government take no action to offset the de facto subsidies provided to domestic consumers when imports are sold at prices below fair value.[28]
Others argue that the objective of free trade is to promote competition based on comparative advantage, which maximizes global efficiency. Practices such as subsidies or currency manipulation are a movement away from such competition and can produce a result where the less efficient producer dominates trade, thereby reducing total welfare. In these circumstances, taking an offsetting action, such as imposing a countervailing duty, could restore “a level playing field” where trade based on comparative advantage can occur.
Unbalanced Trade
The theory of comparative advantage assumes a world where trade between countries is in balance or at least where countries have a trade surplus or deficit that it is cyclical and temporary.[29] Relaxing the assumption “that international trade among nations is balanced, could lead a nation with a trade deficit to import some commodities in which it would have a comparative advantage and it would in fact export with balanced trade,” says Dominic Salvatore. However, he does not see this as a big problem “since most trade imbalances are generally not very large in relation to GNP [gross national product].”[30]
In analyzing the impact of a surplus or deficit, economists often consider “trade” very broadly in definition. Generally, economists do not consider the simple balance in merchandise trade as relevant as the “current account,” which includes the balance of trade for goods and services, plus net international income receipts (remitted profits from overseas investments, royalty payments, interest, and dividends) and unilateral transfers (foreign aid and transfers abroad by private citizens). Except for unilateral transfers, all these elements are covered in our trade agreements.
To give a real picture of how the nation is doing, the current account is often measured as a percentage of GDP; as a country grows, a larger surplus or deficit in the current account is not a source of concern because the economy can more readily absorb the impact.
A surplus or deficit in the current account can be affected by the business cycle. Thus, if our economy grows rapidly, the demand for imports will expand as consumers can afford to buy more and businesses need parts and supplies for expansion. Similarly, the United States’ exports are affected by economic growth in its trade partners. If it grows more rapidly than its trade partners, in short, that will have a negative impact on the U.S. current account balance. Conversely, if the United States’ trade partners are growing more rapidly, that will have a positive impact on its current account balance.
Economists are not concerned with such cyclical trade deficits or surpluses. Additionally, they are not concerned if a deficit occurs because the country is borrowing heavily from abroad to finance investment that will be paid back later. During the nineteenth century, in fact, the United States was in exactly this position when it borrowed heavily to build railroads across the continent, steel mills, and other long-term investments. However, that is not the United States’ situation today. Today, it is borrowing heavily from other countries to finance short-term consumption, such as the newest and largest HDTVs from Japan or South Korea, and these purchases do not generate income to repay its debt in the future.
A fundamental accounting concept in international economics is that a country’s overall balance of payments, which consists of both the current account and the capital account, has to be in balance. This means that if the current account is in deficit, the country’s capital account has to be in surplus by an equal amount. The capital account consists of purchases or sales of foreign exchange by the central bank or by private citizens. This fundamental accounting principal can be seen as:
Balance of Payments = Current Account + Capital Account = Zero
Two factors that may lead to a deficit or surplus in the current account balance are the level of a nation’s savings and investment compared with consumption, and the exchange rate between its currency and that of its trade partners. The level of a country’s savings and investment compared with its consumption is inversely related to its trade balance. Joseph Stiglitz puts the matter as follows: “Trade deficits and foreign borrowing are two sides of the same coin. If borrowing from abroad goes up, so too will the trade deficit. This means that if government borrowing goes up, unless private savings goes up commensurately (or private investment decreases commensurately), the country will have to borrow more abroad, and the trade deficit will increase…The reserve country can be thought of as exporting T-bills” in exchange for the import of goods and services.[31]
The second factor that can have an impact on a country’s current account balance is the exchange rate. The exchange rate refers to the amount of foreign currencies that can be purchased by a country’s own currency. According to economic theory, if a nation is running a persistent trade deficit, its exchange rate would be expected to fall in relation to its trade partners—for example, if the United States runs a persistent deficit, the dollar should purchase less foreign exchange such as euros or yen. This would mean that imported products will cost more, because it would take more dollars for each unit of foreign currency, and this would cause imports to decline. Additionally, the United States’ exports should expand, as foreigners can buy more of its products for each unit of their currency.
However, countries can prevent this mechanism from operating by aggressively intervening in the foreign exchange markets. For example, under economic theory, the value of the dollar should decline in relation to the renminbi because the United States has enormous deficits while
China experiences comparable trade surpluses. However, China has pegged the renminbi to the dollar and has prevented its exchange rate from rising and thereby restoring a trade balance. China does this by using the dollars it accumulates from its trade surplus to aggressively purchase U.S. currency in the form of Treasury bills. The result has been an overvalued dollar and an undervalued renminbi. (This is similar to what Japan did in the early 1980s when the yen was undervalued and the dollar was overvalued.) In economic theory, an “undervalued exchange rate is both an import tax and an export subsidy and is hence the most mercantilist policy imaginable.”[32]
Conclusion
Most economists today consider the law of comparative advantage to be one of the fundamental principles of economics. However, several very important caveats to the law of comparative advantage are often overlooked or glossed over.
First, David Ricardo based his theory on the assumption that the costs of production increase as production expands; in other words, each additional unit produced costs more than the previous unit, and this is true for many products, such as wheat. This assumption implies that countries have a comparative advantage in certain goods because of their natural endowment. However, many products today are produced under conditions of decreasing costs; for example, the cost of producing each additional semiconductor or airplane decreases as production expands. The extremely important implication of this is that countries can create comparative advantage.
A second extremely important caveat is the so-called factor price equalization theorem, which holds that international trade will cause the relative returns to factors of production, such as unskilled labor, to equalize between countries under free trade conditions. This would mean that for a high-wage country such as the United States, wages for unskilled workers would fall while wages in labor abundant countries would rise. However, factor prices will not tend to equalize in industries that have decreasing costs of production.
Third, Ricardo and other early economists based their theories on trade in goods, and they did not consider trade in factors of production. Today, however, basic factors of production such as labor, capital, and technology are traded. The implication of trade in factors of production is that factor equalization will occur completely in a shorter time period than would occur under trade in goods only.
Fourth, Western economic theory assumes that trade will be reasonably balanced over time. Where this is not the case, it indicates that the deficit country will be importing products where it would normally have a comparative advantage; if these products are in areas that experience decreasing costs of production, over time the industry may lose its ability to compete in global markets.
The world has changed since the time of Smith and Ricardo. Today, trade is no longer mostly between small producers and farmers but giant global corporations that buy parts and materials from around the world and sell globally. These giant supply chains were made possible by trade liberalization and technology changes, and they account for the fact that international trade has expanded far more rapidly than global economic growth since 1970. These global supply chains also have implications for strategies for developing countries in promoting economic growth.
Clearly, the United States benefits when its trade partners reduce their trade barriers, because its exports will increase, which generates expanded production and employment. Most economists also believe that the United States benefits from reducing its own trade barriers, as consumers gain from reduced costs and producers are forced by international competition to improve efficiency. However, import liberalization has an impact on domestic labor and production that needs to be considered.
Multilateral trade liberalization, where all countries reduce their trade barriers in parallel, best promotes trade based on comparative advantage. However, countries can abuse the system by adopting beggar-thy-neighbor poli
[1] Thomas Mun, in a letter written to his son in the 1630s, available at http://socserv.mcmaster.ca/econ/ugcm/3ll3/mun/treasure.txt.
[2] William Bernstein notes that Smith was not the first to advocate the advantages of free trade. He says, “By far the most remarkable early free-trader was Henry Martyn, whose Considerations upon the East India Trade preceded by seventy-five years Adam Smith’s Wealth of Nations.” William J. Bernstein, A Splendid Exchange: How Trade Shaped the World (New York: Grove Press, 2008), 258.
[3] David Ricardo, On the Principles of Political Economy and Taxation (London: John Murray, 1821).
[4] Bertil Ohlin actually published this theory in 1933. A brief explanation of the Heckscher-Ohlin theory is available at http://nobelprize.org/educational_games/economics/trade/ohlin.html.
[5] Dominick Salvatore, International Economics, 8th ed. (Hoboken, N.J.: John Wiley & Sons, 2004), 15.
[6] The concept of product life cycle was introduced by Raymond Vernon in 1966.
[7] A good explanation of this theorem, which shows a hypothetical trading relationship between two countries, is available at http://faculty.washington.edu/danby/bls324/trade/hos.html.
[8] James K. Jackson, Trade Agreements: Impact on the U.S. Economy (Washington, D.C.: Congressional Research Service, 2006), 9.
[9] Salvatore, International Economics, 255.
[10] Stiglitz, Progress, What Progress, 27.
[11] Jacob Viner, The Customs Union Issue (New York: Carnegie Endowment for International Peace, 1950), 48.
[12] Stephen D. Cohen, Robert A. Blecker, and Peter D. Whitney, Fundamentals of U.S. Foreign Trade Policy: Economics, Politics, Laws, and Issues (Boulder, Colo.: Westview Press, 2003), 57.
[13] A commonly used and publicly available CGE model and comprehensive database is available from the Global Trade Analysis Project, which is housed in the Department of Agricultural Economics at Purdue University. The GTAP model and database are available at https://www.gtap.agecon.purdue.edu/default.asp.
[14] Jackson, Trade Agreements, 12.
[15] A second type of model commonly used is a gravity model, which assumes that larger economies have a greater pull on trade flows than smaller economies, and that proximity is an important factor affecting trade flows. And still another common type is a partial equilibrium model, which estimates the impact of a trade policy action on a specific sector, not the general economy. Partial equilibrium models do not capture linkages with other sectors and accordingly are useful when spillover effects are expected to be negligible. However, partial equilibrium models are more transparent than CGE models and it is easier to see the impact of changed assumptions.
[16] A good source for trade data and an explanation of the data systems used is the Foreign Trade Statistics Web site at the Census Bureau, http://www.census.gov/eos/www/naics/.
[17] Jagdish Bhagwati, In Defense of Globalization, Council on Foreign Relations Report (New York:, Oxford University Press, 2004), 230.
[18] The drafters of the GATT probably were focused on the potential benefits of a European customs union that would promote integration. Some historians argue that the U.S. negotiators also envisioned a possible U.S.-Canadian free trade agreement that would eliminate barriers to trade in North America.
[19] Another major exception to the MFN rule pertains to preferences for developing countries. This exception is considered further in chapter 6.
[20] Viner notes a qualification to the rule that global welfare is diminished if trade diversion is greater than trade creation and that is when unit costs decrease in an industry as output expands. In such a case, a small country may not have been able to develop an industry because its market size was too small but is able to develop the industry within a customs union or free trade arrangement.
[21] Kei-Mu Yi, Can Vertical Specialization Explain the Growth of World Trade? (New York: Federal Reserve Bank of New York, 1999).
[22] WTO deputy director-general Alejandro Jara gave an interesting speech May 26, 2010, in which he outlined some of the implications of supply chains for how we think about international trade. His speech is available at www.wto.org/english/news_e/news10_e/devel_26may10_e.htm.
[23] Geza Feketekuty, International Trade in Services: An Overview and Blueprint for Negotiations (Cambridge, Mass.: American Enterprise Institute /Ballinger, 1988), 2–3.
[24] Ibid., 100.
[25] Ralph Gomory and William Baumol, Global Trade and Confl icting National Interests (Cambridge, Mass.: MIT Press, 2000), 5.
[26] Ibid., 5
[27] Ibid., 21.
[28] Cohen, Blecker, and Whitney. Fundamentals of U.S. Foreign Trade Policy, 8–9.
[29] See, e.g., ibid., 54: “The theory of comparative advantage assumes that trade is balanced (i.e., exports equal imports in value) and that labor is fully employed…If trade is not balanced, the surplus country must be exporting some goods in which it does not have a ‘true’ comparative advantage.”
[30] Salvatore, International Economics, 167.
[31] Joseph E. Stiglitz, Making Globalization Work (New York: W. W. Norton, 2006), 252–53.
[32] Aaditya Mattoo and Arvind Subramanian. Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization (Washington, D.C.: World Bank, 2008), 3.
Chapter Updates
Home
Chapter 1: U.S. Trade Policy in Crisis
Chapter 2: America's Trade Agreements
Chapter 3: Trade Agreements and Economic Theory
Chapter 4: Trade Agreements and U.S. Commercial Interests
Chapter 5: Foreign Policy: The Other Driver
Chapter 6: Economic Development: A Missed Opportunity
Chapter 7: Uneasy Neighbors: Trade and the Environment
Chapter 8: The Labor Dilemma
Chapter 9: The Way Forward
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The Brazilian Real is the official currency of the Federative Republic of Brazil and is represented by the ISO code BRL. Brazil is the
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Corporate Finance Institute
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What is the Brazilian Real (BRL)?
The Brazilian Real is the official currency of the Federative Republic of Brazil and is represented by the ISO code BRL. Brazil is the biggest country in South America and is one of the BRIC (Brazil, Russia, India, China) nations – a group of countries that market analysts view as key emerging market economies. The term “real” means both “royal” and “real” in Portuguese, the official language of Brazil.
The Republic of Brazil holds several distinctions, including being the largest country in the world with Portuguese as its main language and being the most highly populated nation where Roman Catholicism is the majority religion (65% of the population is Catholic and 87% is Christian.)
Breaking Down the Brazilian Real
The Brazilian real was first introduced in 1994, replacing the country’s previous currency, the cruzeiro real, as part of a broad economic plan aimed at stabilizing Brazil’s economy. Its initial exchange rate with the US dollar was 1:1, and shortly after its introduction, the real traded at a rate as high as 1.20 USD for 1 real. Brazil pegged its currency to the US dollar and tightly controlled its foreign exchange rate up until 1999.
The real is designated as R$, and it is subdivided into 100 centavos. The real’s foreign exchange symbol is BRL. As of late 2020, USD/BRL trades at 5.10 Brazilian reals to 1 US dollar. It is a historically low exchange rate for the real and is believed to be partially due to the severe impact of the COVID-19 pandemic on Brazil’s economy.
Brazilian coins are minted in denominations of 5 centavos, 10 centavos, 25 centavos, 50 centavos, and 1 Brazilian real. Up until 2005, a 1 centavo coin was also produced. Many 1 centavo coins are still in circulation and, although no longer minted, are still recognized as legal tender in Brazil.
In addition to the current series of regular Brazilian coins – the Southern Cross series that began production in 1998 – Brazil minted a 1 real commemorative coin in 2016 to mark the occasion of Rio de Janeiro hosting the Summer Olympic Games. (The Southern Cross, or Crux, is a major constellation, frequently used for navigation for hundreds of years, in the Southern Hemisphere.)
Brazilian banknotes are printed and issued by the Central Bank of Brazil in denominations of 2 reals, 5 reals, 10 reals, 20 reals, 50 reals, 100 reals, and 200 reals. The current series of banknotes began production in 2010 and introduced several new security features designed to combat counterfeiting. The 200 real note was not produced until 2020. Brazilian banknotes differ in size, as well as in color and design, in order to make them more easily identifiable for people with impaired vision.
A commemorative 10 real note was issued in the year 2000 to mark the 500th anniversary of Portuguese explorers arriving in Brazil.
The Brazilian Economy
As previously noted, the economy of Brazil is considered among the strongest of emerging market economies. It is due primarily to the country being rich in natural resources, spawning a large, diverse economy that attracts large amounts of foreign investment. Foreign direct investment in Brazil is estimated at over $200 billion, and many major multinational companies engage in joint venture projects with Brazilian companies.
Key industries in Brazil include mining, energy, lumber, and a vast array of agricultural products. It provides approximately one-third of the world’s total coffee supply, ranking as the world’s largest coffee producer for more than a century. It is also a major producer and exporter of soybeans, cotton, sugar cane, tobacco, bananas, and oranges.
Other major export products include aircraft, textiles, electronics, and iron ore. As Brazil transitions to being a more developed economy, healthcare and other services sectors become increasingly important segments of the country’s economy.
One drag on Brazil’s economy is widespread political corruption, which exists on local and federal levels.
Learn More
CFI offers the Commercial Banking & Credit Analyst (CBCA)™ certification program for those looking to take their careers to the next level. To keep learning and advancing your career, the following resources will be helpful:
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currency of Portugal from c. 1430 until 1911
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The bimetallic monetary context in Portugal (1797-1854)
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[] |
[
""
] | null |
[
"Rita Martins de Sousa",
"lisboa.academia.edu"
] |
2015-01-12T00:00:00
|
The bimetallic monetary context in Portugal (1797-1854)
|
https://www.academia.edu/10122824/The_bimetallic_monetary_context_in_Portugal_1797_1854_
|
In this paper, we assess the production, supply, and circulation of 'national' gold coins in Brazil in the eighteenth century. New estimates have been provided of the volume of production of these gold coins at Mints of Rio de Janeiro, Bahia, and Minas Gerais. Comparing the values of this coinage with remittances to Lisbon, the first half of the eighteenth century reveals a more stable conjuncture than the second half. This latter period shows fluctuations that were expressed in the faster growth of the supply, despite the fall that took place in the production-coinage of gold. Our conclusions question the historiographical theses about the shortage of currency in Brazil throughout the Eighteenth Century. The growth of the economy from the last quarter of the Century onwards implied an increase in the demand for money, which may explain the increase in the supply of national gold coins.
This article analyses the transition from bimetallism to the gold standard in Portugal. The research has emphasised that the high percentage of gold coins in circulation and the network externalities were the main reasons for the de jure adoption of the gold standard in 1854. However, it has not provided a justification for either the appreciation of gold in the Portuguese market in 1847 which was contrary to the international trend or the reasons behind the decision to continue to circulate British gold sovereigns in 1851 when all other foreign coins were withdrawn. We argue that the political pressure applied by groups with ownership of British gold coins explains the transition from bimetallism to the gold standard.
This article analyses the transition from bimetallism to the gold standard in Portugal. The research has emphasised that the high percentage of gold coins in circulation and the network externalities were the main reasons for the de jure adoption of the gold standard in 1854. However, it has not provided a justification for either the appreciation of gold in the Portuguese market in 1847 which was contrary to the international trend or the reasons behind the decision to continue to circulate British gold sovereigns in 1851 when all other foreign coins were withdrawn. We argue that the political pressure applied by groups with ownership of British gold coins explains the transition from bimetallism to the gold standard.
After the first Round Table, in Paris at the École Normale Supérieure in January 2012, Moneys and Economies during 19th Century, from Europe to Asia, (see the videos on this page and the proceedings at Moneta volume # 139), a Round Table was in the framework of the program DAMIN, in Madrid, in 2013, May 16-17, in cooperation with the Casa de Velazquez, the LabEx TransferS (École Normale Supérieure, Paris). Precious metals were often transferred from a region, or a country, to another: looting of conquered regions (such as Roman Spain, Gaul or Egypt), invasions (Vandals, Huns invading the Roman Empire, Crusaders arriving at Constantinople), and, of course arrival of gold and silver from Americas after 1492. Each time, the new metal disturbed the monetary systems, sometimes improving, sometimes troubling the currencies and economies. The period considered is focused on the 19th century, the question of the depreciation of silver and the transfers of metals from America or Europe to Asia, India, China, etc. However, papers on the other main transfers of metal are welcome, especially those concerning the important transfers of metal following the discovery of Americas. Thematic or theoretical approaches as well as comparative studies are welcome (consequences of the arrival of metal on prices, currency, society, etc.). In general all papers in relation with these problems are welcome.
In this article we estimate MO for the period between 1834 and 1891. The first section deals with an interconnected and, in a certain sense, previous subject: monetary regime. The period under consideration will be 1797-1891. Its beginning coincides with the introduction of paper-money in Portugal and its end with the declaration of inconvertibility after a financial and banking crisis. Section 3 presents an analysis of monetary evolution on the economy.
The lack of important silver and gold sources in Brazil before the finds in the region of Minas Gerais at the end of the 17th century is known. Information concerning the first gold finds reached the Portuguese capital in 1695 but it was only in 1697 that the first ship arrived at Lisbon harbour with a gold load identified in the documents as ‘Peruvian’ but supposed to be Brazilian. The first Brazilian mint was itinerant, and the first silver and gold coins were struck in Bahia from 1694 to 1698. In order to try to find out which metals were struck before 1698 in Brazil, we analyzed gold and silver coins issued by the first Brazilian mint, Bahia, and coins issued in Mexico and in South America—Peru, Bolivia, Colombia, Chile—as well as Brazilian gold ingots from different mining regions. Fingerprinting was done using several analytical techniques: 12 MeV proton activation analysis, moderated neutrons activation analysis and inductively coupled plasma mass spectrometry with laser ablation. We could show that in general the platinum group elements discriminate gold and that elements such as gold, indium and tin discriminate silver. The comparison of the Brazilian coins and ingots with the coins issued elsewhere in South America and Mexico showed that the gold and silver coins circulating in Brazil between 1694 and 1698 were mostly made from a mixture of metals from the main Latin American sources.
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https://www.coinworld.com/news/paper-money/airplanes-pilots-from-different-eras-can-be-found-on-notes.html
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en
|
Airplanes, pilots from different eras can be found on notes
|
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en
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CoinWorld
|
https://www.coinworld.com/news/paper-money/airplanes-pilots-from-different-eras-can-be-found-on-notes.html
|
Editor's note: The following is the third of a three-part Coin World series about collecting paper money featuring airports, airplanes and other forms of air travel, prepared by Michele Orzano for the December 2014 monthly edition of Coin World.
Before you read this one, catch up on the first two posts in the series:
Exhilaration of finding flying machines on paper money leads to collecting adventures
Many world paper money designs depict airplanes, airports and legendary pilots
Portugal
In 1978 Portugal honored Adm. Gago Coutinho on the face of its 20-escudo notes.
Coutinho was a Portuguese aviation pioneer who, along with Sacadura Cabral was the first to cross the south Atlantic Ocean by air, from March to June 1922 from Lisbon to Rio de Janeiro.
The Fairey IIIB seaplane used by Coutinho and Cabral for their transatlantic flight is depicted on the back of the notes.
Peru
Peru honored one of its military pilots and national heroes on 1991 10-new-sol notes. A portrait of Jose Abelardo Quinones Gonzales appears on the face of the note, showing the pilot wearing his canvas helmet and goggles.
Quinones fought in the Battle of Zarumilla, in July 1941, in the war between Peru and Ecuador. According to Peruvian military accounts, Quinones sacrificed his life by crashing into an Ecuadorian anti-aircraft position, after being hit by anti-aircraft fire. He was promoted posthumously to the rank of captain.
The back design on the notes shows an inverted biplane, signifying the death of a pilot.
Russia
The Russian 5-ruble notes from 1938 feature a vignette of a determined-looking aviator with his parachute strapped over his shoulders as he stands next to a plane.
It has the air of some impending very important secret mission.
Singapore
Singapore used a vignette of the SST Concorde supersonic jetliner on $20 commemorative notes from 1979. Only 20 Concordes were manufactured, and the first commercial flight of a Concorde was made Jan. 21, 1976.
Airlines in Singapore were among those purchasing the planes.
The last commercial flight was from New York’s JFK air terminal to London’s Heathrow airport Oct. 24, 2003, after which the jetliners were retired from service.
United States
A small biplane appears on the back of Series 1915 $20 Federal Reserve Bank notes. The plane appears with an early automobile, a locomotive, an ocean liner and a tug boat.
Military payment certificates, introduced after the end of World War II, are another area of collecting featuring aircraft. Before MPCs, American troops serving abroad were paid in local currency, which could be exchanged for American money. But things changed in 1946 when the MPC system was introduced.
Thirteen different series of MPCs were issued. MPCs were issued continuously through March 15, 1973.
During the Vietnam War, the United States placed aircraft on two denominations of MPCs in Series 681, the $1 and $20.
The $1 MPC features a group of four F-100 Super Sabre jet fighters shown in formation in their Thunderbird markings. The Thunderbirds are the U.S. Air Force precision-flying demonstration team. The face of the same note depicts an Air Force pilot with flying helmet, sun visor and oxygen mask.
The $20 MPC depicts a B-52G Stratofortress. The U.S. Air Force has flown B-52s since the 1950s, when they served as a deterrent to Soviet forces during the Cold War. It is expected that B-52s will continue to serve the U.S. military into the 2040s.
Series 681 notes were released Aug. 11, 1969, and were withdrawn on Oct. 7, 1970.
So where will your next “flight” around a bourse floor take you?
More from CoinWorld.com:
Can ISIL issue its own coins?
Seventh 76-mm silver Benjamin Harrison Indian Peace medal a yard sale discovery'
Coveted' 1965 Washington quarter planchet error among unusual auction items: Whitman Expo Market Analysis
Collector finds 1969-S DDO Lincoln cent after searching through 12,000 cents in rolls
Liberty Dollar creator sentencing scheduled in federal court in North Carolina on Dec. 2
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https://www.lisbon-tourism.com/en/travel-tips-for-lisbon.html
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en
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Travel Tips for Lisbon
|
[
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[] |
[
"Lisbon",
"travel tips",
"currency",
"exchange rates",
"entry documents",
"customs regulations",
"post offices"
] | null |
[] | null |
The travel tips for Lisbon about the national currency, customs regulations, entry documents and communications are useful in planning a stay in Lisbon.
|
en
|
/favicon.ico
| null |
Lisbon › Travel Tips for Lisbon
Money
Currency
The official currency of Portugal is the euro. Tourists who are not familiar with this currency must keep in mind the subunits refer to 1, 2, 5, 10, 20 and 50 cents, and they come in coins. Coins also refer to 1 and 2 euro coins. Banknotes refer to 5, 10, 20, 50, 100, 200 and 500 euro bills.
Currency exchange
Banks understandably offer the best exchange rates. The highest density of banks can be spotted in the Baixa district. As a rule, they open Monday to Friday, roughly speaking between 8.30am and 3pm. 24-hour a day money exchange solutions are offered by the exchange desks located at the airport and the Santa Apolonia station. Most high rated hotels also provide currency exchange services, but their rates are highly disadvantageous for clients. Tourists can also turn to the post offices in Lisbon in order to exchange money. ATMs are also at hand to this purpose.
Communications
Post offices
In Lisbon there are tens of post offices scattered throughout the city. They are easily identifiable, given they are marked by a red sign reading “Correios” in Portuguese. Generally speaking, the post offices open weekdays between 8am and 10pm. The main post office is the one located in Praca dos Restauradores. On top of the specific postal services, these offices are also available for money exchange transactions. In order to learn more about the whereabouts, the services and the opening hours of each of these offices, visit CTT (Correios de Portugal).
Telephones
Lisbon is dotted with public phone booths from where tourists can make calls to virtually all corners of the world. These phones work with prepaid cards which can be bought from newspaper stands, post offices and hotels’ reception desks.
In order to call from abroad to a landline network in Lisbon, one must first dial the country code (00351), and then enter the region code (21) and eventually the phone number proper, which usually consists of 7 digits.
Connection to the Internet
High and medium rated hotels include the access to the Internet in the range of services provided to their guests. But hotels aside, tourists can always turn to the services provided by the Internet cafes scattered throughout Lisbon. The following is the list of the best rated venues which offer Internet services:
Cib@rcafe
Name:
Cib@rcafe
Address:
Pavillhao do Conhecimento, Ciencia Viva Parque das Nacoes, Lisbon, Portugal
Telephone:
00351 218 917138
Ciber Chiado
Name:
Ciber Chiado
Address:
Largo do Picadeiro, Lisbon, Portugal
Telephone:
00351 213 466722
Ciberoceanos
Name:
Ciberoceanos
Address:
Loja G 109 A, Avenida D. Joao II, Gare do Oriente, Lisbon, Portugal
Telephone:
00351 218 95199500351
Website:
www.ciberoceanos.com
Cyber Bica
Name:
Cyber Bica
Address:
7, Rua Duques de Braganca, Lisbon, Portugal
Telephone:
00351 213 225004
Email:
cyberbica@cyberbica.com
Website:
www.cyberbica.com
Netaria Acores Cafe Bar
Name:
Netaria Acores Cafe Bar
Address:
49, Rua da Prata, Lisbon, Portugal
Telephone:
00351 914 559134
Postnet Braamcamp
Name:
Postnet Braamcamp
Address:
9, Rua Braamcamp, Loja A, Lisbon, Portugal
Telephone:
00351 213 511050
Web Cafe
Name:
Web Cafe
Address:
126, Rua Diario de Noticias, Lisbon, Portugal
Telephone:
00351 213 421181
There is also a free access Internet point located within the precincts of the Lisbon Welcome Center, just near the tourist information office proper. Free WiFi zones are to be spotted in the large shopping malls.
Ponto Net at Lisbon Welcome Center
Name:
Ponto Net at Lisbon Welcome Center
Address:
15, Rua do Arsenal, Lisbon, Portugal
Telephone:
00351 210 312810
Useful numbers and addresses
Tourism Police
Name:
Tourism PoliceTourism
Address:
Palacio Foz, Praca dos Restauradores, Lisbon, Portugal
Telephone:
00351 213 421634 / 00351 213 421623
Email:
lsbetur@psp.pt
Website:
www.psp.pt
Police, ambulance and fire department emergencies
Name:
Police, ambulance and fire department emergencies
Telephone:
112
SOS Health Line
Name:
SOS Health Line
Telephone:
808 242424
Intoxication emergencies
Name:
Intoxication emergencies
Telephone:
808 250143
Maritime emergencies
Name:
Maritime emergencies
Telephone:
00351 214 401919 / 00351 214 411646
Others
Spoken language
Portuguese is the official language spoken in Lisbon. It’s true plenty of tourism-related venues have staffs trained to speak English (or other foreign languages, for that matter), but knowing a bit of Portuguese is definitely an advantage, not necessarily in terms of orientation as much as in managing to blend in and actually sample the characteristic charm of the place.
Time zone
GMT (summer time: one hour ahead of GMT)
Tourist information offices
In Lisbon there are several tourist information offices visitors can rely on in order to find out the tourist essentials of the city. The most important of all is the so-called Lisbon Welcome Center, which is located in Rua do Arsenal. Such offices can also be spotted in the surroundings of Lisbon.
Customs regulations
European Union citizens are allowed to bring in or out of Portugal no more than 800 cigarettes, 200 cigars, 1 kilogram of tobacco, 10 liters of spirits, 90 liters of wine, provided that these amounts are for personal use. Non-European citizens are not allowed to import or exports more than 200 cigarettes, 50 cigars, and 250 grams of tobacco, 1 liter of spirits and 4 liters of wine. Regardless of nationality, tourists are not allowed to bring in more than about 5,000 euros, nor are they allowed to export more than 10,000 euros.
Entry documents
European Union citizens only need a valid identification card in order to enter Portugal. Passports are necessary for nationals of countries outside the European Union. Visas are required for non-European citizens who plan to stay in Portugal for more than 90 days. Again, depending on nationality, tourists might also be required to hold a visa regardless of the duration of their stay in Portugal.
Electricity
In Portugal, sockets are designed according to the European standards (two-pin sockets) and they are supplied with 220 / 380 volts. Appliances requiring American-type plugs must be used with adapter plugs.
Tap water
Tap water in Lisbon is perfectly safe to drink. Tourists unfamiliar with the taste of the running water Lisbon is supplied with can always drink bottled water, which is not expensive at all and gives visitors an extra feel of safety.
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https://european-union.europa.eu/institutions-law-budget/euro/countries-using-euro_en
|
en
|
Countries using the euro
|
[
"https://european-union.europa.eu/themes/contrib/oe_theme/dist/eu/images/logo/condensed-version/positive/logo-eu--en.svg",
"https://european-union.europa.eu/themes/contrib/oe_theme/dist/eu/images/logo/condensed-version/positive/logo-eu--en.svg"
] |
[] |
[] |
[
"euro area",
"convergence criteria",
"European Central Bank"
] | null |
[] | null |
Find out which EU countries use the euro and those which may adopt it or which have an opt-out. How EU countries can join the euro area.
|
en
|
/profiles/contrib/ewcms/themes/ewcms_theme/images/favicons/eu/favicon.ico
|
European Union
|
https://european-union.europa.eu/institutions-law-budget/euro/countries-using-euro_en
|
In order to join the euro area, EU member states are required to fulfil so-called 'convergence criteria'.
These binding economic and legal conditions were agreed in the Maastricht Treaty in 1992 and are also known as 'Maastricht criteria'. All EU Member States, except Denmark, are required to adopt the euro and join the euro area, once they are ready to fulfil them.
The Treaty does not specify a particular timetable for joining the euro area, but leaves it to member states to develop their own strategies for meeting the condition for euro adoption.
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https://www.travelex.com.au/buy-currency/eur-portuguese-currency
|
en
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Buy Portugal Euros (EUR) at Our Best Rates
|
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] | null |
[] | null |
Order Portugal currency online at Travelex. Buy Euro at our best rates exchanging $2,000+ AUD. Collect with our award-winning travel money card.
|
en
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https://www.travelex.com.au/buy-currency/eur-portuguese-currency
|
The official currency of Portugal is the euro, which is abbreviated to EUR. 1 Euro is divided into 100 cents.
The euro has been used in Portugal since 1999, replacing the Portuguese escudo, which was in circulation prior to this time and until 2002.
Following the gradual inflation of the escudo throughout the 20th century, the euro was introduced at the conversion rate of 200.48 escudos to €1.
The most commonly used bills for the euro are the 5, 10, 20, 50, 100 and 200 notes.
* Rates are subject to change throughout the day. In-store rates vary compared to online.
** The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip.
*** Business days. Some stores open 7 days. The next available date will be displayed when ordering.
^^Based on mid-market and Travelex Online AUD to FX exchange rates as of the date of the relevant social media post and/or email communication. Rates are subject to change throughout the day. Any rates and savings are quoted as a guide only.
Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Terms and Conditions before deciding whether to acquire any product.
Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044, AFSL 386 837) arranges for the issue of the Travelex Money Card in conjunction with the issuer, EML Payment Solutions Limited (‘EML’)(ABN 30 131 436 532, AFSL 404131). You should consider the Product Disclosure Statement for the relevant Travelex Money Card and Target Market Determination available at www.travelex.com.au, before deciding to acquire the product. Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider if it is appropriate for you. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
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8738
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dbpedia
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0
| 53
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https://www.beportugal.com/portugal-money/
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en
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Currency in Portugal: What You Should Know About Money in Portugal
|
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[
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[
"Daisy Kincaid"
] |
2019-12-27T00:01:11+00:00
|
Al about Portugal's currency: Portuguese coins and bills, ATMs, transferring funds in Portugal, and what you can expect to spend on your trip to Portugal.
|
en
|
bePortugal
|
https://www.beportugal.com/portugal-money/
|
The currency used in Portugal is the euro, just as in most other EU countries. This makes it an easy vacation spot for visitors from other EU countries, since they don’t have to deal with changing money in Portugal. Portugal’s been on the euro for decades, so you’ll see the euro symbol on any price tag. It looks like this: €.
Currency in Portugal
Throughout Portugal, you’ll see seven bank notes and eight coins in different amounts. Portugal currency comes in 5, 10, 20, 50, 100, 200, and 500 euro bills. You’ll also see 1-cent, 2-cent, 5, 10, 20, and 50-cent coins, as well as coins for €1 and €2. From experience, those €1 and €2 coins come in most handy when out and about for the day. All euro bills and coins, regardless of denomination, have a general European design on one side and a country-specific design on the other side (similar to the US quarters with different state designs on one side). Regardless of the design, the currency can be used in any Eurozone country. History buffs might be interested to know that Portugal’s official currency before the euro was the escudo, with 200 escudos equalling about 1 euro. One thing you’ll notice in Portugal is a difference in written amounts. Large amounts of money show a decimal point where Americans are used to seeing a comma. Conversely, there’s a comma between euros and cents, instead of a decimal point. So, if you’d usually write $10,500 or $1.25 in the US, you’d write €10.500 or €1,25 in Portugal. It’s also common to see the € sign after the amount, like so: 1,25€.
Money in Portugal
Whether you’re an expat or tourist, you’ll see money spent in Portugal. While credit and debit cards are generally accepted, Portugal is a cash-centric country — especially when you get outside of cities like Lisbon and Porto. Here’s a quick rundown of everything you need to know about cash in Portugal: what kind of money Portugal uses, how to change money in Portugal, and even the best way to send money to Portugal.
Carrying cash in Portugal
Here’s an important tip: Try to keep smaller bills or a few €1 or €2 coins with you all the time. Especially in smaller shops like a café or pastelaría, you can run into problems trying to pay with larger denominations — even a €20. While it’s fairly common in the US to break large bills by making a small purchase, it’s unexpected in Portugal. If you need to do that (and you probably will) try buying something at a chain store or a very busy restaurant. They’ll be more likely to help you out.
How to get cash: Portugal ATMs
Like other EU countries, Portugal has ATMs throughout the country. You’ll see them at the airport, banks, and along the streets of the cities. Smaller towns will have at least a couple of ATMs, as well. Keep an eye out for ATMs when you’re visiting Portugal, because no matter where you go, Portugal is a cash-centric country. Depending on your bank and your home country, you might never see a familiar ATM in Portugal. But never fear; you’ve got options that will work like any ATM back home. Just look for Multibanco ATMs — on the street or in any Portuguese bank — and you’ll do fine.
The standard ATM limit in Portugal is generally €400 per day. But be prepared – your ATM might limit you to €200 per withdrawal. If so, try making a second withdrawal, even at the same machine, to get to the €400 limit. Learn more about Portugal ATMs in our full-length article, ATMs in Portugal: Withdrawal Limits, Fees, and All You Need to Know when Visiting Portugal.
How to transfer money to Portugal
For both expats and visitors, TransferWise is our favorite platform for international money transfers. Here are a few reasons why:
Fair exchange rates
Security and reliability
Ease of use
Suitable for any size transfer, from petty cash to large sums
One of the best features of TransferWise is the Borderless Account card you’ll receive. It’s a debit card, so it works in Portugal ATMs and many in-store points of sale. The cool part is, visitors who want to transfer Portugal money to USD can have a single TransferWise account set up in both their home currency and the euro. This multi-currency account can save you quite a bit in international exchange fees. Read more about the best ways to send money to Portugal in our full article: How to Send Money to Portugal: A Guide to Save You Time and Money.
How much money do you need in Portugal?
According to Numbeo, consumer prices in Portugal are significantly lower than in the US, the UK, or any of Portugal’s larger EU siblings. You’ll probably be pleasantly surprised at the amount of money you spend in Portugal. In fact, one of the main draws for expats who move here is the amount of money you need to retire in Portugal. Roughly speaking, you can plan on prices for the following:
A pastry and a cafézinho (espresso) at a small café: €2 – €3
Lunch at a restaurant: €10 – €15
Dinner for two with wine: €30 – €60 (depending on how fancy you want to be)
A bottle of (actually very drinkable) wine from a supermarket: €2 and up
Is it safe to carry money in Portugal?
|
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8738
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dbpedia
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2
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https://ocindex.net/country/portugal
|
en
|
The Organized Crime Index
|
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Based on the 2019 ENACT Organised Crime Index for Africa, the Global Organized Crime Index is a key flagship project of the Global Initiative Against Transnational Organized Crime.
|
en
|
https://ocindex.net/
|
People
Portugal is primarily a destination country for human trafficking, with labour exploitation being the most prevalent form of this crime. However, it also plays a key role as a transit country, particularly on the Latin America route, predominantly from Brazil to Europe. Cases of human trafficking are believed to be significantly under-reported. Most of the minor victims are boys from Romania, who are primarily exploited for adoption, labour exploitation, domestic servitude, begging or sexual exploitation. The majority of adult victims are men from developing countries, particularly African countries. In this context, Portugal usually serves as a transit country for the West Africa route in which victims obtain fraudulent documents before moving on to other European countries where they are frequently subjected to sexual exploitation. The continuance of human trafficking in Portugal is enabled by inadequate victim identification, the ongoing illicit practices of temporary employment and recruitment agencies, and the pervasiveness of false promises made to victims. Transnational criminal networks, particularly those from Eastern Europe, are the main players involved in this activity, and both domestic and foreign actors profit from it.
Human smuggling is also a prevalent criminal market in Portugal. People from countries in Southern Asia, such as India, Nepal, and Bangladesh, and Eastern Europe, such as Romania, Moldova, and Bulgaria, as well as Latin America and West Africa, are increasingly smuggled into the country to be exploited in various sectors, mainly agriculture and hospitality. Criminal actors, including domestic and transnational networks, use sea or air routes as transit platforms. Balkan criminal networks use national airports to convey people irregularly into Portugal. The El Jadida–Faro sea route is used to avoid controls carried out by Moroccan authorities and the Canary Islands are increasingly being targeted along the West African route. A significant rise in document fraud connected to border controls has been detected.
Historically, the extortion and protection racketeering market has been pervasive in the country, especially in the north, usually involving biker gangs. However, recent evidence has been scarce and major events related to this crime are no longer common. Nevertheless, extortion is still occurring in the country and the latest reports indicate the moderate involvement of foreign actors too.
Trade
Portugal is a transit country for illegal firearms being trafficked into Africa and firearm conversion is a popular mechanism for acquiring illicit weapons in the country. Although there is limited information about the trafficking routes, the dark web has enabled the circulation of illegal weapons, especially those already on the black market. Alarm and signal weapons have reportedly become popular within criminal circles. These weapons are usually imported from Turkey or purchased legally in EU countries, such as Slovakia, before being modified and/or illegally trafficked to other countries.
The trade in counterfeit goods is on the rise in Portugal, with luxury goods, medical equipment, cosmetics, food, and toys being the products most commonly apprehended by law enforcement agents. Portuguese authorities have reported an increasing amount of counterfeit and pirated product being seized in the country and several operations have resulted in the dismantling of clandestine labs and criminal networks involved in the production and trafficking of counterfeit goods. These operations have uncovered fake products bearing international trademark logos as well as ‘Made in Portugal’ labels. In addition, with regards to the illicit trade of excisable goods, the smuggling of tobacco products is an issue in the country, usually occurring across the border with Spain, and causing significant financial losses for Portugal and the EU.
Environment
Portugal is considered a hub for the illegal trade of timber from ancient forests and is one of the largest importers of protected flora from Brazil. Some Portuguese corporate companies have been linked to the flora crime market and evidence of illegally logged timber from the Democratic Republic of Congo continues to be reported. Nevertheless, this criminal market is still not particularly pervasive in the country. Portugal is also known as a source, transit, and destination country for illegal wildlife trade, particularly bird smuggling from Latin America and glass eel trafficking. With regard to the latter, criminal networks operating from Portugal are mainly involved in the illegal trafficking of glass eels from Europe to Asia. The COVID-19 pandemic led to changes in the process of eel trafficking, with glass eels now being concealed in shipments of other commodities and transported to Asia via air cargo. Elephant products and rhino horn have also been seized at Portugal’s airports and the country remains a destination and transit point for trafficked exotic fauna species.
Portugal is also a transit and destination country for the illicit non-renewable resource market. There are indications that criminal groups are involved in trading uncertified diamonds from south-western Africa to Belgium via Portugal. Recently, former Portuguese military agents operating in the Central African Republic were allegedly involved in the illegal trafficking of diamonds from the country, as part of a large criminal network operating in several countries, including Angola, Guinea-Bissau, UAE, South Africa, Brazil, and the United Kingdom. Reportedly, the diamonds were transported from the Central African Republic to Lisbon on military planes, before being trafficked by land to Antwerp, where they were sold. Apart from this case, the market for non-renewable resource crime continues to have a largely manageable impact on the country.
Drugs
Portugal remains a significant transit and destination country for heroin trafficking, primarily from South Africa. Transnational networks are the most prevalent of the criminal actors involved in the heroin trade, and small groups of organized criminals distribute drugs within the country. Although the COVID-19 pandemic temporarily altered the drug trafficking dynamic across the country, criminal organizations quickly adapted by shifting towards online marketplaces, digital platforms, social networks, and rapid delivery services. As a result, a slight increase was recorded in this market as well as in the number of users seeking treatment for opiates in the country. Cocaine trafficking from the Caribbean and Latin America, with Brazil as the primary source, is still the prevalent form of drug trafficking in Portugal and the country serves mainly as a transit and destination point. Maritime trafficking is the preferred method of transport, closely followed by air trafficking. The cocaine criminal market is transnational in nature and the drug is either distributed internally or trafficked to other European countries. The use of cocaine, mainly crack cocaine, has increased in Lisbon compared to the previous year. A rise in the presence of international cocaine trafficking rings in Portugal, mainly Brazilian, has also been reported.
Portugal’s strategic geographic position makes it both a destination and transit country for cannabis resin from Morocco, as well as a source country for herbal cannabis. This drug is usually transported through maritime trafficking, with Morocco remaining the main country of origin and Spain the primary destination. As a key country along the route, Portugal is seeing its south coastal area being increasingly used by Moroccan traffickers. Authorities in Portugal have also detected speedboats being used by Spanish criminal groups for drug transport between the Moroccan and Spanish coasts. Additionally, cannabis production within Portuguese territory plays a significant role in the criminal market, with Asian criminal groups, mainly Chinese, setting up cannabis plantations with the objective of exporting the product to the Netherlands. During the COVID-19 pandemic, there was an increase in cannabis use, with consumers resorting to postal services and the internet to trade cannabis.
Portugal is a key transit and destination country for the synthetic drug trade, particularly ecstasy (MDMA). These drugs are mainly trafficked into Portugal from the Netherlands, Spain, Belgium, and France. The domestic distribution of methamphetamines is reportedly carried out by mafia-style groups. While most ecstasy traffickers are Portuguese, other nationalities, such as Brazilians and Cape Verdeans, are also involved. Social media is increasingly being used as an alternative to street markets, and this was particularly the case during the COVID-19 pandemic. Lastly, the use of new psychoactive substances containing synthetic cathinones, sold under brand names such as ‘Bloom’, is a concern.
Cyber Crimes
During the reporting period, the number of cyber-attacks on organizations in Portugal increased significantly, especially in the education and healthcare sectors. Ransomware attacks were particularly severe, with the national cybercrime office receiving numerous complaints from small- and medium-sized enterprises. In addition, cybercrime groups have targeted media conglomerates, corporate enterprises, and even Parliament, especially during election periods. A big case of cryptocurrency fraud, perpetrated by a Portuguese cyber-criminal, was halted at the beginning of 2022. The ongoing war in Ukraine and the gradual easing of pandemic restrictions introduced new cyber-security threats.
Financial Crimes
Financial crimes and related proceedings have increased in Portugal in recent years, with digital environments being an area of growing concern. Criminals are known to open bank accounts through fictitious agents and companies, often transferring funds to international or transitory accounts. Investigations related to tax evasion and fraud concerning European funds are ongoing.
Criminal Actors
Mafia-style groups in Portugal are primarily engaged in extortion, gambling, drug trafficking, sexual exploitation, and the illegal possession and trafficking of weapons and ammunition. Some groups consist mainly of private security guards associated with the nightlife of major cities, such as Porto, and are connected to murder cases. Other groups have distinct membership cultures, with family ties, specific entry requirements, tattoos, and prescribed clothing bearing group symbols and logos. Some of the most territorial groups operate in the northern region of Portugal. Biker gang activity, mainly related to the so-called Hells Angels, continues to have an impact on the country. Additionally, youth gangs appear to be on the rise.
Loose criminal networks, involved in a range of illicit activities, such as drug trafficking, human trafficking for labour and sexual exploitation, and cybercrime, also operate in Portugal. Although these networks themselves tend to be small, their operations can be large, and they have established working relationships with foreign networks, especially from Latin America, responsible for producing and transporting drugs or for recruiting and transporting trafficking victims to Portugal. Criminal groups involved in drug trafficking are believed to be highly organized and flexible in adapting to different methods. Foreign criminal groups identified as operating in Portugal generally come from Brazil, Ukraine, Cape Verde, and China. Brazilian organized crime groups have been present in Portugal for over a decade, with evidence suggesting their involvement in theft, general violence, homicide, and cocaine trafficking. Eastern European criminal groups are more active in the human trafficking market, while so-called ‘Chinese overseas police stations’ are allegedly present in Portugal and may be used to track and harass dissidents. Italian mafia groups have also been identified in the country.
The private sector has been plagued by corruption and financial misconduct allegations in recent years, with high-profile figures being involved in fraud and bribery cases. The football industry has also been hit by a series of scandals, with top-flight Portuguese clubs being implicated in breach of trust, falsification, aggravated fraud, embezzlement, and fraud. Portugal’s so-called ‘Golden Visa’ scheme is seen as a gateway for corrupt individuals and corporations to enter Europe, and a primary facilitator of money laundering and tax evasion. The Portuguese government itself is under scrutiny, as a significant number of its members are being investigated for illegal activity, including tax evasion, corruption, misuse of power, and financial crimes, leading to concerns over government integrity. Cases of state-facilitated crime, where the state does not engage directly in criminal activity but allows it to occur through inaction, have also been noted.
Leadership and governance
Portugal is a stable parliamentary democracy with a strong track record of protecting civil liberties and regularly transferring power between rival political parties. However, concerns persist with regards to corruption, legal constraints on journalism, poor prison conditions, and the impact of racial discrimination and xenophobia. The fight against corruption has suffered recent setbacks, due to limited enforcement resources being available to police and other authorities investigating economic and financial crimes. The Portuguese government has made tackling organized crime a priority, with a focus on human trafficking. The number of organized crime cases in Portugal is relatively low, and despite sporadic cases of corruption related to organized crime, the integrity of the government is not under threat. However, corruption does remain a prevalent issue, with political parties, the Parliament, the military, and the judiciary all identified as vulnerable areas. Several investigations targeting former members of government, mainly on charges of fraud and corruption, are ongoing. Despite recent reforms, Portugal has not addressed longstanding concerns over its legal framework, and sanctions for foreign bribery do not appear effective, proportionate, or dissuasive.
Portugal has ratified all relevant international legal instruments related to organized crime and has been compliant with most measures established by these treaties. The legislative and institutional measures adopted by the Portuguese government to combat organized crime have been praised, but corruption is a significant breach when it comes to the implementation of international instruments. Portugal continues to cooperate with numerous partners at bilateral, European, and international levels to combat crime, including participating in several operations against the illegal trafficking of various goods such as drugs, cultural goods, and tobacco. However, the country still lags behind its European partners when it comes to appointing officers in key agencies, such as Europol and INTERPOL, and leading EMPACT (European Multidisciplinary Platform Against Criminal Threats) operational actions.
The national legal framework is in line with international treaties on organized crime, with the Portuguese Criminal Code providing the legal provisions to criminalize various activities, including human trafficking, drug trafficking, and arms trafficking. However, there are legal loopholes that affect the efficiency of existing policies, such as a plurality of entities responsible for combating organized crime and overlapping legal texts. Additionally, human smuggling is only considered a crime if there is profit associated with it, which does not comply with international standards. Moreover, a lack of proper implementation regarding the legal framework on security and cyberspace hinders the effectiveness of these anti-crime measures.
Criminal justice and security
Despite the challenges posed by the COVID-19 pandemic, Portugal’s justice system has maintained a stable clearance rate and has been able to manage backlogs. However, concerns remain over delays in high-profile corruption cases, which could lead to impunity. There are also worries regarding the efficiency of the department responsible for prosecuting violent and organized crime. High-security prisons in Portugal have been linked to organized criminal activities in recent years.
Although law enforcement agencies have achieved some success in apprehending individuals involved in organized crime, reports of corruption involving agents of the police body and the border service have emerged. It is also believed that the number of agencies with overlapping functions in investigating organized crime is a key factor contributing to decreased effectiveness in the fight against criminality in the country. To combat the rising threat of cybercrime, Portugal has established an agency that acts as an operational coordinator and national authority on cyber-security matters for state entities, national critical infrastructure, operators of essential services, and digital service providers. However, the number of recent cyber-attacks is beyond its capacity to respond.
Owing to its extensive coastline and status as a Schengen zone country, Portugal is vulnerable to organized crime, especially drug trafficking, which occurs mainly at its southern borders. The country’s so-called ‘Golden Visa’ scheme has also been identified as a potential threat to its territorial integrity, since it does not require permanent residency.
Economic and financial environment
Portugal has legislation in place that criminalizes money laundering, and several entities are responsible for investigating regulatory infractions related to the crime. While the country has received praise for its efforts to tackle money laundering, there have been cases involving high-ranking state officials. Although Portugal is at low risk of money laundering, its performance in preventing the crime has not reported any major improvements. Money laundering service providers and networks continue to pose a challenge as they use ever more sophisticated and innovative schemes.
Portugal’s economic regulatory environment contains provisions to prevent criminal activity in business, but they are not always respected. Labour exploitation is the most common transgression in Portugal, and some sectors of the economy, such as private security and agriculture, appear to be under the influence of organized crime groups. Portugal has been considered a tax haven for cryptocurrencies, as profits from digital assets were not subject to taxation until recently. The state budget now allows for the taxation of capital gains generated by crypto assets held for less than 365 days. Additionally, the government is studying a reform to cover other aspects of tax legislation, anti-money laundering legislation, and the regulation and supervision of crypto markets.
Civil society and social protection
Victims of drug trafficking in Portugal mainly receive assistance from state-operated integrated response centres, while victims of human trafficking are primarily supported by non-state actors such as NGOs. Although Portugal operates shelters for victims of human trafficking, the number of victims assisted remains low due to limited capacity, particularly for male victims. Specialized multidisciplinary teams coordinate assistance for the victims, including accommodation, psychological and legal assistance, education and training, and repatriation assistance. However, the government has decreased protection efforts for victims of human trafficking.
Portugal has introduced a document of national guidelines aimed at raising awareness of, preventing, and combatting child trafficking. Several initiatives to support and protect victims of trafficking are organized annually by regional networks, and Portuguese officials receive training on this issue. Portugal conducts an annual national campaign to raise awareness about the risk of human trafficking. No preventive strategies have been adopted for flora and fauna crimes, except for inspections by competent authorities.
Members of the media in Portugal generally enjoy freedom of the press without fear of retribution, although they often face poor job security, threats and aggression from the public, and are poorly paid. The COVID-19 pandemic caused some media outlets to shut down, and budget cuts were implemented by several media groups. The government put in place media-specific support measures to mitigate these difficulties, but a discussion is ongoing around how to develop a fairer and more sustained policy to support quality journalism. Portugal presents a medium risk concerning concentration of media ownership, but performs better with regards to the transparency of media ownership and the political independence of the media. Non-state actors in Portugal involved in the fight against organized crime focus on developing preventive initiatives and providing support and assistance to people affected by crime activity, such as human trafficking victims and those addicted to drugs.
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Portuguese: Currency
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As you are going through old documents, it can be useful to have a basic understanding of what types of currency were being used during different time periods.
1139-1433 A.D.
The first currency of Portugal was the Portuguese Dinheiro issued by the first King of Portugal; Dom Afonso Henriques. D. Afonso Henriques also issued denominations of half a Dinheiro called Mealha sometime after 1179. Like many other medieval kingdoms of the time, the currency mirrored the older Roman system, and thus twelve Dinheiros equaled one Italian Soldo, and twenty Soldos equaled one Libra.
Around 1200, the second king, Dom Sancho I, introduced the gold Morabitino, which was worth fifteen Soldos. About a decade later, the sixth king, Dom Dinis I, introduced the silver Tornês, which was worth 5,1/2 Soldos. In 1380 King Fernando I introduced several new coins: the gold Dobra (=6 Libras), the silver Real (=10 Soldos), and several billion denominations such as the Pilarte (=7 Dinheros).
It is important to note that in this period, it was difficult to standardize a type of currency like today and, therefore, many other forms of currency circulated alongside the Dinheiro. These include the Byzantine Siliquae, the Moorish Dirhem & Dinar, the Spanish Dinero, among others.
1433-1911 A.D.
In 1433 the Dinheiro was officially replaced by the Portugues Real (plural: réis or archaic reais), which was introduced by King Fernando I and was used until 1911 at a rate of 1 Real to 840 Dinheiros. During the reign of João II (1455-1495), the Cruzado was introduced at an initial value of 324 Réis, but its value changed over time. There was also the Vintém (=20 réis) and the Tostão (=100 réis). There were also different coins and banknotes issued in Réis for use in other parts of the Portuguese Empire, of which Brazil still uses the Real as its present currency.
1911-1999 A.D.
Due to the 1910 Republican Revolution, the Portuguese Escudo replaced the Real in Portugal are a rate of 1000 Réis to 1 Escudo. This was further subdivided into 100 Centavos.
The Escudo was used in the Portuguese mainland, the Azores, and Madeira without distinction. In the African colonies, the Escudo was used until their independence in 1975; however, various local coins were often circulating alongside. Of these, only Cabo Verde still uses the Escudo.
In colonial Macau, the Macanese Pataca was and is still used.
Timor-Leste used the Portuguese Timor before switching to the Timor Escudo.
India used the Indian Rupia and then the Indian Escudo from 1958 to 1961 until Goa was annexed by India
1999- Present
Portugal switched to the Euro on 1 January 1999, and the Escudo was removed from circulation on 28 February 2002. Portugal still uses the European Euro currently.
Brazil maintained the Real but briefly replaced it with the Brazilian Cruzeiro from 1942-1967. However, a new form of the Real was brought back into circulation and went through several iterations until the modern Brazilian Real.
Most of Portugal’s other colonies maintained the Portuguese monetary system until soon after they received independence in or after 1975. Around this time, many of these new countries switched to other currencies, like Timor-Leste with the American Dollar, or created their own, like Mozambique with the Metical.
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Portugal Banknote History
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The First Portugal Escudo banknotes were issued by the Casa de Moneda between 1917 and 1925. These banknotes are in denominations of...
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https://www.banknoteworld.com/images/simplecms/favicon.ico
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Banknote World
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https://www.banknoteworld.com/blog/portugal-banknote-history/
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The Portuguese Republic is the westernmost country of mainland Europe, It lies on the Iberian Peninsula along with Spain to the north and east. To its south and west is the Atlantic Ocean. Portugal also includes two Atlantic Ocean archipelagos namely, Madeira and the Azores. The mainland is separated by the Tagus River that flows from Spain.
First Banknotes In Portugal
Portugal is a developed country with an economy based on service. It is among the original eurozone members and its central bank, the Banco de Portugal is an important part of the European System of Central Banks. Before jumping into the eurozone on January 1, 1999, the national currency of Portugal was the Portuguese escudo which was divided into 100 centavos. The escudo was also the currency used in the two autonomous regions of Madeira and Azores. The monetary unit was first launched in 1722 and again on May 22, 1911, replacing the Portuguese real at a rate of 1,000 reis to 1 escudo.
The First Portuguese escudo banknotes were issued by the Casa de Moneda between 1917 and 1925. These banknotes are in denominations of 5, 10, and 20 centavos. A 50-centavo banknote as well as higher denominations of $1, $2.50, $5, $10, $20, $50, $100, $500, and $1000, were also introduced by the Banco de Portugal between 1913 and 1922. In 1942, the 5,000 escudo banknote was released. The last series of escudo notes in circulation before the country switched to the euro were $500, $1,000, $2,000, $5,000, and $10,000. They featured the Age of Discovery, depicting prominent Portuguese personalities such as Joao de Barros, Pedro Alvarez Cabral, Henry the Navigator, Vasco de Gama, Bartolomeu Dias, and Fernando Pessoa. These paper bills can be returned to the Banco de Portugal and can be exchanged for euros until February 28, 2022.
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Currency in Portugal: What You Should Know About Money in Portugal
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[
""
] | null |
[
"Daisy Kincaid"
] |
2019-12-27T00:01:11+00:00
|
Al about Portugal's currency: Portuguese coins and bills, ATMs, transferring funds in Portugal, and what you can expect to spend on your trip to Portugal.
|
en
|
bePortugal
|
https://www.beportugal.com/portugal-money/
|
The currency used in Portugal is the euro, just as in most other EU countries. This makes it an easy vacation spot for visitors from other EU countries, since they don’t have to deal with changing money in Portugal. Portugal’s been on the euro for decades, so you’ll see the euro symbol on any price tag. It looks like this: €.
Currency in Portugal
Throughout Portugal, you’ll see seven bank notes and eight coins in different amounts. Portugal currency comes in 5, 10, 20, 50, 100, 200, and 500 euro bills. You’ll also see 1-cent, 2-cent, 5, 10, 20, and 50-cent coins, as well as coins for €1 and €2. From experience, those €1 and €2 coins come in most handy when out and about for the day. All euro bills and coins, regardless of denomination, have a general European design on one side and a country-specific design on the other side (similar to the US quarters with different state designs on one side). Regardless of the design, the currency can be used in any Eurozone country. History buffs might be interested to know that Portugal’s official currency before the euro was the escudo, with 200 escudos equalling about 1 euro. One thing you’ll notice in Portugal is a difference in written amounts. Large amounts of money show a decimal point where Americans are used to seeing a comma. Conversely, there’s a comma between euros and cents, instead of a decimal point. So, if you’d usually write $10,500 or $1.25 in the US, you’d write €10.500 or €1,25 in Portugal. It’s also common to see the € sign after the amount, like so: 1,25€.
Money in Portugal
Whether you’re an expat or tourist, you’ll see money spent in Portugal. While credit and debit cards are generally accepted, Portugal is a cash-centric country — especially when you get outside of cities like Lisbon and Porto. Here’s a quick rundown of everything you need to know about cash in Portugal: what kind of money Portugal uses, how to change money in Portugal, and even the best way to send money to Portugal.
Carrying cash in Portugal
Here’s an important tip: Try to keep smaller bills or a few €1 or €2 coins with you all the time. Especially in smaller shops like a café or pastelaría, you can run into problems trying to pay with larger denominations — even a €20. While it’s fairly common in the US to break large bills by making a small purchase, it’s unexpected in Portugal. If you need to do that (and you probably will) try buying something at a chain store or a very busy restaurant. They’ll be more likely to help you out.
How to get cash: Portugal ATMs
Like other EU countries, Portugal has ATMs throughout the country. You’ll see them at the airport, banks, and along the streets of the cities. Smaller towns will have at least a couple of ATMs, as well. Keep an eye out for ATMs when you’re visiting Portugal, because no matter where you go, Portugal is a cash-centric country. Depending on your bank and your home country, you might never see a familiar ATM in Portugal. But never fear; you’ve got options that will work like any ATM back home. Just look for Multibanco ATMs — on the street or in any Portuguese bank — and you’ll do fine.
The standard ATM limit in Portugal is generally €400 per day. But be prepared – your ATM might limit you to €200 per withdrawal. If so, try making a second withdrawal, even at the same machine, to get to the €400 limit. Learn more about Portugal ATMs in our full-length article, ATMs in Portugal: Withdrawal Limits, Fees, and All You Need to Know when Visiting Portugal.
How to transfer money to Portugal
For both expats and visitors, TransferWise is our favorite platform for international money transfers. Here are a few reasons why:
Fair exchange rates
Security and reliability
Ease of use
Suitable for any size transfer, from petty cash to large sums
One of the best features of TransferWise is the Borderless Account card you’ll receive. It’s a debit card, so it works in Portugal ATMs and many in-store points of sale. The cool part is, visitors who want to transfer Portugal money to USD can have a single TransferWise account set up in both their home currency and the euro. This multi-currency account can save you quite a bit in international exchange fees. Read more about the best ways to send money to Portugal in our full article: How to Send Money to Portugal: A Guide to Save You Time and Money.
How much money do you need in Portugal?
According to Numbeo, consumer prices in Portugal are significantly lower than in the US, the UK, or any of Portugal’s larger EU siblings. You’ll probably be pleasantly surprised at the amount of money you spend in Portugal. In fact, one of the main draws for expats who move here is the amount of money you need to retire in Portugal. Roughly speaking, you can plan on prices for the following:
A pastry and a cafézinho (espresso) at a small café: €2 – €3
Lunch at a restaurant: €10 – €15
Dinner for two with wine: €30 – €60 (depending on how fancy you want to be)
A bottle of (actually very drinkable) wine from a supermarket: €2 and up
Is it safe to carry money in Portugal?
|
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8738
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dbpedia
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2
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https://www.investopedia.com/terms/c/currency-union.asp
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en
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Currency Union: Overview, History, Criticisms
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[
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[
"James Chen"
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2011-02-13T12:00:00-05:00
|
A currency union is where more than one country or area shares an officially currency.
|
en
|
/favicon.ico
|
Investopedia
|
https://www.investopedia.com/terms/c/currency-union.asp
|
What Is a Currency Union?
A currency union is when two or more economies (usually sovereign countries) share a common currency or mutually decide to peg their exchange rates to the same reference currency to keep the value of their monies similar. One goal of forming a currency union is to coordinate economic activity and monetary policy across member states. A currency union is often referred to as a "monetary union."
Understanding Currency Unions
A currency union is when a group of countries (or regions) use a common currency. For example, eight European nations created the European Monetary System in 1979. This system consisted of mutually fixed exchange rates between member countries. In 2002, twelve European countries agreed to a common monetary policy, thus forming the European Economic and Monetary Union. One reason why countries form these systems is to lower transaction costs of cross-border trade.
A currency union or monetary union is distinguished from a full-fledged economic and monetary union, in that they involve the sharing of a common currency but without further integration between participating countries. Further integration may include the adoption of a single market in order to facilitate cross-border trade, which entails the elimination of physical and fiscal barriers between countries to free the movement of capital, labor, goods, and services in order to strengthen overall economies. Current examples of currency unions include the Euro and the CFA Franc, among others.
Another way countries unite their currency is by use of a peg. Countries commonly peg their money to the currencies of others—typically to the U.S. dollar, the euro, or sometimes the price of gold. Currency pegs create stability between trading partners and can remain in place for decades. The Hong Kong dollar has been pegged at a rate of HK$7.8 to the U.S. dollar since 1983. The Bahamian dollar has been pegged at parity with the greenback since 1973.
In addition to a peg, some countries actually adopt a foreign currency. For example, the U.S. dollar is the official currency in El Salvador and Ecuador, along with the Caribbean island nations of Bonaire, Sint Eustatius and Saba. The Swiss franc is the official currency in both Switzerland and Lichtenstein.
There are more than 20 official currency unions, the largest of which is the euro, which is used by 19 of the 28 members of the European Union. Another is the CFA franc, backed by the French treasury and pegged to the euro, which is used in 14 Central and West African in addition to Comoros. The Eastern Caribbean Dollar is the official currency for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.
History of Currency Unions
In the past, countries have entered into currency unions to facilitate trade and strengthen their economies, and to also unify previously divided states. In the 19th century, Germany's former customs union helped to unify the disparate states of the German Confederation with the aim of increasing trade. More states joined beginning in 1818, sparking a series of acts to standardize the value of coins transacted in the area. The system was a success and led to the political unification of Germany in 1871, followed by the creation of the Reichsbank in 1876 and the Reichsmark as the national currency.
In 1865, France spearheaded the Latin Monetary Union, which encompassed France, Belgium, Greece, Italy, and Switzerland. Gold and silver coins were standardized and made legal tender, and freely exchanged across borders to increase trade. The currency union was successful and other countries joined. However, it was formally disbanded in 1927 amid political and economic turmoil during the early part of the century. Other historical currency unions include the Scandinavian Monetary Union of the 1870s based on a common gold currency.
Evolution of the European Currency Union
The history of the European currency union in its contemporary form begins with economic unification strategies pursued throughout the latter half of the 20th century. The Bretton Woods Agreement, adopted by Europe in 1944, focused on a fixed exchange rate policy to prevent the wild market speculations that caused the Great Depression. Other agreements reinforced European economic unity, such as the 1951 Treaty of Paris establishing the European Steel and Coal Community, which was later consolidated into the European Economic Community in 1957. However, the global economic hardships of the 1970s prevented further European economic integration until efforts were renewed in the late 1980s.
The eventual formation of the European Economic and Monetary Union was made possible by the signing of the 1992 Maastricht Treaty. Thus, the European Central Bank was created in 1998, with fixed conversion and exchange rates established between member states.
In 2002, twelve member states of the European Union adopted the euro as a single European currency. As of 2020, nineteen countries use the euro for their currency.
Criticism of the European Monetary System
Under the European Monetary System, exchange rates can only be changed if both member countries and the European Commission agree. This unprecedented move attracted a lot of criticism. Significant problems in the foundational policies of European Monetary System became evident following the Great Recession.
Certain member states—Greece, in particular, but also Ireland, Spain, Portugal, and Cyprus—experienced high national deficits that developed into a European sovereign debt crisis. Because they did not control their own monetary policy, these countries could not resort to currency devaluation to boost exports and thus their economies. Nor did rules permit them to run budget deficits to reduce unemployment rates.
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The 12 Best (And Easiest) Countries To Move to from the US
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Discover the top countries that are easiest for US citizens to move to, with insights on visas, lifestyle, and living costs. Start your journey today!
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Greenback Expat Tax Services
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https://www.greenbacktaxservices.com/blog/best-countries-to-move-to/
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Many Americans consider moving to another country at some point in their lives. For most, it’s never anything more than a fun idea. Some, however, follow through on their dream of living a new life abroad.
In fact, Greenback Expat Tax Services has helped over 18,000 expats file more than 60,000 returns in 193 countries — gathering extensive feedback to offer informed recommendations on the best destinations for Americans to move to from the US.
Undisputedly, the best country for people from America to move to is Canada due to its robust healthcare, high quality of life, and cultural affinity with the United States. Key attributes that make Canada the top choice include its welcoming immigration policies, strong economic stability, and a richly diverse environment, catering well to Americans looking for a new home abroad.
Apart from Canada, we’ve put together a list of some of the best and easiest countries to move to from the US. Let’s get started.
The 12 Best Countries To Move to from the US
1. Portugal
Portugal is widely regarded as one of the best countries to move to from the US.
To start with, Portugal’s warm, temperate climate makes it the perfect spot for a relaxed lifestyle. Plus, you can rest easy knowing that you and your family are likely far from any danger. According to the 2023 Global Peace Index, Portugal is the seventh safest country in the world.
Portugal also boasts a comprehensive healthcare system and one of the lowest costs of living in Europe. This includes lower-than-average prices for food, lodging, and most other day-to-day expenses.
Most US citizens will have no trouble fitting in as long as they stick to major cities like Lisbon and Porto, where English speakers are common. (If you decide to settle in a rural area, the language barrier may be more of a problem.) Portugal even features numerous international schools with an American curriculum, making relocating easier for children.
However, in October 2023, the Portugal Golden Visa program underwent substantial revisions, altering the dynamics for prospective investors. Formerly, a straightforward real estate investment was your ticket to a Golden Visa, providing a gateway to establish roots in the vibrant Portuguese terrain. However, this once-favored pathway has been sealed by official mandates.
The ripple effect of this amendment is profound. If you envisaged unlocking Portuguese borders by acquiring property, it’s time to recalibrate your strategy. The government has phased out all real estate-centric avenues from the Golden Visa scheme, impacting individuals eyeing part-time residency in this coastal haven.
For the modern globetrotter, staying abreast of these developments and exploring alternative avenues is crucial. Countries like Greece, Spain, and Malta continue to offer enticing residency-by-investment programs. Each presents a unique blend of lifestyle, financial, and residency perks that cater to diverse personal and financial objectives.
2. Spain
Right beside Portugal, Spain provides another warm, laid-back home for Americans living abroad. In fact, Spain offers virtually all of the same benefits as Portugal, though with a somewhat higher price tag. Spain’s cost of living is not as low as that of its smaller Western neighbor.
As with Portugal, you would likely want to move to a major city, especially Barcelona, where English is more common. The Canary Islands are also a popular choice, especially for American expat retirees.
Regardless, Spain’s Golden Visa program is designed to make relocating as simple as possible. Foreigners have a variety of investment choices available. If they meet certain criteria, they can seek permanent residency and even citizenship.
Spanish citizenship comes with plenty of benefits, including the ability to travel visa-free to 155 countries worldwide with a Spanish passport.
3. Greece
As you can probably already tell, the Mediterranean region is a popular destination for Americans moving overseas. Another country on the list of Mediterranean hotspots is Greece. Compared with many other European countries, Greece’s cost of living is relatively affordable, though still not as low as Portugal’s.
Greece’s main claim to fame is its gorgeous beaches stretching along the edge of the sapphire-blue sea. The Greek Isles are also renowned for their beauty and offer rural areas with plenty of privacy. If you prefer the bustle of the city, Athens and Thessaloniki are more than welcoming to foreign guests.
No matter whether you settle on the mainland or one of Greece’s many islands, the weather will seldom give you a reason to complain. Warm summers and mild winters characterize the cycle of Greek seasons.
Greece also has several international schools for American students, though most are based in Athens. Virtually anywhere you go, almost everyone under the age of 40 can communicate in English.
If you’re interested in making your home in Greece, the Greece Golden Visa program is generally the best place to start. Greece’s investment threshold is much lower than that of many countries, requiring an investment of only 250,000 euros to become eligible for a visa.
4. Malta
Malta is a small island nation floating just south of Sicily in the Mediterranean Sea. Malta’s breathtaking coast, delicious cuisine, and rich culture have made it a magnet for US expats. The island’s year-round sunshine doesn’t hurt its popularity, either. Plus, most of the population of Malta can speak English.
Better still, Malta’s Golden Visa program is generally the cheapest option for any European country, and it is even lower than Greece’s threshold. You may only need to invest as much as 30,000 euros to acquire a visa. Malta’s relatively low cost of living will also help your remaining finances stretch further. Additionally, Malta offers a Citizenship by Investment program, allowing investors to obtain citizenship after making a significant contribution to the country’s economy. This program provides an attractive option for those seeking not only residency but also a Maltese passport, which offers the benefits of EU citizenship.
5. Montenegro
Yet another Mediterranean country beckoning Americans overseas is Montenegro. Like most of its neighbors in the Balkan region, Montenegro presents a fascinating mix of Eastern and Western cultural influences. For example, the architecture and aesthetics of Montenegro are clearly inspired by Italy, while Montenegrin cuisine is noted for its Greek and Turkish elements.
In short, Montenegro is a kind of crossroads for European culture, offering the best of all worlds. And despite its small size, Montenegro is steeped in a rich cultural history of its own.
Montenegro’s cost of living is notably lower than in the US, and the tax benefits are even more enticing. Much of the local population speaks English as well, though this will be less common outside of tourist destinations such as Kotor, Budva, or Tivat.
Because of Montenegro’s small size, immigration rules are rather strict. However, options are still available for obtaining residency.
6. Thailand
Now it’s time to consider some of the best countries to move to from the US that aren’t located in the Mediterranean region. First on the list is Thailand, a true gem of the East in Asia.
Like the other countries we’ve discussed, Thailand is known for its low cost of living and pleasant climate (though the monsoon season can take some getting used to for Americans moving abroad).
Thailand’s thriving economy makes it a notorious base of operations for business owners and those with a digital nomad visa. The capital, Bangkok, is home to a healthy expat population, many of whom are entrepreneurs involved in international business. If you prefer to stay closer to the beach, the cities of Phuket, Koh Samui, and Koh Phangan are also solid choices.
Because Thailand is a hub for tourists and expats, English is commonly spoken, and Americans shouldn’t have too much trouble communicating. Thailand also features a well-developed rail network, making it easy to travel quickly and comfortably throughout the country.
However, gaining residency in Thailand isn’t always easy. Because so many international travelers would love to call Thailand home, the immigration rules are strict. That doesn’t mean it isn’t possible, of course. Many expats apply for the 10-year visa program and use this as their entry point into Thai society.
7. Singapore
Roughly a third of Singapore’s population are foreigners, with tens of thousands being expats from the US. There are several reasons for Singapore’s popularity, including its universal healthcare system, low crime rates, and light tax burden. And of course, the large expat community means that English is common.
Becoming a resident of Singapore is also much easier than in most other countries. Even obtaining a residence permit is relatively simple.
On the other hand, Singapore isn’t cheap. The cost of living in Singapore is a fair bit higher than in the US. However, Singapore’s impressive social programs may make up for this.
8. South Korea
South Korea has established itself as a global hub of culture, exporting K-pop (Korean pop), K-dramas, K-beauty, and more. Aside from this, South Korea is also noted for promoting vibrant lifestyles and offering world-class shopping opportunities. South Korea’s cuisine is also legendary worldwide.
On top of all this, South Korea maintains a remarkably low cost of living—though one major exception to this is housing, which can be pricey.
South Korea also boasts some of the fastest internet speeds in the world, though with the prevalence of online censorship, you may need to invest in a VPN.
In general, South Korea can be a great home for younger, tech-savvy expats who want to taste the good life overseas.
9. Mexico
Mexico offers a vibrant culture, warm climate, and affordable living costs, making it an attractive destination for Americans. The country’s close proximity to the US is a significant advantage, allowing for easy travel back and forth.
One of the main benefits of living in Mexico is the low cost of living. Everything from housing to groceries is generally cheaper than in the US. This affordability extends to healthcare, with high-quality medical services available at a fraction of the cost compared to the US. Additionally, Mexico boasts a rich cultural heritage and diverse landscapes, from beaches to mountains, providing a variety of lifestyle options.
English is widely spoken in tourist areas and expat communities, particularly in places like Mexico City, Cancun, and Playa del Carmen. These areas also offer a range of amenities, including modern infrastructure, shopping centers, and international cuisine, making the transition smoother for Americans.
The Temporary Resident Visa allows Americans to stay for up to four years before being eligible to apply for permanent residency. This visa is relatively easy to obtain and can be a stepping stone to full residency or citizenship. Whether you’re looking for a bustling urban environment or a tranquil beachside retreat, Mexico has something to offer for every taste and preference.
10. New Zealand
New Zealand is known for its stunning natural scenery, high quality of life, and welcoming attitude towards expats. The country offers various visa options, including skilled migrant visas, which make it easier for Americans to relocate. Additionally, New Zealand’s Working Holiday Visa is a popular choice for younger individuals seeking to experience the country while working temporarily.
The lifestyle in New Zealand is relaxed and outdoor-oriented, with plenty of opportunities for hiking, skiing, and other outdoor activities. From the breathtaking fjords of Milford Sound to the geothermal wonders of Rotorua, New Zealand’s diverse landscapes provide endless exploration possibilities. The healthcare system is excellent, and English is the primary language, which helps Americans integrate smoothly.
Major cities like Auckland, Wellington, and Christchurch are popular among expats, offering a blend of urban amenities and natural beauty. Auckland, the largest city, is known for its vibrant cultural scene and waterfront living. Wellington, the capital, is celebrated for its arts, coffee culture, and picturesque harbor. Despite its rebuilding efforts following earthquakes, Christchurch remains a hub of innovation and gateway to the stunning South Island.
With its strong sense of community and high living standards, New Zealand presents a compelling option for Americans seeking a new home abroad.
11. Australia
Australia is a popular destination for Americans due to its high standard of living, similar culture, and English-speaking population. Additionally, Australia’s permanent residency pathways, such as the General Skilled Migration program, make long-term relocation feasible.
Australia’s major cities, such as Sydney, Melbourne, and Brisbane, are known for their vibrant cultural scenes, excellent healthcare, and strong economies. With its iconic Opera House and stunning harbor, Sydney is a global financial hub and cultural center. Melbourne is renowned for its art, music, and coffee culture, making it a haven for creatives.
Brisbane, known for its sunny weather and friendly atmosphere, offers a growing economy and a laid-back lifestyle. The cost of living can be high in these cities, but the overall quality of life, access to top-notch healthcare, and world-class education systems are very appealing.
With its beautiful beaches, diverse wildlife, and warm climate, Australia offers a desirable lifestyle for those looking to move abroad. Outdoor enthusiasts will appreciate the numerous national parks, the Great Barrier Reef, and opportunities for surfing, hiking, and exploring the Outback.
Australia’s commitment to multiculturalism also ensures a welcoming environment for expats from all backgrounds, making the transition smoother and fostering a sense of community.
12. Germany
Germany is an attractive destination for Americans due to its robust economy, high quality of life, and excellent public services. The country offers various visa options for skilled workers, such as the EU Blue Card, which makes it easier to move and find employment. Additionally, Germany has numerous pathways for entrepreneurs and freelancers through the self-employment visa program.
English is widely spoken in major cities like Berlin, Munich, and Frankfurt. Berlin, the capital, is known for its vibrant arts scene, diverse culture, and dynamic tech industry. Munich boasts a high standard of living and beautiful architecture, and is home to some major global companies. Frankfurt, a key financial hub, offers a cosmopolitan lifestyle and excellent infrastructure. Germany’s healthcare system is one of the best in the world, and the cost of living is reasonable, especially outside major urban centers where the quality of life remains high.
Germany’s rich history, cultural heritage, and central location in Europe make it a great base for exploring the continent. From the medieval castles of Bavaria to the bustling markets of Hamburg, there is a wealth of cultural experiences to enjoy.
The country’s efficient public transportation network makes travel within Germany and to neighboring countries convenient and affordable. Whether you are interested in exploring the scenic Rhine Valley or enjoying the vibrant nightlife of Berlin, Germany offers a diverse and enriching living experience for expats.
What to Consider When Moving to Another Country
Accessibility
Before you start making plans to move to a new country, you need to know how easy it will be to live there long term. Ask yourself:
What are the qualifications for obtaining a visa?
Can foreigners rent or buy property?
What will you have to do to establish permanent residence?
Does this country allow dual citizenship?
What are the healthcare options, and will I need health insurance?
Getting the answers to these questions may help you narrow down your list of options.
Job Market
Finding a job will probably be an important factor when choosing a new home abroad. Is your skill set valuable in this country? How tough will it be to get hired? Of course, this may be less important if you’re retired or self-employed as a business owner or freelancer.
Climate
Sunny beaches and long summers can make any country a popular destination for tourists and expats alike. In fact, one of the most common reasons for moving to another country is to bask in a warmer climate. This is a big reason why you won’t find places like Russia or Finland on many lists of the best countries to move to from the US.
Ease of Travel
Putting down roots in a remote, disconnected part of the world may sound like the ideal to some. The reality, however, can be quite a different story. Moving all of your possessions to a remote location adds more stress to relocating. Plus, just because you don’t want to live in the US doesn’t mean you won’t want to visit again. Choosing a country that makes international travel difficult could create headaches down the road.
Culture
Experiencing different cultures is a highlight of traveling. And no matter where you move, there will inevitably be some cultural differences you’ll have to adapt to. That said, there’s such a thing as too much change. Those fun, bizarre aspects of a foreign culture may not seem so fun later on.
Consider picking a country with a culture similar to what you’re used to. This will make integrating and feeling at home in your new world easier. In particular, it’s always a good idea to choose someplace where a language barrier won’t be a problem.
Cost of Living
A lower cost of living is another popular motivation for Americans moving abroad. You’ll miss this benefit entirely if you choose a more expensive country than the US. So before making the final decision, take the time to calculate how expensive your life will be in a given country.
Safety
This one may seem obvious. Still, you’d be surprised how often travelers assume incorrectly that a country is safer than it is. Alternatively, they may see that one city is safe and assume that the whole country is, without realizing that the city they’re moving to has a higher crime rate than the national average. And even if it’s safe for the locals, how safe is it for foreigners like you?
It’s worth doing some research to learn whether you’re going to expose yourself to unnecessary risks.
Customs and Laws
When you move to another country, you agree to abide by their rules. Things that have always been normal to you may be rude or even illegal. Find out what worldviews, policies, and regulations you can expect while you’re still outside the system.
Work-Life Balance
Work-life balance can significantly impact your overall happiness and well-being. Research the typical work culture in your potential new home. Some countries emphasize shorter workweeks, generous vacation policies, and a strong separation between work and personal life.
Knowing what to expect can help you find a place to maintain a healthy balance and enjoy your time at work and outside of it. For example, Denmark, the Netherlands, and Norway are renowned for their emphasis on work-life balance and could be excellent choices depending on your priorities.
Are You Planning to Move Abroad?
If you’re hoping to live overseas, we hope this list of the best countries to move to from the US has helped you understand your options. If you still have questions, we’d be happy to answer them all.
At Greenback Expat Tax Services, we help Americans living abroad file their expat taxes accurately and on time. Just contact us, and we’ll be happy to help you in any way we can. We can even prepare and file your expat taxes for years to come.
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https://www.trafalgar.com/real-word/fun-facts-about-portugal/
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17 fun facts about Portugal you probably never knew
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2024-07-06T19:33:26+00:00
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Ready for some fun facts about Portugal that will surprise you? Small in size but large in stature, Portugal is home to many firsts and greats.
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en
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Real Word
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https://www.trafalgar.com/real-word/fun-facts-about-portugal/
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Ready for some fun facts about Portugal that might surprise you? Small in size but large in stature, Portugal has given rise to a medley of firsts and greats.
The nation that brought us barbecued chicken, Port Wine and Cristiano Ronaldo certainly has a weird way with words. From “swallowing frogs” so you bite your tongue to “breaking the coconut laughing” because you’re laughing so hard you lose control, the Portuguese have a naturally descriptive and colourful way of telling a story.
And, it is this love of storytelling that has fuelled the wanderlust of the Portuguese. The country may be small compared to its European neighbours, but what it lacks in size it more than makes up for in sheer tenacity, hard work and a sense of adventure.
It’s little wonder then, that this Iberian nation is home to an impressive array of noteworthy historic achievements and some modern-day surprises – see it for yourself and secure some incredible tour savings on our Last Minute Deals. Without further ado, here are 20 fun facts about Portugal you would never have guessed:
Portugal is the oldest country in Europe
And the award for oldest nation-state in Europe goes to… Portugal. In 1139, Portugal appointed King Afonso Henriques as its king. Lisbon is said to be four centuries older than Rome. Due to its excellent trading location, the Phoenicians settled in Lisbon around 1200 BC.
What do Portugal and Japan have in common?
The Portuguese were the first Europeans to reach Japan in the 16th century. They left their linguistic mark on this Asian nation. Words such as pan (from the Portuguese pão meaning bread) and sabato (from the Portuguese sabado meaning Saturday) are all good examples.
The world’s oldest bookstore is in Lisbon
Book lovers will delight in a visit to Bertrand Bookstore in Lisbon’s Chiado district. The book store was established in 1732. Its exterior façade is a spectacular display of mosaic tiles, worth admiring in their own right.
The shortest – and longest – reigning monarchs
Portugal holds the record for the shortest and longest-reigning monarchs. Henrique of Portugal was the king of Portugal for more than 73 years. Luis Filipe, on the other hand, was king for only 20 minutes.
The secret recipe for Pastéis de Nata
Crispy, creamy and sweet – there’s nothing like the original Pastéis de Nata (custard tart) from its home in Lisbon’s Belém district. Among the most fun facts about Portugal is that the family has kept the original recipe a secret since the 19th century. So, make a point of visiting this well-known bakery in Belém.
There’s always time for coffee
The Portuguese won’t let a little thing like work keep them from enjoying a coffee break or two during their day. Their preference is a quick espresso-sized bica served in a tiny cup.
One of the world’s oldest universities is in Portugal
Portuguese academics established the University of Coimbra in 1290, making it one of the oldest universities in the world. The University achieved UNESCO World Heritage Site status in 2013. Today, it is open to tourists who can visit its Royal Palace and the Joanine Library.
Renewable energy is a big focus
One of the interesting facts about Portugal is that the country is investing heavily in renewable energy. So much so, that in 2016 the entire country ran for almost five consecutive days entirely on renewable energy powered by wind, sun and water.
Portugal is one of the world’s top surf spots
It may not be Hawaii, but one of our favourite fun facts about Portugal is that it’s 800km Atlantic coastline and temperate climate makes it a year-round surfing hotspot.
A Portuguese explorer was the first to complete a full journey around the earth
Portuguese explorer, Ferdinand Magellan, is said to have led the first expedition to circumnavigate the globe.
Piri-Piri originated in Portugal
The world has Portugal to thank for piri-piri, the chilli sauce quite often liberally poured over the nation’s favourite churrasco chicken. The chilli that is the sauce’s main ingredient hails from South America, and it was from here that the Portuguese then took the chillis to Africa. It was here that the melange of chilli, garlic and lemon resulted in this famous sauce.
Port Wine is Portugal’s most famous export and its national drink
Produced exclusively in Portugal’s UNESCO-listed Douro Valley, Port Wine is a sweet, red fortified wine. The area is the third-oldest protected wine region in the world and its produce became very popular with the English in the 18th century.
RELATED CONTENT: Where to drink port wine in Portugal
Portugal is the westernmost point of Europe
While Portugal is set on the edge of the Iberian peninsula in south-western Europe, its archipelago of the Azores in the Atlantic ocean officially holds the title of being the westernmost point of Europe.
Unlock your next adventure to Portugal with our Last Minute Deals.
Portugal is the world’s largest cork producer
One of the most interesting facts about Portugal is that it is home to the world’s largest cork forest and produces over 70% of its cork exports. So, head to a street market and shop for cork coasters and beautiful cork handbags.
Portugal was once extremely powerful
Portugal once owned half of the “New World”. When the Treaty of Tordesillas was signed in 1494, Portugal was given the eastern half of the New World, including Brazil, Asia and Africa.
Fátima is a global pilgrimage centre
The shrine of Fátima is a popular pilgrimage spot for Christian worshippers. It was here in 1917 that the Virgin Mary is said to have appeared to three young shepherds. In terms of the number of visiting pilgrims, it is second only to Rome in Europe.
UNESCO World Heritage Sites
Portugal is home to 17 UNESCO World Heritage Sites. With the exception of only one, these are all cultural sites. These play an important role in tourism and are one of the reasons Portugal has become one of the top 20 most-visited countries in the world.
A pioneer of the euro
Portugal was one of the first countries to adopt the euro, giving up its own currency, the Portuguese escudo, for the euro in 1999 – though up until 2022 you could still exchange Portuguese escudo banknotes for euros!
Portuguese isn’t just limited to Portugal
As well as in its home country, Portuguese is the official language of nine other countries: Angola, Brazil, Cabo Verde, East Timor, Equatorial Guinea, Guinea-Bissau, Macau, Mozambique, Sāo Tomé and Principe, and even Goa in India. That makes it the sixth-most spoken first language in the world, clocking around 220 million speakers native speakers.
The New Year calls for 12 raisins
When the clock strikes twelve in Portugal, those still awake take part in the tradition of eating twelve raisins – one raisin for each chime of the clock, which symbolizes one for every month to come. Not only that, each raisin eaten earns one wish that those celebrating can make during the first few months of the New Year.
Perhaps you’d like to fuel your own wanderlust the Portuguese way and head off on your own adventure. If Portugal has piqued your interest, check out our Best of Portugal trip for all the highlights, or snap up some savings in our Last Minute Deals.
Have you discovered any fun facts about Portugal not on this list? Let us know in the comments!
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https://picclick.co.uk/Coins/Banknotes/European/Portugal/
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Portugal, European, Banknotes, Coins
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"https://www.picclickimg.com/SGIAAOSwLU9mv1jo/PORTUGAL-1978-20-Escudos-aUNC-UNC.webp",
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"https://www.picclickimg.com/tL0AAOSw9UdmlYcN/PORTUGAL-50-Escudos-Banknote-1980-P174b-UNC.webp",
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[] |
[] |
[
""
] | null |
[] | null |
Portugal, European, Banknotes, Coins. Shop the Largest Selection, Click to See! Search eBay faster with PicClick. Money Back Guarantee ensures YOU receive the item you ordered or get your money back.
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PicClick UK
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https://picclick.co.uk/Coins/Banknotes/European/Portugal/
|
27 watchers
portugal 1816, silver 400 reis
£32.00 23 Bids 9h 32m
10 watchers
azores 1901 ,10 reiss nice grade
£2.20 3 Bids 9h 31m
1 watcher
Portugal (P180d) 500 Escudos 1992
£0.99 0 Bids 2d 14h
7 watchers
portugal 1904 ,portugese india una rupia
£22.00 8 Bids 9h 37m
13 watchers
1981 Portugal 5000 Portuguese Escudos (Euro) Old Banknote Antonio Sérgio Europe
£16.00 3 Bids 5d 14h
5 watchers
portugal 1752 10 reiss
£2.20 3 Bids 9h 35m
3 watchers
portugal 1912 50 cents
£1.20 2 Bids 9h 33m
1 watcher
Portugal P153a(4) 20 Escudos ANTONIO MENEZES Sign Sousa/Carvalho 25.5.1954 VF
£4.99 0 Bids 6d 13h
1 watcher
portugal 1916 50 cents
£1.20 2 Bids 9h 34m
3 watchers
portugal 1848 20 reiss
£2.20 3 Bids 9h 36m
14 watchers
1992 Portugal Banco de Portugal 2000 Escudos Pick#186c PMG 66 EPQ Gem UNC
£30.25 17 Bids 6h 41m
18 watchers
Portugal India ( 1945 Rare Scarce ) 50 Rupees High Grade Rare Banknote,Gef
£20.00 8 Bids 4d 9h
1 watcher
Portugal 1997 500 Escudos UNC
£6.99 0 Bids 6d 10h
15 watchers
Portugal India ( 1945 Rare Scarce ) 50 Rupees High Collectable Banknote,Gef
£27.00 6 Bids 1d 10h
10 watchers
Portugal India ( 1945 Rare Scarce ) 50 Rupees High Collectable Banknote,Gef
£17.00 7 Bids 5d 10h
Banco De Portugal 100 Ouro November 1965
£2.00 0 Bids 17h 12m
4 watchers
Portugal 1000 escudos Banknote 1956
£75.00 Buy It Now
3 watchers
Portugal 1996 2000 Escudos banknote A38544925
£0.99 0 Bids 4d 10h
20 watchers
PORTUGAL: Set of 4 Portuguese Escudo Banknotes.
£19.00 12 Bids 2d 11h
Old Vintage Bank of Portugal 1000 Escudos 1982
£5.00 0 Bids or Best Offer 6d 6h
1987 Banco De PORTUGAL 500 Escudos Banknote AHC 034469 ? Uncirculated?
£2.99 0 Bids 4d 2h
Portugal 50 Escudos 1980
£0.99 0 Bids 2h 13m
1 watcher
1979 Portugal 500 Escudos p177a UNC
£17.99 Buy It Now or Best Offer
2 Banknotes Portugal and Mozambique see photo
£1.00 1 Bid 12h 44m
9 watchers
1979 Portugal Banco de Portugal 500 Escudos Pick#177 PMG 65 EPQ Gem UNC
£19.39 20 Bids 6h 29m
1 watcher
100 Escudos 1988 Portugal Banknote By banknote_lovers
£0.99 Buy It Now or Best Offer
Portugal 20 Escudos 1978 A311
£1.00 Buy It Now
1994 - Banco De PORTUGAL - 1000 Portuguese Escudos Banknote Bill No. 3B 96297581
£10.49 Buy It Now or Best Offer
Portugal 20 Escudos 1978 A312
£1.00 Buy It Now
1 watcher
PORTUGAL BANKNOTE 20 P176a 1978 GVF - 1/5 SIG TYPES VILAR-REIS
£1.25 0 Bids 8h 56m
Portugal Casa da Moeda - 100 Réis - 06/08/1891
£69.99 Buy It Now or Best Offer
Portugal 20 Escudos 1964 P-167 (SLIB-L1006) - BA-K
£2.00 0 Bids 6d 7h
1 watcher
Portugal 20 Escudos 1959 Banknote
£9.00 4 Bids 1d 10h
Portugal 100 escudos 1985 aUNC
£6.00 Buy It Now
2 watchers
5,000 Portugal Escudos Banknote 12/9/96
£6.99 0 Bids 1d 14h
11 watchers
PORTUGAL: Set of 6 Portuguese Escudo Banknotes.
£10.50 5 Bids 5d 11h
PORTUGAL 1000 Escudos Banknote (1998) circulated
£0.99 0 Bids 1d 13h
4 watchers
PORTUGAL: 6 x 1,000 Portuguese Escudo Banknotes.
£13.50 7 Bids 5d 11h
Reproduction Rare Spain Banco de Espana 5000 Pesetas 1938 Banknote Antique
£11.99 Buy It Now
2 watchers
Portugal Banknote: 20 Escudos, 1941
£160.00 Buy It Now or Best Offer
Portugal 3 Emergency Banknotes 10,20 & 50 Centavos Hospital S.josé Coin
£11.64 Buy It Now or Best Offer
33 watchers
1905 Azores Banco de Portugal 50 Min Reis Ouro Pick#14 PMG 35 Choice Very Fine
£345.19 27 Bids 4d 6h
4 watchers
Portugal 1996 5000 Escudos banknote 74G348792
£0.99 1 Bid 4d 10h
16 watchers
Portugal India ( 1945 Rare Scarce ) 50 Rupees High Collectable Rare Banknote.gef
£27.00 10 Bids 3d 8h
1 watcher
Portugal 1996 1000 Escudos banknote 8A3537562
£0.99 0 Bids 4d 10h
1 watcher
1987 - Banco De PORTUGAL - 500 (Five Hundred) Escudos Banknote, No. ADN 045591
£1.00 0 Bids or Best Offer 6d 5h
6 watchers
PORTUGAL: Set of 5 Portuguese Escudo Banknotes.
£22.00 9 Bids 5d 11h
1 watcher
Portugal 500 Escudos 1979 P177a Uncirculated UNC
£9.99 Buy It Now
Portugal 20 Escudos 1978
£1.79 Buy It Now
9 watchers
Portugal India ( 1945 Rare Scarce ) 50 Rupees High Grade Rare Banknote,Gef
£26.00 5 Bids 5d 2h
11 watchers
PORTUGAL: Set of 5 Portuguese Escudo Banknotes.
£4.20 4 Bids 2d 11h
Portugal 50 Escudos 1980 P-174b aUnc
£10.00 Buy It Now or Best Offer
5 watchers
1965 Portugal Banco de Portugal 100 Escudos Pick#169a PMG 66 EPQ Gem UNC
£12.02 8 Bids 6h 34m
2 watchers
Portugal 1000 Escudos 1967 P-172b aVF
£18.00 Buy It Now or Best Offer
2 watchers
1978 Portugal 20 Escudo Note Unc
£3.88 0 Bids 2d 11h
1971 Portugal 20 Portuguese Escudos Banknote Garcia De Otra/ Goa Pre-Coin/Euro
£0.99 1 Bid 2d 21h
18 watchers
1985 Portugal Banco de Portugal 5000 Escudos Pick#182d PMG 67 EPQ Superb Gem UNC
£48.09 21 Bids 4d 7h
17 watchers
PORTUGAL: 1 x 10,000 Portuguese Escudo Banknote.
£32.00 17 Bids 2d 11h
20 watchers
1991 Portugal Banco de Portugal 10000 Escudos Pick#185c PMG 65 EPQ Gem UNC
£55.08 41 Bids 6h 38m
6 watchers
1997 Portugal Banco de Portugal 500 Escudos Pick#187b PMG 68 EPQ Superb Gem UNC
£11.64 12 Bids 4d 7h
78 watchers
Portuguese Guinea 2 Pcs SET, 50 - 100 Escudos 1971, UNC, P-44a P-45a
£14.10 £13.39 Buy It Now
portugal banknotes 500 Escudos 1966 Unc
£19.99 0 Bids 6d 12h
Portugal 20 Escudos 1978
£0.99 0 Bids 1h 35m
5 watchers
PORTUGAL: Set of 4 Portuguese Escudo Banknotes.
£21.00 7 Bids 5d 11h
3 watchers
Portugal, 1987, 5000 Escudos, P-183a, CRISP EF+/aUNC!
£20.91 0 Bids 5d 7h
20 watchers
1941-54 Portugal Banco de Portugal 20 Escudos Pick#153a PMG 66 EPQ Gem UNC
£87.27 17 Bids 3d 6h
1 watcher
1964 - Banco De PORTUGAL - 20 (Twenty) Escudos Banknote, Serial No. EKB 92250
£3.09 Buy It Now or Best Offer
15 watchers
1993 Portugal Banco de Portugal 5000 Escudos Pick#184f PMG 66 EPQ Gem UNC
£35.68 34 Bids 6h 40m
PORTUGAL - 1978 20 Escudos aUNC/UNC
£5.00 Buy It Now
1980 Portugal 100 Old Portuguese Escudos Banknote (Pre Coin /Euro) Escudo Europe
£0.99 0 Bids or Best Offer 2d 8h
PORTUGAL 50 Escudos Banknote (1980) P.174b - UNC
£3.85 Buy It Now
1 watcher
Portugal 1960 - 20 Escudos P#163 **Low S/N 00008** PMG Choice VF 35
£145.83 Buy It Now
PORTUGAL - 1981 100 Escudos aUNC/UNC
£10.00 Buy It Now
Portugal 1978 20 escudos banknote serial number BDP090782 Excellent condition
£1.00 0 Bids or Best Offer 4d 12h
1 watcher
Madeira, Krohn Brothers Bill Of Exchange 1874
£4.99 Buy It Now or Best Offer
X2 Old Vintage Bank of Portugal Note 20 Escudos - Portuguese Old Notes
£8.99 Buy It Now or Best Offer
2 watchers
Bank Notes Portugal
£15.00 Buy It Now or Best Offer
Portugal 500 Escudos 1979 P-177 (SLIB-L1006) - BA-K
£2.00 0 Bids 6d 7h
Portugal 2002, €2.
£4.08 Buy It Now
10 watchers
1904-17 Portugal Banco de Portugal 500 Reis Pick#105a PMG 58 UNC Shell scratch
£27.96 12 Bids 4d 6h
1 watcher
i-001060 Portugal 20 Escudos 1978. PMG 65 EPQ
£32.58 Buy It Now
2 watchers
@@@ A Superb Bank Of Cape Verde 1994 One Escudo @@@
£1.60 Buy It Now
15 watchers
1998 Portugal Banco de Portugal 5000 Escudos Pick#190e PMG 66 EPQ Gem UNC
£30.25 31 Bids 6h 27m
Portugal 1997 500 Escudos banknote 05A102225
£0.99 0 Bids 4d 10h
portugal banknotes 1000 Escudos 1994 Unc
£7.99 0 Bids 6d 13h
1 watcher
PORTUGAL NOTE 2000 ESCUDOS 1991 P 186a (4)
£11.98 Buy It Now or Best Offer
3 watchers
Portugal 1960 - 20 Escudos P#163r **Remainder Proof** PMG Choice UNC 64 EPQ
£155.13 0 Bids 1d 10h
Portugal P190c(3) 5000 Escudos VASCO DA GAMA Sign de Sousa/Mateus 20.2.1997 aXF
£14.99 0 Bids 5d 13h
Portugal 20 Escudos 1978
£0.99 0 Bids 2h 20m
2 watchers
500 Escudos Vg Banknote From Portugal 1994 Pick-180
£0.77 2 Bids 7d 14h
10 watchers
1992 Portugal Banco de Portugal 1000 Escudos Pick#181i PMG 66 EPQ Gem UNC
£12.02 9 Bids 6h 42m
1 watcher
Portugal 500 Escudos 1979 Banknote Note
£3.99 Buy It Now
1 watcher
Portugal 500 Escudos 1997 Pick#187a PMG 65 EPQ Gem UNC
£32.57 Buy It Now
1 watcher
Portugal 500 Escudos 1979 Pick 177 Look Scans
£5.59 Buy It Now
Portugal 20 Escudos 1978
£1.79 Buy It Now
Banc0 De Portugal. 100 Escudos 1965 Unc Mint Condition Banknote
£13.99 0 Bids 15h 10m
9 watchers
1980 Portugal Banco de Portugal 50 Escudos Pick#174b PMG 67 EPQ Superb Gem UNC
£10.47 9 Bids 4d 7h
2 watchers
Reproduction Rare Spain Banco de Espana 5000 Pesetas 1938 Banknote Antique
£11.99 Buy It Now
|
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8738
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dbpedia
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2
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https://www.rolandberger.com/en/Insights/Publications/What-if-the-US-dollar-loses-its-status-as-the-world-s-reserve-currency.html
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What if – the US dollar loses its status as the world’s reserve currency?
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[] |
[
"Currency",
"Currency System",
"US-Dollar",
"Renminbi",
"Geopolitics",
"World Trade",
"Interest Rates",
"Power"
] | null |
[
"David Born",
"Christian Krys",
"Central Europe"
] |
2023-07-28T06:00:00+00:00
|
In an era of rising geopolitical tensions, questions about the role and the status of different currencies in the international monetary system are inevitably becoming more and more contentious.
|
en
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/apple-touch-icon.png
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Roland Berger
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https://www.rolandberger.com/en/Insights/Publications/What-if-the-US-dollar-loses-its-status-as-the-world-s-reserve-currency.html
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Recent efforts by emerging market countries – led by China – to move away from the dollar as the world's reserve currency are based on the fear that the US is increasingly using the dollar and its prevailing reserve system as a weapon against other states. Countries like Brazil, Russia, India, China, South Africa (BRICS), some ASEAN nations, Kenya, Saudi Arabia, and the UAE are now also pushing to use local currencies in trade.
Brazilian President Luiz Inácio Lula da Silva formulated these countries’ unease with the dominance of the USD as the standard of the international monetary system in the following way: “Every night I ask myself why all countries have to base their trade on the dollar. Why can’t we do trade based on our own currencies? Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
In fact, since World War II the US-Dollar has been and clearly still is the major global currency, as can be seen from figure 1.
This loss of relevance is due to a variety of factors:
First, trading in alternative currencies has recently become much easier and cheaper. The liquidity of non-traditional currencies has increased over the past decades – making it easier for countries to circumvent the dollar.
Second, during the past zero-interest rate environment, central banks turned away from the dollar in search of secure and stable returns for their mounting assets.
Additionally, the notable rise of US public debt over recent decades, fueled by the recurring spectacle of US budget disputes regarding the debt ceiling has diminished investors’ confidence in the stability of the US government.
Last but not least, the relative decline of US exports in global trade has also fueled the dollar’s weakening role as the global reserve currency. Prior to 2000, the US topped the world trade rankings. Back then, over 80% of countries traded more with the US than with China. In the interim, the US dominance in trade plummeted as China quickly took the top spot in 128 countries, thereby giving it strong leverage to encourage trade in currencies other than the USD.
So far, China has made only moderate use of this lever, as the use of the USD has also facilitated trade for China. In the past year, however, China has stepped up its efforts to settle trade with other countries in CNY.
Is there any realistic alternative to the leading role of the US-Dollar?
Is there any realistic alternative to the USD as the leading currency of the international monetary system? The Chinese Renminbi, though being the second largest economy’s currency, is unlikely to pose a real challenge to the dollar’s status as global reserve currency. It falls short of important attributes to seriously threaten the dollar in its status as a reserve currency. The Chinese capital market is not deep enough nor open enough to allow the renminbi to take over from the dollar. So far, Chinese policymakers have signaled little willingness to open their capital market to this end.
Past hopes that the Euro might become an alternative to the dollar as the world’s reserve currency will also not likely to materialize for several reasons. With the formation of the eurozone, many leaders in Europe hoped to create a global counterweight to the dollar as the world's reserve currency. In fact, the euro is also the second most important currency globally. Nevertheless, in all relevant statistics, the euro is far from being a true global alternative to the dollar – it is only slightly more relevant today than the Deutsche Mark was at its time.
What does that mean for the future of the USD as the dominant currency of the international monetary and trade system?
On the one hand, we have observed a waning role of the dollar as a global reserve currency (see figure 2 above). Over the past two decades, the USD share of globally allocated foreign currency reserves has declined by around 10 pp. to just below 60%.
On the other hand, this void will not be filled by another single currency. We do not foresee that another single currency will take the place of the dollar but that the current USD-centric reserve currency order opens up to a more multipolar reserve order.
What if…?
If the current USD-dominated environment were indeed to move towards multipolarity, today’s geopolitical and economic order may change considerably.
This may be illustrated schematically by looking at the consequences of a multipolar currency-system on the US, Europe and the BRIC countries in the three dimensions of trade, interest rates and geopolitics.
For the US, a diminishing role of the USD would imply – due to the impact of the likely currency devaluation – an increase of exports and a decrease of imports. Therefore, the US trade deficit would likely shrink in this new environment. Due to fading demand for US treasuries, financing cost are expected to increase, thereby making debt-taking more expensive for the US. Thus, the pressure on US fiscal policy would increase further. Under a multipolar currency system, it would also become harder for the US to exert its power, i.e., to impose effective financial/economic sanctions.
Regarding Europe, a multipolar international currency system would have a negligible direct impact on the EUR FX rate, so that only minor currency related effects on trade are to be expected. However, broader currency portfolios would have to be held for trading, and costs of trade would therefore somewhat increase. Rising interest rates in the US might also put further pressure on the ECB to prevent currency depreciation against the dollar. Interest rates are therefore also likely to increase. As in the US, it would also become more difficult to impose financial sanctions on third party countries.
In our view, currencies of the BRICS countries – whose rising share of global trade currently accounts for over 20% – would benefit substantially from a multipolar currency-system.
Due to appreciation of BRICS currency, exports would get more expensive. This would likely push prices for commodities for the rest of the world (RoW). BRICS imports, would become cheaper concurrently. With the US still being a major financial benchmark, f interest rates would also increase in the RoW and BRICS. However, due to rising demand in BRICS treasuries, the pressure would be less pronounced. In terms of geopolitics, BRICS countries (and RoW) would become less vulnerable to US sanctions. With more trade taking place in alternative currencies, BRICS countries would gain more influence in other developing and emerging economies.
Moving forward, the ongoing waning of the US dollar's global relevance is expected to persist. Aspirational economies, notably China, are poised to accrue greater relevance also in terms of using their currencies in trade.
Furthermore, it is evident that emerging market nations are actively engaged in developing an alternative currency framework, which they intend to employ for bilateral trade settlements in the foreseeable future. This will likely weaken the role of the US dollar further.
Nevertheless, the termination of the US dollar's dominance and the ascension of an alternative currency as the global reserve currency appear highly improbable in the immediate future.
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8738
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dbpedia
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3
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https://www.travel-brazil-selection.com/informations/essential-information/brazilian-currency/
|
en
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Learn all about the Currency of Brazil
|
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2019-10-09T21:03:04+00:00
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The Currency of Brazil today is the Real. Chart its history, the value of the Real, and how it has performed under Presdients like Lula, Dilma and Bolsonaro.
|
en
|
Brazil Selection
|
https://www.travel-brazil-selection.com/informations/essential-information/brazilian-currency/
|
The currency in Brazil today is the Real, (plural “reais”). Its sign is “R$” and its ISO currency code is “BRL”.
This section of our Brazil travel guide will examine how the currency in Brazil became the Real and its journey down through the ages. Throughout its history, Brazilian currency has changed many times due to hyperinflation and economic goals. Starting with the arrival of the currency with European colonizers, we chart its course through time, with reference to how its fluctuations in value affected Brazilian society. Finally, we present the value of the Real today, how it is issued and how it has performed under different Brazilian political leaders.
The Real first arrives in Brazil
The Real was the first official currency of Brazil, arriving with the Portuguese and the Dutch around the mid – 17th century. The name real, means “royal” in Portuguese and it was also the name of the currency in circulation in Portugal from the 1400´s until 1911. Since the earliest colonial days in Brazil, the Real was in use. The symbol for the “old Real” as it is known nowadays, was “Rs$. Note, the last character that looks like a dollar sign is called “cifrão” in Portuguese and was always written with two vertical strokes instead of one.
The plural form of the old Real is “réis,” as oppose to the plural form of the modern real which is “reais.” The practical unit of the old Real changed many times throughout its lifetime due to the effects of inflation. First becoming “mil reís” meaning one-thousand réis then becoming “conto de réis” which was the equivalent of one million réis!
Nowadays, you can hear the older terms mostly being used in old Brazilian song lyrics, such as in this extract from a traditional song:
“Capénga ontem teve aqui
Deu dois mil réis ao papai
Deu três mil réis ao mamãe
Café e açúcar ao vovó
Dois vinténs para mim, só”
Extract from “Capénga”
Although Brazil gained its independence from the Portuguese crown in September 1822 when the declaration of Dom Pedro founded The Empire of Brazil, the Real remained as its official currency. The old currency of Brazil went through many reforms over the years, but the original Brazilian real that circulated in the 1750´s for example, came in denominations of 5, 10, 20 and 40 réis copper coins. Silver coins circulated in denominations of 75, 150, 300 and 600 réis and gold coins were available in 1000, 2000, 4000 and 6400 réis.
The first paper money used in Brazil was to pay diamond prospectors. The notes came in various denominations because their value was marked on the note at the time of issue. Various banks throughout Brazilian history issued their own denominations of the Brazilian Real including Banco do Brazil, Banco do Maranhão and Banco da República dos Estados Unidos do Brasil. Regional governments also issued their own banknotes in the 1890s, and from 1924 to 1942.
The Cruzeiro becomes the new Brazilian Currency
The Cruzeiro replaced the old Real in 1942 and various currencies circulated in Brazil under the name cruzeiro until 1994. Its symbol was “Cr$.” From 1986 to 1989 the cuzeiro was replaced by the “Cruzado,” and from 89 – 90 the “Cruzado novo.” There were three distinct currencies in Brazil, which carried the name cruzeiro. The first cruzeiro known as the “Cruzeiro antigo” (old Cruzeiro) circulated from 1942 – 1967. The second cruzeiro, known as the “Cruzeiro Novo” was in use from 1970 – 1986. (Cruzeiro Novo means “new Cruzeiro” in Portuguese.) Finally, the third and last cruzeiro was used between 1990 and 1993.
The name cruzeiro comes from “Cruzeiro do Sul” which is the Portuguese for the Southern Cross or Crux constellation. This constellation is more or less only visible in the Southern hemisphere and remains a popular icon in Brazilian culture, still in use on the Real coin today and taking pride of place on various badges and coat of arms´.
The modern Real, the currency of Brazil today
Today in Brazil, the currency is once again the Real. Around since the early 1690´s the name “Real” has managed to survive all the way to the present day (except for the period between 1942 – 1994 when the Brazilian cruzeiro took its place). The plural form of the modern real is “reais” and its sign is “R$”. Its international standard currency code is BRL, and it is issued by “Banco Central do Brazil” (The Central Bank of Brazil).
An interesting fact is that the modern real is equal to 2.75 × 1018 (2.75 quintillion!) of Brazil´s original réis. At the time of writing (July 2019), the US Dollar is equivalent to 3.76 reais.
The Real is divided into 100 equal “centavos.”
Brazilian Real Coins
The current series of Real coins was released in 1998. Although the central bank stopped producing 1 centavo coins in November 2005, they are still in circulation and still count as legal tender. A funny and interesting thing you might see on your journey to Brazil, is a small stack of ten 10 centavo coins taped together to serve as 1 Real!
Each centavo coin bears the Southern cross constellation on one face. Pedro Álvares Cabral, the discoverer of Brazil, is featured on the one-centavo coin, made from copper – plated steel. The five – centavo coin, also made from copper – plated steel bears the face of Joaquim José da Silva Xavier, famously known as “Tiradentes.” He was a prominent figure of a revolutionary movement in Minas Gerais, during which he fought for independence from the Portuguese crown and because of this was publicly hanged. Tiradentes is remembered in Brazil as a national hero.
Brass – plated steel is the material used to make the ten – centavo coin and it features Dom Pedro I, also known as “The Liberator,” he became the first emperor of Brazil in October 1822 after declaring Brazil´s independence from Portugal on September 7th of the same year. The 25 – centavo coin is also made from brass – plated steel and on it you will find Field Marshall Deodoro da Fonseca, the first president of the Republic of Brazil, he led the coup that toppled Emperor Pedro II and with him went the Empire of Brazil. The 50 – centavos coin is made from steel and is adorned by the face of José Paranhos Jr, one of Brazil´s most revered ministers for foreign affairs. He managed to peacefully resolve all of the problems Brazil had with its neighboring countries regarding the borders. Finally, the 1 – real coin is made from an inner coin of steel surrounded by a ring of brass. The outer brass ring is decorated with a Marajoara art pattern, traditional on the Amazon estuary island, Marajó. In the centre is the Éfigie da República, symbol of the republic of Brazil.
Below are examples of the art that inspire the design of the 1 Real coin. The first is an example of Marajó art, which you can see on the outer ring of the 1 Real coin. Marajó is an island on the Amazon estuary roughly the size of Switzerland! It is famous for its ceramic pottery featuring the same art, which give evidence to the fact that the island was inhabited from as early as 1400BC.
Also below is an example of allegoric art depicting the Brazilian republic, by Manuel Lopes Rodrigues in 1896. The woman in the painting is the “Efígie da República” also seen on the 1 Real coin. Brazil first became a republic in 1889, after which this symbol became widely used to sygnify it.
Finally, we have the Southern – Cross constellation in the night sky. It is mostly only visible from the Southern hemisphere, although it is possible to see it on rare occasions from parts of the Northern hemisphere. Brazil is the largest country in the Southern hemisphere and so it has become a symbol of both Brazil and the other countries that lie south of the Equator. It is seen on all real coins.
Brazilian Real Banknotes
The latest series of Brazilian banknotes began circulating in 2010 and come in denominations of 2, 5, 10, 50 and 100 Reais. On the 2 Real banknote you will find the Hawksbill Turtle. This critically endangered species is found in Brazilian waters and considerable efforts are ongoing to combat its declining numbers. These majestic marine creatures were traditionally hunted for their beautiful shells. The 5 Real banknote features a Great Egret, a large heron – like bird, that can spear fish with its long sharp bill. It displays beautiful white plumage. The 10 Real banknote features the Green – Winged Macaw, quite a famous symbol of tropical Brazil, it is also one of the largest species of Macaw found in the country. The Golden Lion Tamarin will be found if you study a 20 Real note, named after their large manes, these incredible monkeys call Brazil´s Atlantic rainforest home. Unfortunately, due to logging and careless human behavior their habitat and numbers are dwindling. Look at a 50 Real note to find the mythical Jaguar, king of the Pantanal, where you can embark on a trip to see these majestic cats. Finally, if you are lucky enough to feast your eyes on a 100 Real note, you will see the image of a “garoupa” or dusky grouper. This is a highly prized fish in the southern coastal states of Brazil.
The Plano Real also involved a series of economic reforms at governmental level allowing inflation to be kept under control for the following years. These reforms included control of expenditure through high interest rates and also the adoption of liberal trade policies to allow the increase of market competition. The plan initially worked and the real gained value against the US dollar, backed by large capital investments in Brazil, particularly in 1994 and 1995. After 1995 however, the Real experienced a gradual downfall culminating in a crisis in 1999.
In 1999 the Brazilian Central Bank announced that the Real would no longer be pegged to the US dollar leading to a 4.4% growth in the economy in 2000.
Much to the surprise of economists, supporters and opposition to Lula, when Lula took office in 2003 he did not overhaul the economy as many expected he would. In fact, Lula continued many of the policies of the previous government in that he targeted the control of inflation and maintained the floating currency. He even made sure to appoint conservative ministers to certain positions such as the Ministry of Finance and the Revenue Service. Some of Lula´s critics accused him of going back on his word as he increased the minimum wage a lot less than he promised during his presidential candidacy.
All in all the Brazilian currency flourished and the economy grew rapidly during the Lula years (he was re – elected in 2006). The GDP grew by 5.7% in 2004 and 3.2% in 2005, 4% in 2006, 6.1% in 2007 and 5.1% in 2008. From 2008 to 2010 during the global financial crisis, the Brazilian economy continued to grow ending 2010 with a figure of 7.5%, contrary to what one would expect!
In 2015, the GDP of Brazil fell by 3.9% and 3.6% in 2016. This crisis had serious negative implications throughout the country; the unemployment rate rose from 6.8% to 12% by the end of 2016. There was outrage against the establishment, in particular towards the leadership of Dilma and the workers party (PT). Many believe this to be a pivotal point in Brazilian politics, in that the Brazilian public looked for an alternative to PT and so was a great aid in the election of current right – wing president Jair Bolsonaro.
The recession ended when the GDP rose by 1.4% in the first quarter of 2017.
The Real under Bolsonaro
During Bolsonaro´s candidacy the real rallied, a right wing president who would put economic growth first was “what the markets wanted.” Investors worldwide experienced increased confidence in the Brazilian currency. It was even reported that the Brazilian economy was on the road to recovery.
When Bolsonaro took office on the first of January 2019 he left the task of fixing the broken economy and weak Brazilian currency to businessman Paulo Guedes. The real was still in the same place it was back in 2014. Since the new President took office, economists have halved their expectations for economic growth in 2019, and there is not much positive speculation as far as improvement goes on the meagre figures of 2017 and 2018.
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8738
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dbpedia
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1
| 65
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https://www.thecurrencyshop.com.au/guides/europe/currency-in-portugal
|
en
|
Currency in Portugal
|
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[] |
[] |
[
""
] | null |
[
"Freddie Larkins"
] |
2023-03-16T12:36:42+00:00
|
The currency of Portugal is the Euro. Find out more about Euros, how they are used in Portugal and how you can buy them.
|
en
|
/wp-content/uploads/2019/04/The_Currency_Shop_fav_icon.png
|
The Currency Shop
|
https://www.thecurrencyshop.com.au/guides/europe/currency-in-portugal
|
Compare between different money changers and different delivery methods, including cash-pick up and postal delivery.
As an alternative you could buy a prepaid travel card which you can top up and use to spend and withdraw in Euros conveniently once you arrive.
If you’d rather buy your cash before you go, check out our handy Currency Exchange Locator tool, to find an exchange near you.
|
||||
8738
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dbpedia
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2
| 67
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https://eh.net/encyclopedia/the-sterling-area/
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en
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The Sterling Area – EH.net
|
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en
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https://eh.net/encyclopedia/the-sterling-area/
|
Jerry Mushin, Victoria University of Wellington
1931-39
One of the consequences of the economic crisis of 1929–33 was that a large number of countries abandoned the gold standard. This meant that their governments no longer guaranteed, in gold terms, their currencies’ values. The United Kingdom (and the Irish Free State, whose currency had a rigidly fixed exchange rate with the British pound) left the gold standard in 1931. To reduce the fluctuation of exchange rates, many of the countries that left the gold standard decided to stabilize their currencies with respect to the value of the British pound (which is also known as sterling). These countries became known, initially unofficially, as the Sterling Area (and also as the Sterling Bloc). Sterling Area countries tended (as they had before the end of the gold standard) to hold their reserves in the form of sterling balances in London.
The countries that formed the Sterling Area generally had at least one of two characteristics. The UK had strong historical links with these countries and/or was a major market for their exports. Membership of the Sterling Area was not constant. By 1933, it comprised most of the British Empire, and Denmark, Egypt, Estonia, Finland, Iran, Iraq, Latvia, Lithuania, Norway, Portugal, Siam (Thailand), Sweden, and other countries. Despite being parts of the British Empire, Canada, Hong Kong, and Newfoundland did not join the Sterling Area. However, Hong Kong joined the Sterling Area after the Second World War. Other countries, including Argentina, Brazil, Bolivia, Greece, Japan, and Yugoslavia, stabilized their exchange rates with respect to the British pound for several years and (especially Argentina and Japan) often held significant reserves in sterling but, partly because they enforced exchange control, were not regarded as part of the Sterling Area.
Following the 1931 crisis, the UK introduced restrictions on overseas lending. This provided an additional incentive for Sterling Area membership. Countries that pegged their currencies to the British pound, and held their official external reserves largely in sterling assets, had preferential access to the British capital market. The British pound was perceived to have a relatively stable value and to be widely acceptable.
Membership of the Sterling Area also involved an effective pooling of non-sterling (especially U.S.dollar) reserves, which were frequently a scarce resource. This was of mutual benefit; the surpluses of some countries financed the deficits of others. The UK could perhaps be regarded as the banker for the other members of the Sterling Area.
Following the gold standard crisis in the early 1930s, the Sterling Area was one of three major currency groups. The gold bloc, comprising Belgium, France, Italy, Luxembourg, Netherlands, Switzerland, and Poland (and the colonial territories of four of these), consisted of those countries that, in 1933, expressed a formal determination to continue to operate the gold standard. However, this bloc began to collapse from 1935. The third group of countries was known as the exchange-control countries. The members of this bloc, comprising Austria, Bulgaria, Czechoslovakia, Germany, Greece, Hungary, Turkey, and Yugoslavia, regulated the currency market and imposed tariffs and import restrictions. Germany was the dominant member of this bloc.
1939-45
In September 1939, at the start of the Second World War, the British government introduced exchange controls. However, there were no restrictions on payments between Sterling Area countries. The value of the pound was fixed at US$4.03, which was a devaluation of about 14%. Partly as a result of these measures, most of the Sterling Area countries without a British connection withdrew. Egypt, Faroe Islands, Iceland, and Iraq remained members, and the Free French (non-Vichy) territories became members, of the Sterling Area.
1945-72
There were three main changes in the Sterling Area after the Second World War. First, its membership was precisely defined, as the Scheduled Territories, in the Exchange Control Act, 1947. It was previously unclear whether certain countries were members. Second, the Sterling Area became more discriminatory. Members tended not to restrict trade with other Sterling Area countries while applying restrictions to trade with other countries. The intention was to economize on the use of United States dollars, and other non-sterling currencies, which were in short supply. Third, war finances had increased many countries’ sterling balances in London without increasing the reserves held by the British government. This exposed the reserves to heavier pressures than they had had to withstand before the war.
In 1947, the Sterling Area was defined as all members of the Commonwealth except Canada and Newfoundland, all British territories, Burma, Iceland, Iraq, Irish Republic, Jordan, Kuwait and the other Persian Gulf sheikhdoms, and Libya. In the rest of the world, which was categorized as the Prescribed Territories, controls prevented the conversion of British pounds to U.S. dollars (and to currencies that were pegged to the U.S. dollar). Formal convertibility of British pounds into U.S. dollars, which was introduced in 1958, applied only to non-residents of the Sterling Area (Schenk, 2010).
Following the 1949 devaluation of the British pound, by 30.5% from US$4.03 to US$2.80, much of the rest of the world, and almost all of the Sterling Area, devalued too. This indicates the major international trading role of the British economy. A notable exception, which did not devalue immediately, was Pakistan. Most currencies’ sterling parities did not change, so this destroyed the intended effect of the British devaluation.
The world economy had changed by the time of the next sterling crisis. The immediate international impact of the 1967 devaluation of the British pound, by 14.3% from US$2.80 to US$2.40, reflects the diminished significance of the Sterling Area. In marked contrast to the response to the 1949 devaluation, only fourteen members of the International Monetary Fund devalued their currencies following the British devaluation of 1967. A significant proportion of Sterling Area countries, including Australia, India, Pakistan, and South Africa, did not devalue. Many of the other Sterling Area countries, including Ceylon (Sri Lanka), Hong Kong, Iceland, Fiji, and New Zealand, devalued by different percentages, which changed their currencies’ sterling parities. Outside the Sterling Area, a small number of countries devalued; most of these devalued by percentages that were different to the British devaluation. The effect was that a large number of sterling parities were changed by the 1967 devaluation.
The Sterling Area showed obvious signs of decline even before the 1967 devaluation. For example, Nigeria ended its sterling parity in 1962 and Ghana ended its sterling parity in 1965. In 1964, sterling was 83% of the official reserves of overseas Sterling Area countries, but this share had decreased to 75% in 1966 and to 65% in 1967 (Schenk, 2010). The role of the UK in the Sterling Area was frequently seen, especially by France, as an obstacle in the British application to join the European Economic Community.
The reserves of the overseas members of the Sterling Area suffered a capital loss following the 1967 devaluation. This encouraged diversification of reserves into other types of assets. The British government responded by negotiating the Basel Agreements with other governments in the Sterling Area (Yeager, 1976). Each country in the Sterling Area undertook to limit its holdings of non-sterling assets and, in return, the U.S.dollar value of its sterling assets was guaranteed. These agreements restrained, but did not halt, the downward trend of holdings of sterling reserves. The Basel Agreements were partly underwritten by other central banks, which were concerned for international monetary stability, and were arranged with the assistance of the Bank for International Settlements.
1972-79
In 1972, the UK ended the fixed exchange rate, in U.S. dollars, of the pound. In 1971 or in 1972, most other Sterling Area countries ended their fixed exchange rates with respect to the British pound. Some of these countries, including Australia, Hong Kong, Jamaica, Jordan, Kenya, Malaysia, New Zealand, Pakistan, Singapore, South Africa, Sri Lanka, Tanzania, Uganda, and Zambia, pegged their currencies to the U.S. dollar. The minority of Sterling Area members that retained their sterling parities included Bangladesh, Gambia, Irish Republic, Seychelles, and the Eastern Caribbean Currency Union. Other countries in the Sterling Area introduced floating exchange rates.
Also in 1972, the UK extended to Sterling Area countries the exchange controls on capital transactions that had previously applied only to other countries. This decision, combined with the changes in sterling parities, meant that the Sterling Area effectively ceased to exist in 1972.
In 1979, when it joined the European Monetary System, the Irish Republic ended its fixed exchange rate with respect to the British pound. Membership of the EMS, which the UK did not join until 1990, required the ending of the link between the British pound and the Irish Republic pound. Also in 1979, the UK abolished all of its remaining exchange controls.
Overview
The Sterling Area was a zone of relative stability of exchange rates but not a monetary union. It did not have a single central bank. Distinct national currencies circulated within its boundaries, and their exchange rates, although fixed with respect to the British pound, were occasionally changed. For example, although the New Zealand pound was devalued in 1949 by the same percentage as the British pound, it was revalued in 1948 and devalued in 1967, both relative to the British pound. The other important feature of the Sterling Area is that capital movements between its members were generally unregulated.
The decline of the Sterling Area was related to the decline of the British pound as a reserve currency. In 1950, more than 55% of the world’s reserves were in sterling (Schenk, 2010). In 2011, the proportion was about 2% (International Monetary Fund).
In addition to the UK, the vestige of the Sterling Area now consists only of Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, and St. Helena, and is of purely local significance. No other countries now fix their exchange rates in terms of the British pound. Since 1985, no members of the International Monetary Fund have specified fixed exchange rates in British pounds. In one generation, the British pound has evolved from a pivotal role in the world economy to its present minor role.
References and other important sources:
Aldcroft, Derek and Michael Oliver. ExchangeRate Régimes in the Twentieth Century. Edward Elgar Publishing, Cheltenham, 1998.
Conan, Arthur. The Problem of Sterling. Macmillan Press, London, 1966.
Day, Alan. Outline of Monetary Economics. Oxford University Press, 1966.
McMahon, Christopher. Sterling in the Sixties. Oxford University Press, 1964.
Sayers, Richard. Modern Banking [7th ed]. Oxford University Press, 1967.
Scammell, W.M. The International Economy since 1945 [2nd ed]. Macmillan Press, London, 1983.
Schenk, Catherine. The Decline of Sterling: Managing the Retreat of an International Currency, 1945–92. Cambridge University Press, 2010.
Tew, Brian. The Evolution of the International Monetary System, 1945–88. Hutchinson and Co, London, 1988.
Wells, Sidney. International Economics. George Allen and Unwin Ltd, London, 1971.
Yeager, Leland. International Monetary Relations: Theory, History, and Policy [2nd ed]. Harper and Row Publishers, New York, 1976.
Jerry Mushin can be reached at jerry.mushin1@outlook.com.
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0
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https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/portugal-and-euro_en
|
en
|
Portugal and the euro
|
[
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[] |
[] |
[
"euro"
] | null |
[] | null |
Portugal joined the European Union in 1986 and was one of the first countries to adopt the euro on 1 January 1999.
|
en
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/profiles/contrib/ewcms/themes/ewcms_theme/images/favicons/ec/favicon.ico
|
Economy and Finance
|
https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/portugal-and-euro_en
|
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.
Institutions
|
||||
8738
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dbpedia
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0
| 13
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https://talkpal.ai/culture/portuguese-currency-history-and-economic-language/
|
en
|
Portuguese Currency History and Economic Language
|
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2024-06-24T22:28:47+00:00
|
Portugal, a country with a rich history and a profound cultural legacy, has an intriguing economic history that is reflected in its currency. From the early days of the Portuguese escudo to the adoption of the euro, understanding the evolution of Portugal’s currency provides valuable insights into its economic history and the language surrounding it. […]
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en
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Talkpal
|
https://talkpal.ai/culture/portuguese-currency-history-and-economic-language/
|
Portugal, a country with a rich history and a profound cultural legacy, has an intriguing economic history that is reflected in its currency. From the early days of the Portuguese escudo to the adoption of the euro, understanding the evolution of Portugal’s currency provides valuable insights into its economic history and the language surrounding it. For language learners, delving into this topic not only broadens their historical perspective but also enhances their vocabulary and comprehension of economic terms in Portuguese.
The Early Days of Portuguese Currency
The origins of Portuguese currency date back to the establishment of the Kingdom of Portugal in the 12th century. Initially, the currency in circulation was the **dinheiro**, a small silver coin used during the reign of King Sancho I. It was later replaced by the **real**, introduced by King João I in 1433. The real (plural: réis) became the standard currency for over four centuries, reflecting the economic and political changes in Portugal.
The term “real” comes from the Latin word “regalis,” meaning royal, which signifies the authority of the monarchy over the currency. This historical context is essential for language learners to understand the etymology of economic terms used in Portugal.
The Birth of the Escudo
In 1911, following the establishment of the Portuguese Republic, the escudo (meaning “shield” in Portuguese) replaced the real as the official currency. The escudo was subdivided into 100 centavos, much like the dollar is divided into cents. This shift marked a significant change in the Portuguese economy and introduced a new set of vocabulary for economic transactions.
The term “escudo” itself is rooted in Portuguese culture, symbolizing protection and strength. Understanding this term provides learners with a deeper appreciation of the historical and cultural significance of the currency.
Key Vocabulary Related to the Escudo
1. **Moeda**: Coin or currency. The word “moeda” is fundamental in any discussion about money.
2. **Centavo**: Cent. A centavo is one-hundredth of an escudo, similar to a cent in a dollar.
3. **Banco**: Bank. Understanding this term is crucial as banks play a vital role in the economy.
4. **Câmbio**: Exchange rate. This term is used to describe the value of one currency in terms of another.
The Impact of the Carnation Revolution
The Carnation Revolution of 1974, which ended nearly five decades of dictatorship, had a profound impact on the Portuguese economy and its currency. The transition to democracy brought about economic reforms and modernization efforts. This period saw significant fluctuations in the value of the escudo, reflecting the political and economic instability of the time.
For language learners, studying this period provides valuable context for understanding terms related to economic change and political upheaval. Key vocabulary from this era includes:
1. **Revolução**: Revolution. A fundamental term when discussing historical and political changes.
2. **Ditadura**: Dictatorship. Understanding this term is crucial for comprehending the political context of the time.
3. **Democracia**: Democracy. This term is essential for discussing the political system post-revolution.
The Path to the Euro
Portugal’s journey towards adopting the euro began with its entry into the European Economic Community (EEC) in 1986. This move marked a significant shift in Portugal’s economic policies, aligning them with broader European standards. The introduction of the euro in 1999, and its physical circulation starting in 2002, replaced the escudo, integrating Portugal’s economy more closely with the rest of Europe.
The transition to the euro brought with it a new set of vocabulary and concepts. Key terms from this period include:
1. **Euro**: The official currency of the eurozone. Understanding this term is fundamental for any discussion about modern European economies.
2. **União Europeia**: European Union. This term is crucial for understanding the political and economic context of the euro.
3. **Convergência**: Convergence. This term is used to describe the alignment of economic policies and standards among EU member states.
Practical Economic Language for Learners
To effectively understand and use economic language in Portuguese, learners need to familiarize themselves with practical terms and phrases used in everyday transactions and discussions. Here are some essential terms and their meanings:
1. **Taxa de juros**: Interest rate. This term is used to describe the cost of borrowing money.
2. **Inflação**: Inflation. Understanding this term is crucial for discussions about the economy’s health.
3. **Déficit**: Deficit. This term describes a situation where expenses exceed revenues.
4. **Superávit**: Surplus. This term describes a situation where revenues exceed expenses.
5. **Investimento**: Investment. Understanding this term is essential for discussions about economic growth and personal finance.
6. **Mercado**: Market. This term is used to describe various types of trading environments, such as stock markets or local markets.
The Role of the Banco de Portugal
The Banco de Portugal, established in 1846, plays a crucial role in the country’s economy. As the central bank, it is responsible for implementing monetary policy, issuing currency, and ensuring financial stability. Understanding the functions and terminology associated with the Banco de Portugal is essential for grasping the broader economic context.
Key terms related to the Banco de Portugal include:
1. **Política monetária**: Monetary policy. This term describes the actions taken by the central bank to control the money supply and interest rates.
2. **Estabilidade financeira**: Financial stability. This term refers to the overall health and stability of the financial system.
3. **Emissão de moeda**: Currency issuance. This term describes the process of producing and distributing money.
Economic Indicators and Their Importance
Economic indicators are vital tools for understanding the state of the economy. For language learners, familiarizing themselves with these indicators and their Portuguese equivalents can enhance their comprehension of economic discussions. Key indicators include:
1. **Produto Interno Bruto (PIB)**: Gross Domestic Product (GDP). This term measures the total value of goods and services produced in a country.
2. **Taxa de desemprego**: Unemployment rate. This term measures the percentage of the labor force that is unemployed.
3. **Balança comercial**: Trade balance. This term describes the difference between a country’s exports and imports.
4. **Índice de preços ao consumidor (IPC)**: Consumer Price Index (CPI). This term measures changes in the prices of a basket of goods and services.
Practical Application: Conversing About the Economy
For language learners, practical application is key to mastering economic language. Engaging in conversations about the economy can help reinforce vocabulary and improve comprehension. Here are some example sentences and dialogues to practice:
1. **”Qual é a taxa de juros atual no Banco de Portugal?”** (What is the current interest rate at the Banco de Portugal?)
2. **”A inflação está aumentando, o que você acha que isso significa para a economia?”** (Inflation is rising, what do you think this means for the economy?)
3. **”Você acha que o déficit do governo vai afetar a taxa de câmbio?”** (Do you think the government deficit will affect the exchange rate?)
4. **”O investimento estrangeiro é importante para o crescimento econômico?”** (Is foreign investment important for economic growth?)
By practicing these sentences and engaging in discussions about the economy, language learners can build their confidence and fluency in using economic terms.
The Cultural Significance of Currency
Currency is not just an economic tool; it also holds cultural significance. In Portugal, the escudo and the euro reflect different periods of the country’s history and its relationship with Europe. Understanding this cultural context can enrich a learner’s appreciation of the language and its nuances.
For instance, the escudo coins featured various historical figures and symbols, such as the **Navegadores** (Navigators), who played a crucial role in Portugal’s Age of Discoveries. The euro coins, on the other hand, symbolize Portugal’s integration into the European community. Familiarizing oneself with these symbols and their meanings can provide deeper cultural insights.
Learning Through Numismatics
Numismatics, the study of coins and currency, can be an engaging way for language learners to explore economic history and vocabulary. By examining different coins and their inscriptions, learners can gain a better understanding of historical events, prominent figures, and cultural symbols. Key terms in numismatics include:
1. **Numismática**: Numismatics. The study of coins and currency.
2. **Moeda comemorativa**: Commemorative coin. A coin issued to honor a significant event or person.
3. **Cédula**: Banknote. A piece of paper money.
Conclusion
The history of Portuguese currency and the economic language surrounding it offer a rich tapestry of historical, cultural, and linguistic insights. From the real to the escudo, and now the euro, each phase of Portugal’s currency evolution reflects broader economic and political changes. For language learners, delving into this history not only enhances their vocabulary but also provides a deeper understanding of the cultural and economic context.
By familiarizing themselves with key terms, engaging in practical conversations, and exploring numismatics, learners can develop a well-rounded comprehension of economic language in Portuguese. This knowledge not only enriches their language skills but also broadens their perspective on Portugal’s fascinating economic history.
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https://en.wikipedia.org/wiki/List_of_currencies_in_Europe
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en
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List of currencies in Europe
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2013-07-22T20:03:25+00:00
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en
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/static/apple-touch/wikipedia.png
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https://en.wikipedia.org/wiki/List_of_currencies_in_Europe
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There are 29 currencies currently used in the 50 countries of Europe. All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here.
In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected to join the eurozone[1] when they meet the five convergence criteria.[2] Denmark is the only EU member state which has been granted an exemption from using the euro.[1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.[3][4] For countries which hope to join the eurozone, there are five guidelines that need to be followed, grouped in the Maastricht criteria.[1]
The United Kingdom's currency, sterling, is rated fourth on Investopedia's list of the top 8 most tradable currencies, and that it is a "little bit more volatile than the euro".[5] It was ranked just ahead of the Swiss franc, ranked fifth, which is used in Switzerland and Liechtenstein, saying that the set up of the Swiss banking "emphasizes the economic and financial stability policies dictated by the governing board of the SNB". Both are in the top 8 major currencies on Bloomberg.[6] Several countries use currencies which translate as "crown": the Czech koruna, the Norwegian krone, the Danish krone, the Icelandic króna, and the Swedish krona.[7]
At present, the euro is legal tender in 20 out of 27 European Union member states,[8] in addition to 6 countries not part of the EU (Monaco, San Marino, Vatican City, Andorra, Kosovo and Montenegro).[9]
European currencies
[edit]
List of all European currencies Country Present currency Currency sign ISO 4217 code Fractional unit Previous currency Albania lek[10] L ALL qindarke none Andorra euro[11] €[12] EUR euro cent none official[11][13] Armenia dram ֏ AMD luma ruble Austria euro[14] € EUR euro cent schilling[15] Azerbaijan manat[16] ₼ AZN gapik ruble[17] Belarus ruble[18][19] Rbl BYN kopeck old ruble[20] Belgium euro[21] € EUR euro cent franc[22] Bosnia and Herzegovina mark[23] KM BAM fening dinar[24] Bulgaria lev[25] лв. BGN stotinka old lev (BGL) Croatia euro[26] € EUR euro cent Kuna[27] Cyprus euro[28] € EUR euro cent pound[29] Czech Republic koruna[30] Kč CZK heller Czechoslovak koruna[31] Denmark krone[32] kr. DKK øre rigsdaler[33] Estonia euro[34][35] € EUR euro cent kroon[36][37] Finland euro[38] € EUR euro cent markka[39] France euro[40] € EUR euro cent franc[41] Georgia lari[42] ₾ GEL tetri kuponi[43] Germany euro[44] € EUR euro cent mark Greece euro[45] € EUR euro cent drachma[46] Hungary forint[47] Ft. HUF fillér pengő[48] Iceland króna[49] Kr. ISK aurar old króna[49] Ireland euro[50] € EUR euro cent punt[51] Italy euro[52] € EUR euro cent lira[53] Latvia euro € EUR euro cent lats[54] Liechtenstein franc[55][56] CHF CHF rappen, also called
centime, centesimo, and rap krone[57] Lithuania euro[58][59] € EUR euro cent litas Luxembourg euro[60] € EUR euro cent franc[61] Malta euro[62] € EUR euro cent lira[63] Moldova leu[64] L MDL bani cupon[65] Monaco euro[66] € EUR euro cent franc Montenegro euro[66] € EUR euro cent dinar[67] Netherlands euro[68] € EUR euro cent guilder[69] North Macedonia denar[70] DEN MKD deni old denar[71] Norway krone[72] kr. NOK øre speciedaler[73] Poland złoty[74] zł PLN grosz old złoty Portugal euro[75] € EUR euro cent escudo[76] Romania leu[77] lei RON bani old leu[78] Russia ruble[79] ₽ RUB kopeck Soviet ruble[79] San Marino euro[80] € EUR euro cent lira[80] Serbia dinar[81] DIN RSD para Yugoslav dinar[81] Slovakia euro[82] € EUR euro cent koruna[82] Slovenia euro[83] € EUR euro cent tolar[83] Spain euro[84] € EUR euro cent peseta[84] Sweden krona[85] kr. SEK öre riksdaler[85] Switzerland franc[86] CHF[86] CHF rappen, also called
centime, centesimo, and rap none[86] Turkey lira[87] ₺ TRY kuruş old lira[87] Ukraine hryvnia[88] ₴ UAH kopeck (копійка) karbovanets[88] United Kingdom sterling[89] £ GBP penny (pl. pence) pre-decimal sterling[90] Vatican City euro[91] € EUR euro cent lira[92]
Currencies of partially recognized states in Europe
[edit]
List of all unrecognized European currencies Unrecognized country De jure country Present currency Currency sign ISO 4217 (or unofficial) code Fractional unit Previous currency Abkhazia Georgia apsar
Russian ruble (both official)
the apsar has no currency sign
₽
ABK (unofficial)
RUB
the apsar has no fractional unit
kopeck
Soviet ruble Kosovo Serbia euro
Serbian dinar (unofficial, only in Serb majority areas)
Albanian lek (unofficial)
€
DIN
L
EUR
RSD
ALL
cent
Para
Qindarkë
Yugoslav dinar North Cyprus Cyprus Turkish lira
euro (unofficial)
sterling (unofficial) ₺
€
£
TRY
EUR
GBP
kuruş
cent
penny
Cypriot pound South Ossetia Georgia Russian ruble ₽ RUB kopeck Soviet ruble Transnistria Moldova Transnistrian ruble руб PRB (unofficial) kopeck Soviet ruble
See also
[edit]
Europe portal
Money portal
Numismatics portal
Central banks and currencies of Europe
Currencies of the European Union
List of currencies
List of circulating currencies
Capital Markets Union
Banking Union
References
[edit]
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https://www.atsnotes.com/catalog/banknotes/portugal.html
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Portugal paper money catalog and Portuguese currency history
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Portugal banknotes, Portugal paper money catalog and Portuguese currency history
| null |
Pick # Date Kingdom, till 1910 19A-31 1826
1.200, 1.200, 2.400, 2.400, 2.400, 5.000, 5.000, 5.000, 6.400, 10.000, 12.800, 20.000, 20.000 Reis 32-47 1828
1.200, 1.200, 2.400, 2.400, 2.400, 5.000, 5.000, 10.000, 10.000, 10.000, 12.800, 20.000, 20.000, 20.000 Reis 63-71 1890-1 200, 500, 500 Reis, 1, 2.5, 5, 5, 5, 20 Mil Reis 72-8 1893-9
500 Reis, 1, 2.5, 5, 10, 20, 50, 100 Mil Reis 79-82 1901-3 2.5, 5, 10, 20 Mil Reis 83-5 1903-5
5, 20, 50 Mil Reis 86-90 1891
50, 50, 100, 100, 100 Reis Republic, from 1910 93-96 1917
10, 10, 10, 10 centavos 97-100 1918-22
5, 5, 5, 20 centavos 101-2 1925
10, 20 centavos 105-111 (1917)
500 reis, 1, 2.50, 10, 20, 50, 100 mil reis 112-16 design 1913-18
50 centavos, 1, 5, 20, 100 escudos 117-18 design 1919
10, 20 escudos 119-26 design 1920
2.50, 5, 10, 20, 50, 100, 1.000, 1.000 escudos 127-31 design 1922
2.50, 50, 500, 500, 1.000 escudos 132-39 design 1924-25
5, 5, 10, 20, 50, 100, 500, 1.000 escudos 140-42 design 1927-28 100, 500, 1.000 escudos 143-45 design 1929
20, 50, 1.000 escudos 146-48 design 1932 50, 500, 1.000 escudos 149-52 design 1935-38
50, 100, 500, 1.000 escudos 153-56 design 1941-42
20, 50, 500, 1.000 escudos 158-61 design 1944-57
50, 100, 500, 1.000 escudos 162-66 design 1958-61
20, 50, 100, 500, 1.000 escudos 167-71 design 1964-66
20, 50, 100, 500, 1.000 escudos 172 design 1967
1.000 escudos 173-75 design 1968-71
20, 50, 1.000 escudos 176-8, 182 design 1978-80
20, 100, 500, 5.000 escudos 179-86 design 1983-91
100, 500, 1.000, 2.000, 5.000, 10.000 escudos
Remarks: all images reduced 50%
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https://www.exclusivevillas.pt/en/currency-exchange
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en
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Art in life or just life as art
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Leaders in Real Estate Market of the Algarve in home sales in the project, we create and transform your dream into reality.
|
en
|
./asset/img/favicon.png
|
Exclusive Villas | Art in life or just life as art
|
https://www.exclusivevillas.pt/
|
Currency Exchange
The currency for Portugal is the Euro. In the ALGARVE region you can buy/exchange Euros very easily at Cambios (Bureaux de Change or Change Shops), Hotels and even shops. Many banks no longer offer foreign exchange however. The best rates and commissions are normally found at the bureaux in larger towns. Worst rates by far are at the airports and hotels. Avoid, unless there is absolutely no alternative. The best thing is to keep an eye out whilst out shopping and always check the commission rates.You will not find much variation in the rates of exchange, as the change shops tend now to owned by the same company.
The Cambios (Bureaux de Change or Change Shops) are open seven days a week in the main tourist areas.
You may need your passport to exchange cash (increasingly rare) but you will need it for travellers cheques. It is now virtually impossihle to find anywhere that will change Traveller’s Cheques. Shops will not deal with them.
Be aware that the exchange rates obtained by changing currency are not good. There are always fees (hidden or otherwise) and Cambios do not exchange money at the most favorable commercial (bank) rates. The best bet is to use an ATM/Cashpoint to obtain Euros from your home bank account, or use a non-fee credit card where possible.To read more about fees associated with exhanging currency, using credit cards, etc. take a look at this extensive information posted on the Flyerguide wiki.
For British Visitors especially!
British visitors wishing to change cash should be aware that you will ALWAYS get about 2% less in Portugal for British pounds than if you had changed your money before you left home.
It is not a good idea to be carrying large amounts of cash around and even less of a good idea to bring thousands in cash if your accommodation does not have a safe.
You can use your British debit card or credit card to withdraw cash as required (see below) and of course in many restaurants and supermarkets. Be aware that the PINGO DOCE supermarket chain does not accept credit cards on purchases less than 20 Euros. Some small shops will not take cards for small purchases of less than €5. Most small bars will not accept cards at all.
Check what rate of exchange your bank or card issuer will give you. This is normally the ‘commercial’ rate and better than the tourist rate. Then ask what the ‘foreign’ transaction and currency conversion charges will be. There might be a slight overall loss on the use of your cards especially if making small cash withdrawals or purchases, but very much more secure than relying on cash.
Where to withdraw cash
There are automated cashpoints (Multibanco) at most bank branches, at most of the larger supermarkets and in the main shopping areas of most towns. There are also machines at airports and major railway stations. They are free for most transactions. Look for the blue/green M signs.
Instructions are available in English if required. Note that the maximum cash for each withdrawal is 200 Euros. You can repeat the withdrawal several times per day (for Portuguese cards it’s 2x, for international cards it is many more). When you put your card in you will be prompted for your PIN. Do not be put off by the 6 asterisks indicating a 6 digit PIN is required – if your PIN is the more standard 4 numbers just put these in and hit the green CONTINUAR (continue) button. If you get a “service unavailable” message, it is most likely that the machine is out of cash – especially at weekends and Monday mornings. The machine will have an icon with a cross though it, but this isn’t very obvious.
Visitors can also find Multibanco machines in every small town and even villages all around Portugal. VISA, Mastercard and American Express cards are widely accepted in hotels, shops and restaurants. Petrol (gas) stations usually take credit cards and cash. USA visitors especially beware that at night many petrol (gas) stations are automated and will only accept Chip and PIN credit cards.
Caution: In recent months (early 2014), after you insert your debit card, pin and amount desired, you might get a ” service not available” message and no receipt or funds, unless you use BankAmerica cards. Also outside of Lisbon you may have a difficult time locating a place to exchange dollars for euros (again including inside a bank). Many places will not accept credit cards. Get lots of euros before leaving home!!!
Bank opening hours
Banks do not open at weekends. Opening hours vary and are posted clearly outside. but usually banks will be open between 0830 and 1530. In smaller towns a bank may close for lunch. Most branches no longer offer a foreign exchange service.
If you can, book all of your hotels on-line from home, and pay for them in advance in your local currency (via a site like expedia or hotels.com for example). That way you avoid fees from your credit card company or the those charged by obtaining cash from ATM machines
|
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8738
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3
| 5
|
https://whiteboardcrypto.com/portugal-currency/
|
en
|
Portugal Currency (Euro History + Facts)
|
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"Whiteboard Crypto"
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2024-02-27T18:29:21+00:00
|
Portugal's currency used to be the escudo, introduced in 1911 after the monarchy was overthrown. The country switched to the euro, the European Union's
|
en
|
WhiteboardCrypto
|
https://whiteboardcrypto.com/portugal-currency/
|
Portugal’s currency used to be the escudo, introduced in 1911 after the monarchy was overthrown. The country switched to the euro, the European Union’s common currency, in 1999 after meeting specific EU requirements. By 2002, the euro had fully replaced the escudo as Portugal’s currency.
The euro is divided into 100 cents, with coins available in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2 coins. Banknotes are available in denominations of €5, €10, €20, €50, €100, €200, and €500.
This article explores the history of Portugal’s currency, tracing its development from early times under royal rule to its current form as the euro. It covers the changes in Portugal’s monetary system, including the significant transition to the European Union’s single currency.
Historical Journey of Portugal Currency
Portugal has a rich history of currency dating back to the Roman Empire. The first coins used in Portugal were Roman coins, which were used until the fall of the Western Roman Empire in 476 AD. After that, the Visigoths and the Moors also minted their own coins, but it wasn’t until the 12th century that Portugal started to mint its own coins, called dinheiro.
From 1139 to 1911, Portugal used various currencies. Initially, the Portuguese dinheiro was introduced by King Dom Afonso Henriques, with the mealha as half a dinheiro.
This system was based on the Roman currency, where twelve dinheiros equaled one soldo, and twenty soldos equaled one libra. King Dom Sancho I introduced the gold morabitino, and later, King Dom Dinis I introduced the silver tornês.
In 1380, King Fernando I added new coins like the gold dobra and the silver real. Various other currencies like the Byzantine siliquae and the Moorish dirhem circulated alongside the dinheiro.
In the 15th century, Portugal became a powerful maritime nation with a vast empire stretching from Brazil to India. The currency used during this time was the real, which was the unit of currency of Portugal and the Portuguese Empire from around 1430 until 1911.
The real was subdivided into 1,000 reis, and was used throughout the Portuguese Empire, including Brazil, until the early 20th century.
Escudo
From 1911 to 1999, after the Republican Revolution, the Portuguese escudo replaced the real at a rate of 1,000 réis to 1 escudo, subdivided into 100 centavos.
The escudo was used in Portugal, its African colonies until 1975, and in colonial Macau, which still uses the Macanese pataca. Timor-Leste used the Portuguese timor, then the timor escudo, while India used the Indian rupia and then the Indian escudo until 1961.
Since 1999, Portugal has used the euro, which replaced the escudo in circulation by 2002. Brazil reverted to the real after briefly using the Brazilian cruzeiro. Most of Portugal’s colonies adopted new currencies post-independence, like Timor-Leste with the American dollar and Mozambique with the metical.
Today, the euro is the official currency of Portugal and is used throughout the European Union. The euro is subdivided into 100 cents and is used by 19 of the 28 EU member countries.
Euro
Portugal’s transition to the euro in 2002 marked a key moment in its economic and EU integration. The journey began in 1986 with Portugal joining the European Economic Community, which became the EU.
By 1998, Portugal fulfilled the criteria to adopt the euro, joining the initial group of eurozone countries. The euro started as electronic currency in 1999 and physical euro banknotes and coins replaced the escudo in 2002, with a dual circulation period until the end of February.
Euro Coins
The euro, introduced in 1999, is the official currency of the Eurozone, consisting of 20 member countries. It is divided into eight coin denominations, ranging from one cent to two euros, each featuring a common reverse side depicting a map of Europe.
However, the obverse side varies among member countries, showcasing unique designs. In addition to Eurozone members, four European microstates (Andorra, Monaco, San Marino, and Vatican City) also use the euro with their own designed coins. The coins are minted at national mints, adhering to strict quotas, while the European Central Bank manages the common side.
Over the years, the euro’s design has evolved, with changes in 2007 reflecting the EU’s enlargement and updates in 2017 for some denominations. The euro’s introduction aimed to foster economic and monetary union, contributing to stability and collaboration among member states.
The coins incorporate security features, and their design considers tactile elements for the visually impaired. While national sides of regular coins can be updated every 15 years, commemorative coins may vary more frequently. As of 2023, 24 countries issue euro coins with their national sides, reflecting the diversity within the Eurozone.
Euro Bills
Euro banknotes, the common currency of the eurozone, have evolved since their 1999 inception. Initially, under ES1, these €5 to €500 notes featured a uniform design with the European flag, a map, and “euro” in Latin and Greek.
The designs, by Robert Kalina, resulted from a 1996 competition. ES1, made of pure cotton, excluded non-EU Cyprus and Malta. ES2, or Europa series, introduced size changes and enhanced durability with updated security features. Reinhold Gerstetter redesigned the notes, featuring Mario Draghi’s signature post-March 2012.
Anticipated in 2024, the third series will redesign notes based on public-voted themes. Security features include confidential elements like holograms and watermarks.
The Europa series introduced Europa’s face, reflecting EU expansion and adding Bulgaria’s Cyrillic alphabet. Circulating since 2013, it phased out the €500 note due to concerns about criminal use.
Security features include watermarks, holograms, color-changing ink, and more, with consultation for the visually impaired. A 2021 plan outlines the next redesign with potential themes like “European culture.”
The ECB monitors euro banknote circulation and stock, ensuring integrity since its 2002 introduction. The euro’s history involves expansion, formalized political authority through the Lisbon Treaty, and usage across multiple EU countries. The seven denominations feature stylized historical European architectural illustrations on both sides.
Inflation and Buying Power of Portugal Euro
According to World Data, over the past 62 years, from 1960 to 2022, Portugal’s inflation rate varied between -0.8% and 31.0%. In 2022, the inflation rate was 7.8%.
The average annual inflation rate during this period was 8.1%, leading to an overall price increase of 10,422.72%. This means an item that cost 100 euros in 1960 would cost 10,422.72 euros in early 2023. As of November 2023, the year-over-year inflation rate was recorded at 1.5%.
Portugal’s economic forecast indicates a modest recovery following a challenging year in 2023. Economic growth has slowed, but the labor market remains strong with high employment rates.
GDP growth is expected to recover gradually, with inflation projected to moderate, aligning with the euro-area average. The government balance is forecast to achieve a surplus of 0.8% of GDP in 2023, but will narrow over the next few years.
GDP growth rates are predicted at 2.2% for 2023, 1.3% for 2024, and 1.8% for 2025. Inflation rates are expected to decrease from 5.5% in 2023 to 2.4% in 2025. Unemployment is projected to remain stable around 6.4% to 6.5%.
The economic slowdown hasn’t significantly impacted employment, which continues to grow, particularly in tourism, construction, and administrative services. Inflation is moderating, helped by declining energy prices, although wage growth could exert some pressure on service prices.
The general government balance is expected to turn positive in 2023 due to robust labor markets and controlled government spending. However, public debt remains high at over 100% of GDP, though it is projected to decrease to 97.2% by 2025.
The forecast indicates a balanced yet cautious economic outlook for Portugal in the near future.
Currency Usage in Portugal
If you’re planning a trip to Portugal, you’ll need to know a little bit about the country’s currency. Portugal uses the euro (EUR), which is divided into 100 cents. Banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500, while coins come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2.
Is USD Accepted in Portugal?
While some tourist-oriented businesses may accept US dollars, it’s always best to have euros on hand for your trip to Portugal.
Using euros will help you avoid any confusion or misunderstandings that may arise from currency exchange rates or fees. ATMs are widely available throughout the country, and most businesses accept credit cards, so you should have no trouble getting the euros you need for your trip.
Exchanging Currency in Portugal
If you’re traveling to Portugal, you’ll need to exchange your currency to euros. Here’s what you need to know about exchanging currency in Portugal.
Where can I exchange Portugal Currency?
You can exchange currency in Portugal at banks, exchange offices, and ATMs. Banks typically offer the best exchange rates, but they may charge a commission or have limited hours. Exchange offices may have more flexible hours, but they may charge higher fees. ATMs are widely available and convenient, but they may have withdrawal limits and foreign transaction fees.
Before you exchange currency, check the exchange rate to make sure you’re getting a fair deal. You can use online currency converters or check the rates at banks or exchange offices. Keep in mind that exchange rates fluctuate constantly, so it’s a good idea to exchange your currency as soon as possible.
What to know before exchanging currency in Portugal
Before exchanging currency in Portugal, remember to bring your passport for transactions at banks or exchange offices. Avoid airport exchanges due to higher rates and check for hidden fees at banks and exchange offices.
Stay cautious of scams, particularly from street vendors. Use ATMs wisely, noting any fees and exchange rates, and opt for those in secure locations. Although credit cards are widely accepted, keep cash for small purchases or emergencies.
ATMs are readily available for withdrawing euros with a debit card, but be mindful of potential fees from your bank for international transactions.
Choosing Between USD and Portugal Currency
If you’re planning a trip to Portugal, you may be wondering whether to use USD or the local currency, the euro. Here are some factors to consider when making your decision.
Exchange Rate
The exchange rate between USD and euro fluctuates constantly, so it’s important to check the current rate before making any transactions.
You can use an online currency converter like XE to get an idea of the current rate. Keep in mind that the rate you see online may not be the rate you get when exchanging money in person, as exchange offices and banks often charge fees.
Convenience
Using Portugal currency is generally more convenient than using USD. Most businesses in Portugal, including restaurants, shops, and hotels, only accept euros. If you try to pay with USD, you may receive a poor exchange rate or be charged additional fees.
While many places in Portugal accept credit cards, it’s always a good idea to have some cash on hand for smaller purchases or in case of emergencies.
ATMs are widely available throughout the country, and you can use your debit card to withdraw euros. Just be aware that your bank may charge fees for international transactions, so it’s a good idea to check with them before you go.
Fees
When exchanging money, you should be aware of any fees that may be charged. Banks and exchange offices often charge fees for exchanging currency, and these fees can vary widely.
Some credit cards also charge fees for foreign transactions. To avoid unnecessary fees, it’s a good idea to research your options before you leave for your trip.
Tips
When traveling in Portugal, use these tips to manage your money effectively:
Withdraw cash using ATMs from reputable banks to avoid high fees, and prefer using a credit card with no foreign transaction fees for better exchange rates and fee savings.
Stay informed about the current exchange rate and compare prices in both USD and euros to ensure fair deals. Keep cash for small purchases like snacks or public transportation, as some places might not accept credit cards for minor transactions.
Lastly, avoid exchanging money at airports or tourist spots due to their higher fees and less favorable exchange rates.
By considering these factors and following these tips, you can make an informed decision about whether to use USD or Portugal currency on your trip.
Cost of Living in Portugal
If you’re planning to move to Portugal, it’s important to have an idea of the cost of living in the country. The cost of living in Portugal is generally lower than in other European countries, making it an attractive destination for expats. However, the cost of living can vary significantly depending on the city you choose to live in and your lifestyle.
Accommodation is one of the biggest expenses in Portugal. The cost of rent varies depending on the location, type of property, and the number of rooms.
In Lisbon, for example, the average monthly rent for a one-bedroom apartment in the city center is around €800-€1,200 (~$860-1300 USD). If you’re on a tight budget, you can find cheaper accommodation outside the city center.
The cost of food in Portugal is generally lower than in other European countries. You can expect to pay around €10-€15 for a meal at an inexpensive restaurant and around €25-€35 for a meal at a mid-range restaurant. If you’re on a tight budget, you can save money by shopping at local markets and cooking your meals.
Public transportation in Portugal is affordable and efficient. A single ticket on a bus or metro in Lisbon costs around €1.50. If you plan to use public transportation frequently, it’s worth buying a monthly pass, which costs around €35. Taxis are also relatively cheap, with an average fare of around €5 for a short ride.
The cost of utilities, such as electricity, gas, and water, varies depending on your usage and the location of your property. On average, you can expect to pay around €80-€120 per month for basic utilities in a small apartment.
Portugal has a good public healthcare system, which is free or low-cost for residents. If you’re not eligible for public healthcare, you can opt for private health insurance, which can cost around €50-€100 per month.
Overall, the cost of living in Portugal is affordable compared to other European countries. However, it’s important to keep in mind that the cost of living can vary significantly depending on your lifestyle and the city you choose to live in.
Don’t Get Scammed Tips
When traveling to Portugal, it’s important to be aware of the common scams that may occur. Here are some tips to help you avoid being scammed when dealing with currency in Portugal:
1. Know the exchange rate
Before exchanging currency, it’s important to know the current exchange rate. This will help you understand how much money you should be receiving when exchanging your currency.
You can check the current exchange rate online or by using a currency converter app. Be sure to compare rates at different exchange offices to get the best deal.
2. Avoid exchanging currency at airports or tourist areas
Currency exchange offices at airports or tourist areas may offer lower exchange rates or charge higher fees. It’s better to exchange currency at banks or exchange offices in the city center.
3. Be cautious when using ATMs
ATMs are a convenient way to withdraw cash, but they can also be a target for scams. Always cover the keypad when entering your PIN and check the card slot for any skimming devices. It’s better to use ATMs located inside banks or shopping centers.
4. Watch out for counterfeit currency
Counterfeit currency is a problem in Portugal, especially in tourist areas. Always check the bills you receive for signs of counterfeiting, such as blurry printing or missing security features. If you receive a suspicious bill, report it to the police.
5. Avoid using credit cards at small shops or street vendors
Small shops or street vendors may not have secure credit card terminals, which can put your personal information at risk. It’s better to use cash or a secure credit card terminal at larger stores or restaurants.
By following these tips, you can protect yourself from currency scams in Portugal and enjoy your trip with peace of mind.
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https://www.centralbankmalta.org/2015-auberge-de-baviere
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en
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Auberge de Bavière
|
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|
https://www.centralbankmalta.org/2015-auberge-de-baviere
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In 2015, the Central Bank of Malta issued two numismatic coins, in gold and silver, depicting the Auberge de Bavière. This will be the fifth and final in the Bank's series of numismatic coins on the auberges of the Knights of St John.
The obverse of the coins shows the emblem of Malta with the year of issue. The reverse features the façade of the Auberge de Bavière.
Palazzo Carnerio, known today as the Auberge de Bavière, was built in 1696 by the Portuguese knight Gaspare Carnerio. The palace was designed by Carlo Gimach. Palazzo Carnerio was purchased for the use of the Anglo-Bavarian Langue, which had been set up in 1782 during the rule of Grand Master De Rohan. During the First World War the Auberge de Bavière was converted into a hospital. It was later used as a school and today it houses the Government Property Department.
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https://www.alamy.com/stock-photo/portugal-currency-note.html
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en
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res stock photography and images
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Find the perfect portugal currency note stock photo, image, vector, illustration or 360 image. Available for both RF and RM licensing.
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en
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Alamy
|
https://www.alamy.com/stock-photo/portugal-currency-note.html
|
Alamy and its logo are trademarks of Alamy Ltd. and are registered in certain countries. Copyright © 19/08/2024 Alamy Ltd. All rights reserved.
|
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dbpedia
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2
| 84
|
https://nomadgate.com/open-portuguese-bank-account/
|
en
|
How to Open a Portuguese Bank Account for Non-Residents
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[
"Thomas K. Running"
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2021-02-01T09:02:00+00:00
|
Opening a bank account in Portugal as a non-resident is surprisingly easy, quick and free. Here’s how, step by step.
|
en
|
/assets/favicon/apple-touch-icon.png?v=2.1
|
Nomad Gate
|
https://nomadgate.com/open-portuguese-bank-account/
|
Finally an article about Portugal. It’s one of my absolute favorite countries. Which is why I usually spend a month or two there every year. No matter the reason, or your residency, this article will tell you everything you need to know about opening your first (absolutely free) Portuguese bank account.
But first, let’s take a step back.
Why open a Portuguese bank account?
Well, most people probably shouldn’t.
But if any of the following reasons resonate with you, then maybe you should.
It’s easy to open for non-residents
Many countries make it quite hard to open bank accounts. That’s true for popular financial centers like Singapore and Hong Kong. And it’s true for lots for countries in the EU, too.
One of the major drawbacks of the Estonian E-residency, for example, is the difficulty of opening a bank account for a non-resident in the country. It’s far from impossible, just not as straight forward as both my fellow E-residents and the Estonian government would have liked.
But I digress.
As you will soon see, Portugal is one of the easiest countries to open a bank account for a non-resident in the EU.
It’s part of SEPA and is denominated in euro
Say what you want about the stability of EU and their controversial currency. But it still remains one of the strongest currencies in the world. And it can be used across the entire eurozone (19 EU member states) plus in ten other states and territories.
Plus, there’s nothing stopping you from using a Portuguese bank account as your main bank account elsewhere in the eurozone. By law, SEPA (Single Euro Payments Area) transfers between EU countries will have the same cost (often €0) and transfer speeds as domestic ones. Even direct debits work the same across most of the block.
Low maintenance and transaction costs
Although most banks in Portugal have started charging an increasing amount of fees in the last few years, some don’t charge you any ongoing costs at all.
Pick the right bank and you’ll get a bank account with a debit card for €0 per month. I would recommend ActivoBank, but Banco CTT is another free option.
Most usage in the eurozone, including regular activities like card use (POS), ATM withdrawals, SEPA transfers, is also free of charge with these banks.
If you are looking for a bank account and debit card to use outside of the eurozone, N26 is probably a better option than the traditional Portuguese banks. They also support quick remote account openings, have extremely low international fees, and will ship your card to Portugal or elsewhere in Europe. The account is “domiciled” in Germany however, and you’ll miss out on the final perk of Portuguese accounts: Multibanco access.
Full Multibanco access: Portuguese ATM and debit transactions
If you have ever been to Portugal, you might be familiar with their unique Multibanco system.
It started with their ATMs in 1985, followed by a national debit card system in 1987 (formally known as Pagamento Automático MB).
While ATMs in Portugal act like normal ATMs when you use a foreign debit or credit card (facilitating cash withdrawals), slide in a Portuguese card and be prepared to have your mind blown.
There’s almost no limit to the operations you can do at a Multibanco ATM.
Top up your prepaid phone plan? Sure, no problem.
Pay your utilities or online shopping orders? Of course you can!
What about buying concert tickets? What do you think? Well, duh…
Although perfect in most ways, one of my major gripes with Portugal is that you still need to carry around cash. Lots of shops, bars and restaurants don’t accept international credit cards, nor Maestro which is common in other parts of Europe.
Turns out, most of these establishments still accept Portuguese debit cards with the MB logo.
That might not mean much if you never spend time in Portugal. But if you do, it’s huge. Since getting a Portuguese bank account myself, I can now use a debit card for approximately 90% of the transactions I previously had to carry around cash for.
I realize not everyone hates cash as much as I do, but still.
You’re investing in Portugal
Perhaps you’re planning to retire in Portugal in a few years time, and currently in the process of scoping out real estate? Or maybe you’re investing in the country to qualify for the popular Portugal Golden Visa program?
In either case, you’ll need a bank account.
So, how do I open an account as a non-resident?
As mentioned above, I recommend ActivoBank and will be using it for this guide.
There are a few reasons why I recommend Activo:
Low fees (no monthly fees, free to use in the eurozone)
Most information as well as online banking is available in both Portuguese and English.
They have well located branches, including one in Chiado, Lisbon. The staff speaks excellent English.
They are a subsidiary of the largest private bank in Portugal (BCP) which means you can deposit cash in all of Millennium BCP’s ATMs
It’s a paperless bank, so they won’t send you all sorts of annoying mail
The people I asked in Portugal all recommended the bank
Another bank with a similar cost structure is Banco CTT (CTT is the Portuguese postal service), but one big drawback is the lack of an English language website and online banking facilities.
So for the rest of this guide, I will be presenting the steps for opening an account with ActivoBank.
What you’ll need
You will need the following to open and use your account:
A phone number capable of receiving SMS
Pay slips/proof of income or similar that states your profession or job title
A NIF (Número de Identificação Fiscal). Don’t worry, it’s easy to get one.
Proof of Portuguese address or foreign address
Steps
Get on a flight to Portugal if you’re not already there.
Get a NIF, if you don’t have one. It’s quick, easy, and free.
Apply for an Activo account online if you have a Portuguese residence card, otherwise skip this step and just show up in a branch instead.
Go to a branch with 4 pieces of documentation (can be skipped if you have a residence card and open the account online):
Proof of income should ideally state your profession
Proof of address can be almost anything (sim card delivery note, foreign bank statement, customs forms)
Passport as ID
NIF document from Finanças
Also bring €250 in cash, or withdraw it there (to deposit into the new account).
That’s it. You should be walking out of the branch in 10-15 minutes with a new debit card in your hand.
FAQ
Can I open a Portuguese bank account remotely?
Yes, in some cases, particularly with a power of attorney. I don’t think you can do so with ActivoBank without having a residence card, however.
Both Bison Bank and Banco Atlantico are popular choices for people who would like to open an account remotely. Having said that, most mainstream banks in Portugal will require you to visit in person.
You can also use a service provider to help you open a traditional account at a mainstream consumer bank. Two of the best options are Anchorless (€359 €287.20) and E-residence (€299 €289). They offer remote bank account opening with e.g. Novo Banco and Millenium BCP.
Can I use an international or virtual phone number?
Yes, as long as it’s capable of receiving SMS (international numbers generally work, but some have reported issues with virtual numbers like Google Voice, so YMMV.)
What if my pay slips don’t state my job title or profession?
You’ll probably be fine. My pay slips do no explicitly state so either, but the friendly branch staff still let me open the account. They are generally very helpful and seem much more willing to overlook small details like that compared to most bank staff I’ve encountered around the world.
Will I have to show any official proof of residency, visas, or anything similar?
No. If you are registering with a Portuguese address you just need your NIF document (can list a non-Portuguese address) and some sort of proof of the Portuguese address. If you are registering with a foreign address you need your NIF, proof of the foreign address, as well as your tax number in that country (you don’t need proof of it, you just need to know it).
Can I later change the address on my account?
Yes, although you can currently only change your official address in person in a branch on in the app, not on the website. The same, goes for your phone number. You can, however, change your mailing address on the website.
What time is best to visit a branch?
Unfortunately, since I wrote the first version of this article in 2017, ActivoBank’s branches have become increasingly crowded. I recommend showing up when they open in the morning (usually 10 am).
Their ticketing system is a bit unusual: You enter your phone number on a giant screen in the waiting area, and then you will receive your ticket number via SMS. They will then send you another SMS when there are only a few people left before you in line.
I recommend bringing your laptop and settling down at nearby café to get some work done while you wait for the second SMS, as the wait can be substantial (often several hours later in the day).
You may be better off visiting a branch outside the main city centers, although the employees in e.g. Lisbon/Chiado and Porto might be more used to assisting foreigners and non-residents.
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https://bitkan.com/learn/what-is-the-currency-of-portugal-where-to-exchange-currency-in-portugal-12344
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Buy Bitcoin, Ethereum and Altcoins With Ease
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Trusted since 2012, BitKan cryptocurrency broker exchange provides you a better way to buy, trade and track the cheapest Bitcoin, Ethereum and more.
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BitKan.com
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https://bitkan.com
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https://www.aph.com/community/holidays/list-of-european-countries-which-use-the-euro-currency/
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List of countries which use the euro currency
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[
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"https://www.aph.com/assets/images/logo-head.png.pagespeed.ce.hU9WKYmk9u.png",
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2023-01-14T10:00:00+00:00
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Want to know which countries use the euro? Find the European countries that do, the European countries that don't and even the non-European countries that
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en
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Travel & Motoring Related Guides
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https://www.aph.com/community/holidays/list-of-european-countries-which-use-the-euro-currency/
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Out of the 51 independent states which make up Europe, just under half of those (25) use the Euro as its currency despite 27 countries currently EU members*. To ensure savvy travellers looking to holiday in Europe this summer are travelling with the correct currency in their pockets, we have compiled a table highlighting which European countries use the Euro and which countries have maintained their own currency.
Non-Euro
Despite the Euro used as the currency by EU member states, eight of the 27 current members were found to not use the Euro and to have maintained their own independent currency including Bulgaria, Hungary, Poland and Sweden. Denmark, despite having joined the EU in 1973**, has also not changed its currency and still uses the Danish Krone (DKK).
Euro
Travellers looking to holiday outside of the EU should also plan ahead and check the country’s currency. Surprisingly, the APH research found six non-EU countries use the Euro as a local currency including Andorra, Monaco and San Marino, as well as Akrotiri and Dhekelia – two British Overseas Territories bordering the Republic of Cyprus and Northern Cyprus. Gibraltar on the other hand, another British Overseas Territory, is not part of the EU and has maintained its own currency of the Gibraltar Pound (GIP). Ireland is also a member of the EU and has converted to the Euro.
Sterling
For those holidaymakers looking to stay closer to home this summer and visit Guernsey or Jersey in the Channel Islands or the Isle of Man, it also pays to plan. As self-governing British dependencies, they all have the authority to use their own currency with the Guernsey Pound (GGP), Jersey Pound (JEP) and Manx Pound (IMP) used respectively. Travellers are able to use UK currency across all three countries, however the Guernsey, Jersey and Manx Pound cannot be used back in the UK and will need to be exchanged back to UK currency.
Nick Caunter, Managing Director of APH said, “We put together the APH currency table to help travellers planning a short-haul holiday to Europe this summer, ensure they have the correct currency in their pockets and purses. Exchanging travel money is usually left until the last minute, however it pays to shop around for the best exchange rate and sometimes order currency in advance. By planning ahead and having the correct currency, travellers can get more from their holiday pounds.”
Country European Union Member / European Economic Area Currency Albania NO Albanian Lek ALL Andorra NO Euro Armenia NO Armenian Dram AMD Austria YES Euro Azerbaijan NO Azerbaijan Manat AZN Belarus NO Belarusian Ruble BYN Belgium YES Euro Bosnia and Herzegovina NO Bosnia and Herzegovina convertible mark BAM Bulgaria YES Bulgarian Lev BGN Croatia YES Croatian Kuna HRK Cyprus YES Euro Czech Republic YES Czech Koruna (CZK) Denmark YES Danish Krone DKK Estonia YES Euro Finland YES Euro France YES Euro Georgia NO Georgian Lari GEL Germany YES Euro Greece YES Euro Hungary YES Hungarian Forint HUF Iceland NO (EEA) Icelandic Krona ISK Ireland YES Euro Italy YES Euro Kazakhstan NO Kazakhstani Tenge KZT Kosovo NO Euro Latvia YES Euro Liechtenstein NO (EEA) Swiss Franc CHF Lithuania YES Euro Luxemburg YES Euro Malta YES Euro Moldova NO Moldovan Leu MDL Monaco NO Euro Montenegro NO Euro The Netherlands YES Euro North Macedonia NO Macedonian Denar MKD Norway NO (EEA) Norwegian Krone NOK Poland YES Polish Złoty PLN Portugal YES Euro Romania YES Romanian Leu RON Russia NO Russian Ruble RUB San Marino NO Euro Serbia NO Serbian Dinar RSD Slovakia YES Euro Slovenia YES Euro Spain YES Euro Sweden YES Swedish Krona SEK Switzerland NO Swiss Franc CHF Turkey NO Turkish Lira TRY Ukraine NO Ukrainian Hryvnia UAH United Kingdom NO Pound Sterling GBP Vatican City NO Euro
Dependent Territories
Country European Union Member Currency Akrotiri and Dhekelia (UK) NO Euro Aland Islands (Finland) YES Euro Faroe Islands (Denmark) NO Faroese Krona Gibraltar (UK) NO Gibraltar Pound GIP Guernsey (UK) NO Guernsey Pound GGP Isle of Man (UK) NO Manx Pound IMP Jersey (UK) NO Jersey Pound JEP Svalbard and Jan Mayen (Norway) NO Norwegian Krone NOK
References
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https://www.heritage.org/index/pages/country-pages/portugal
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Index of Economic Freedom: Portugal
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[
"Index of Economic Freedom",
"global impact",
"liberty",
"free markets",
"economic freedom",
"progress",
"political landscape",
"economic landscape"
] | null |
[
"The Heritage Foundation"
] | null |
Explore the Index of Economic Freedom to gauge global impacts of liberty and free markets. Discover the powerful link between economic freedom and progress. The 30th edition illustrates key factors shaping our world's landscape. From @Heritage
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/index/assets/media/favicon/apple-touch-icon.png
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Index of Economic Freedom | The Heritage Foundation
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https://www.heritage.org/index
|
The property rights component assesses the extent to which a country's legal framework allows individuals to acquire, hold, and utilize private property and the extent to which these rights are secured by applicable laws that the government enforces effectively. Relying on a mix of survey data and independent assessments, it provides a quantifiable measure of the degree to which a country's laws protect private property rights and the extent to which those laws are respected. It also assesses the level of state expropriation of private property. The more effective the legal protection of property is, the higher a country's score will be, and the greater the chances of government expropriation of property are, the lower a country's score will be.
The score for this component is derived by averaging scores for three equally weighted sub-factors:
Risk of expropriation,
Respect for intellectual property rights, and
Quality of contract enforcement, property rights, and law enforcement.
Sources: The Index relies on the most recent available versions of the following sources in assessing property rights: Credendo, Country Risk and Insights; U.S. Chamber of Commerce, Global Innovation Policy Center, International IP Index; and World Bank, Worldwide Governance Indicators.
Read the entire Methodology.
Tax burden is a composite measure that reflects marginal tax rates on both personal and corporate income and the overall level of taxation (including direct and indirect taxes imposed by all levels of government) as a percentage of gross domestic product (GDP).
The component score is derived from three equally weighted quantitative sub-factors:
The top marginal tax rate on individual income,
The top marginal tax rate on corporate income, and
The total tax burden as a percentage of GDP.
Sources: The Index relies on the most recent available data from the following sources for information on tax rates, in order of priority: KPMG International; Deloitte, Tax Guides and Highlights; International Monetary Fund, Staff Country Report, “Selected Issues and Statistical Appendix,” and Staff Country Report, “Article IV Consultation”; PricewaterhouseCoopers, Worldwide Tax Summaries; countries’ investment agencies; and other government authorities (embassy confirmations and/or the country’s treasury or tax authority).
For information on the tax burden as a percentage of GDP, the primary sources are World Bank, World Development Indicators; Organisation for Economic Co-operation and Development data; Eurostat, Government Finance Statistics; African Development Bank Group, African Economic Outlook; International Monetary Fund, Government Finance Statistics (GFS) database, Staff Country Report, “Selected Issues,” and Staff Country Report, “Article IV Consultation”; Asian Development Bank, Key Indicators for Asia and the Pacific; and United Nations Economic Commission for Latin America, Economic Survey of Latin America and the Caribbean.
Read the entire Methodology.
The government spending component captures the burden imposed by government expenditures, which includes consumption by the state and all transfer payments related to various entitlement programs.
The Index does not identify an optimal level of government spending. The ideal level will vary from country to country, depending on factors that range from culture to geography to level of economic development. At some point, however, government spending becomes an unavoidable burden as growth in the public sector’s size and scope leads inevitably to misallocation of resources and loss of economic efficiency. As volumes of research have shown, excessive government spending that causes chronic budget deficits and the accumulation of public debt is one of the most serious drags on economic dynamism.
The Index methodology treats zero government spending as the benchmark. As a result, underdeveloped countries—especially those with little government capacity—may receive artificially high scores. However, such governments can provide few if any public goods and will probably receive low scores on some of the other components of economic freedom (such as property rights, financial freedom, and investment freedom) that measure aspects of government effectiveness.
Government spending has a major impact on economic freedom, but it is just one of many important components. The scale for scoring government spending is nonlinear, which means that spending that is close to zero is lightly penalized and spending that exceeds 30 percent of GDP leads to much worse scores in a quadratic fashion (for example, twice as much spending yields four times less freedom). Only extraordinarily high levels of government spending (for example, more than 58 percent of GDP) receive a score of zero.
Sources: The Index relies on the most recent versions of the following sources for information on government intervention in the economy, in order of priority: Organisation for Economic Co-operation and Development data; Eurostat data; African Development Bank Group, African Economic Outlook; International Monetary Fund, Staff Country Report, “Selected Issues and Statistical Appendix,” Staff Country Report, “Article IV Consultation,” and World Economic Outlook database; Asian Development Bank, Key Indicators for Asia and the Pacific; African Development Bank, AfDB Statistics Pocketbook; official government publications of each country; and United Nations Economic Commission for Latin America, Economic Survey of Latin America and the Caribbean.
Read the entire Methodology.
Widening deficits and a growing debt burden, both of which are caused by poor government budget management, lead to the erosion of a country’s overall fiscal health, and deteriorating fiscal health is associated with macroeconomic instability and economic uncertainty.
Debt is an accumulation of budget deficits over time. In theory, debt financing of public spending could contribute to productive investment and ultimately to economic growth. However, mounting public debt driven by persistent budget deficits—and especially by spending that merely boosts government consumption or transfer payments—often undermines overall productivity growth and leads ultimately to economic stagnation rather than growth.
The score for the fiscal health component is based on two sub-factors, which are weighted as follows in calculating the overall component score:
Average deficits as a percentage of GDP for the most recent three years (80 percent of score) and
Debt as a percentage of GDP (20 percent of score).
For most countries, the Index uses general government deficit and debt data for all levels of government, from national to local. In cases where such general government data are not available, data on central government expenditures are used.
For several countries, particularly developing countries, statistics related to budget balance as a percentage of GDP are subject to frequent revisions by such data sources as the IMF.
Sources: The Index relies on the most recent available versions of the following sources for information on government intervention in the economy, in order of priority: International Monetary Fund, World Economic Outlook database, Staff Country Report, “Selected Issues and Statistical Appendix,” and Staff Country Report, “Article IV Consultation”; Asian Development Bank, Key Indicators for Asia and the Pacific; African Development Bank, AfDB Statistics Pocketbook; and official government publications of each country.
Read the entire Methodology.
Trade freedom is a composite measure of the extent of tariff and nontariff barriers that affect imports and exports of goods and services. The trade freedom score is based on two inputs:
The trade-weighted average tariff rate and
A qualitative evaluation of nontariff barriers (NTBs).
We determine the extent of NTBs in a country’s trade policy regime using both qualitative and quantitative information. Restrictive rules that hinder trade vary widely, and their overlapping and shifting nature makes their complexity hard to measure. The types of NTBs considered in our scoring include:
Quantity restrictions: import quotas; export limitations; voluntary export restraints; import‐export embargoes and bans; countertrade; etc.
Regulatory restrictions: licensing; domestic content and mixing requirements; sanitary and phytosanitary standards (SPSs); safety and industrial standards regulations; packaging, labeling, and trademark regulations; advertising and media regulations.
Customs restrictions: advance deposit requirements; customs valuation procedures; customs classification procedures; customs clearance procedures.
Direct government intervention: subsidies and other aid; government industrial policies; government-financed research and other technology policies; competition policies; government procurement policies; state trading, government monopolies, and exclusive franchises.
In addition, where possible, we consider and report the number of nontariff measures in force as calculated by the World Trade Organization (WTO).
Gathering tariff statistics to make a consistent cross-country comparison is a challenging task. Unlike data on inflation, for instance, some countries do not report their weighted average tariff rate or simple average tariff rate every year.
To preserve consistency in grading the trade freedom component, the Index uses a country’s most recently reported most favored nation (MFN) trade-weighted average tariff rate from our primary source.
The most comprehensive and consistent information on MFN trade-weighted average tariff rates is published by the WTO. When the MFN trade-weighted average applied tariff rate is not available, the Index uses the country’s simple average of MFN tariff rates; when the country’s simple average MFN tariff rate is not available, the weighted average or the simple average of applied tariff rates is used. In the very few cases for which tariff rates are not available from the WTO or the World Bank, data on international trade taxes or an estimated effective tariff rate are used.
Sources: The Index relies on the most recent versions of the following sources in determining scores for trade policy, in order of priority: World Trade Organization, World Tariff Profiles; World Bank, World Development Indicators; World Trade Organization, Trade Policy Review; Office of the U.S. Trade Representative, National Trade Estimate Report on Foreign Trade Barriers; U.S. Department of Commerce, Country Commercial Guide; and official government publications of each country.
Read the entire Methodology.
In an economically free country, there would be no constraints on the flow of investment capital. Individuals and firms would be able to move their resources into and out of specific activities, both internally and across the country’s borders, without restriction. Such an ideal country would receive a score of 100 on the Index’s investment freedom component.
In practice, however, most countries impose a variety of restrictions on investment. Some have different rules for foreign and domestic investment. Some restrict access to foreign exchange. Some impose restrictions on payments, transfers, and capital transactions. In some, certain industries are closed to foreign investment.
The Index evaluates a variety of regulatory restrictions that typically are imposed on investment. Points are deducted from the ideal score of 100 for each of the restrictions in a country’s investment regime. It is not necessary for a government to impose all of the listed restrictions at the maximum level to eliminate investment freedom. The scores for the few governments that impose so many restrictions that they total more than 100 points in deductions are set at zero.
Investment Restrictions
National treatment of foreign investment
Foreign investment code
Restrictions on land ownership
Sectoral investment restrictions
Expropriation of investments without fair compensation
Foreign exchange controls
Capital controls
As many as 20 additional points may be deducted for security problems, a lack of basic investment infrastructure, or other government policies that inject a considerable degree of uncertainty and indirectly burden the investment process and limit investment freedom.
Sources: The Index relies on the most recent versions of the following sources for data on capital flows and foreign investment, in order of priority: official government publications of each country; U.S. Department of State, Investment Climate Statements; Office of the U.S. Trade Representative, National Trade Estimate Report on Foreign Trade Barriers; World Bank, Investing Across Borders; Organisation for Economic Co-operation and Development, Services Trade Restrictiveness Index; and U.S. Department of Commerce, Country Commercial Guide.
Read the entire Methodology.
Financial freedom is both an indicator of banking efficiency and a measure of independence from government control and interference in the financial sector. State ownership of banks and other financial institutions such as insurers and capital markets reduces competition and generally lowers the level of access to credit.
In an ideal banking and financing environment characterized by a minimum level of government interference, independent central bank supervision and regulation of financial institutions are limited to enforcing contractual obligations and preventing fraud; credit is allocated on market terms; the government does not own financial institutions; financial institutions provide various types of financial services to individuals and companies; banks are free to extend credit, accept deposits, and conduct operations in foreign currencies; and foreign financial institutions operate freely and are treated the same as domestic institutions.
To assess the overall level of financial freedom that ensures easy and effective access to financing opportunities for people and businesses in a country’s economy, the Index takes account of five broad areas:
The extent of government regulation of financial services,
The degree of state intervention in banks and other financial firms through direct and indirect ownership,
Government influence on the allocation of credit,
The extent of financial and capital market development, and
Openness to foreign competition.
Sources: The Index relies on the most recent versions of the following sources for data on banking and finance, in order of priority: International Monetary Fund, Staff Country Report, “Selected Issues,” and Staff Country Report, “Article IV Consultation”; Organisation for Economic Co-operation and Development, Economic Surveys; official government publications of each country; U.S. Department of Commerce, Country Commercial Guide; Office of the U.S. Trade Representative, National Trade Estimate Report on Foreign Trade Barriers; U.S. Department of State, Investment Climate Statements; World Bank, World Development Indicators; and various news and magazine articles on banking and finance.
Read the entire Methodology.
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The FATF Recommendations
|
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"Recommendations",
"FATF"
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[] | null |
The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.
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https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html
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Related material
Consolidated FATF Standards on Information Sharing This document groups the relevant sections on information sharing from the FATF Recommendations, to clarify the types of information that should be shared, when it should be shared and the safeguards and protections that should apply to sharing information.
FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.
Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations This document sets out the procedures that are the basis for the fourth round of mutual evaluations which involves two inter-related components for technical compliance and effectiveness. Adopted in 2013, these Procedures were last amended in February 2023.
Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up Universal Procedures The set of core elements that apply to all anti-money laundering and counter-terrorist financing assessments, in accordance with the FATF 2013 Methodology. These procedures were last revised in September 2022.
An effective system to combat money laundering and terrorist financing
What is the objective of anti-money laundering, counter terrorist and counter proliferation financing efforts? Find out more about the various components that governments must implement, and that the FATF will assess against.
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Travel Tips for Lisbon
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The travel tips for Lisbon about the national currency, customs regulations, entry documents and communications are useful in planning a stay in Lisbon.
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Lisbon › Travel Tips for Lisbon
Money
Currency
The official currency of Portugal is the euro. Tourists who are not familiar with this currency must keep in mind the subunits refer to 1, 2, 5, 10, 20 and 50 cents, and they come in coins. Coins also refer to 1 and 2 euro coins. Banknotes refer to 5, 10, 20, 50, 100, 200 and 500 euro bills.
Currency exchange
Banks understandably offer the best exchange rates. The highest density of banks can be spotted in the Baixa district. As a rule, they open Monday to Friday, roughly speaking between 8.30am and 3pm. 24-hour a day money exchange solutions are offered by the exchange desks located at the airport and the Santa Apolonia station. Most high rated hotels also provide currency exchange services, but their rates are highly disadvantageous for clients. Tourists can also turn to the post offices in Lisbon in order to exchange money. ATMs are also at hand to this purpose.
Communications
Post offices
In Lisbon there are tens of post offices scattered throughout the city. They are easily identifiable, given they are marked by a red sign reading “Correios” in Portuguese. Generally speaking, the post offices open weekdays between 8am and 10pm. The main post office is the one located in Praca dos Restauradores. On top of the specific postal services, these offices are also available for money exchange transactions. In order to learn more about the whereabouts, the services and the opening hours of each of these offices, visit CTT (Correios de Portugal).
Telephones
Lisbon is dotted with public phone booths from where tourists can make calls to virtually all corners of the world. These phones work with prepaid cards which can be bought from newspaper stands, post offices and hotels’ reception desks.
In order to call from abroad to a landline network in Lisbon, one must first dial the country code (00351), and then enter the region code (21) and eventually the phone number proper, which usually consists of 7 digits.
Connection to the Internet
High and medium rated hotels include the access to the Internet in the range of services provided to their guests. But hotels aside, tourists can always turn to the services provided by the Internet cafes scattered throughout Lisbon. The following is the list of the best rated venues which offer Internet services:
Cib@rcafe
Name:
Cib@rcafe
Address:
Pavillhao do Conhecimento, Ciencia Viva Parque das Nacoes, Lisbon, Portugal
Telephone:
00351 218 917138
Ciber Chiado
Name:
Ciber Chiado
Address:
Largo do Picadeiro, Lisbon, Portugal
Telephone:
00351 213 466722
Ciberoceanos
Name:
Ciberoceanos
Address:
Loja G 109 A, Avenida D. Joao II, Gare do Oriente, Lisbon, Portugal
Telephone:
00351 218 95199500351
Website:
www.ciberoceanos.com
Cyber Bica
Name:
Cyber Bica
Address:
7, Rua Duques de Braganca, Lisbon, Portugal
Telephone:
00351 213 225004
Email:
cyberbica@cyberbica.com
Website:
www.cyberbica.com
Netaria Acores Cafe Bar
Name:
Netaria Acores Cafe Bar
Address:
49, Rua da Prata, Lisbon, Portugal
Telephone:
00351 914 559134
Postnet Braamcamp
Name:
Postnet Braamcamp
Address:
9, Rua Braamcamp, Loja A, Lisbon, Portugal
Telephone:
00351 213 511050
Web Cafe
Name:
Web Cafe
Address:
126, Rua Diario de Noticias, Lisbon, Portugal
Telephone:
00351 213 421181
There is also a free access Internet point located within the precincts of the Lisbon Welcome Center, just near the tourist information office proper. Free WiFi zones are to be spotted in the large shopping malls.
Ponto Net at Lisbon Welcome Center
Name:
Ponto Net at Lisbon Welcome Center
Address:
15, Rua do Arsenal, Lisbon, Portugal
Telephone:
00351 210 312810
Useful numbers and addresses
Tourism Police
Name:
Tourism PoliceTourism
Address:
Palacio Foz, Praca dos Restauradores, Lisbon, Portugal
Telephone:
00351 213 421634 / 00351 213 421623
Email:
lsbetur@psp.pt
Website:
www.psp.pt
Police, ambulance and fire department emergencies
Name:
Police, ambulance and fire department emergencies
Telephone:
112
SOS Health Line
Name:
SOS Health Line
Telephone:
808 242424
Intoxication emergencies
Name:
Intoxication emergencies
Telephone:
808 250143
Maritime emergencies
Name:
Maritime emergencies
Telephone:
00351 214 401919 / 00351 214 411646
Others
Spoken language
Portuguese is the official language spoken in Lisbon. It’s true plenty of tourism-related venues have staffs trained to speak English (or other foreign languages, for that matter), but knowing a bit of Portuguese is definitely an advantage, not necessarily in terms of orientation as much as in managing to blend in and actually sample the characteristic charm of the place.
Time zone
GMT (summer time: one hour ahead of GMT)
Tourist information offices
In Lisbon there are several tourist information offices visitors can rely on in order to find out the tourist essentials of the city. The most important of all is the so-called Lisbon Welcome Center, which is located in Rua do Arsenal. Such offices can also be spotted in the surroundings of Lisbon.
Customs regulations
European Union citizens are allowed to bring in or out of Portugal no more than 800 cigarettes, 200 cigars, 1 kilogram of tobacco, 10 liters of spirits, 90 liters of wine, provided that these amounts are for personal use. Non-European citizens are not allowed to import or exports more than 200 cigarettes, 50 cigars, and 250 grams of tobacco, 1 liter of spirits and 4 liters of wine. Regardless of nationality, tourists are not allowed to bring in more than about 5,000 euros, nor are they allowed to export more than 10,000 euros.
Entry documents
European Union citizens only need a valid identification card in order to enter Portugal. Passports are necessary for nationals of countries outside the European Union. Visas are required for non-European citizens who plan to stay in Portugal for more than 90 days. Again, depending on nationality, tourists might also be required to hold a visa regardless of the duration of their stay in Portugal.
Electricity
In Portugal, sockets are designed according to the European standards (two-pin sockets) and they are supplied with 220 / 380 volts. Appliances requiring American-type plugs must be used with adapter plugs.
Tap water
Tap water in Lisbon is perfectly safe to drink. Tourists unfamiliar with the taste of the running water Lisbon is supplied with can always drink bottled water, which is not expensive at all and gives visitors an extra feel of safety.
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Learn all about the Currency of Brazil
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2019-10-09T21:03:04+00:00
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The Currency of Brazil today is the Real. Chart its history, the value of the Real, and how it has performed under Presdients like Lula, Dilma and Bolsonaro.
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en
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Brazil Selection
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https://www.travel-brazil-selection.com/informations/essential-information/brazilian-currency/
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The currency in Brazil today is the Real, (plural “reais”). Its sign is “R$” and its ISO currency code is “BRL”.
This section of our Brazil travel guide will examine how the currency in Brazil became the Real and its journey down through the ages. Throughout its history, Brazilian currency has changed many times due to hyperinflation and economic goals. Starting with the arrival of the currency with European colonizers, we chart its course through time, with reference to how its fluctuations in value affected Brazilian society. Finally, we present the value of the Real today, how it is issued and how it has performed under different Brazilian political leaders.
The Real first arrives in Brazil
The Real was the first official currency of Brazil, arriving with the Portuguese and the Dutch around the mid – 17th century. The name real, means “royal” in Portuguese and it was also the name of the currency in circulation in Portugal from the 1400´s until 1911. Since the earliest colonial days in Brazil, the Real was in use. The symbol for the “old Real” as it is known nowadays, was “Rs$. Note, the last character that looks like a dollar sign is called “cifrão” in Portuguese and was always written with two vertical strokes instead of one.
The plural form of the old Real is “réis,” as oppose to the plural form of the modern real which is “reais.” The practical unit of the old Real changed many times throughout its lifetime due to the effects of inflation. First becoming “mil reís” meaning one-thousand réis then becoming “conto de réis” which was the equivalent of one million réis!
Nowadays, you can hear the older terms mostly being used in old Brazilian song lyrics, such as in this extract from a traditional song:
“Capénga ontem teve aqui
Deu dois mil réis ao papai
Deu três mil réis ao mamãe
Café e açúcar ao vovó
Dois vinténs para mim, só”
Extract from “Capénga”
Although Brazil gained its independence from the Portuguese crown in September 1822 when the declaration of Dom Pedro founded The Empire of Brazil, the Real remained as its official currency. The old currency of Brazil went through many reforms over the years, but the original Brazilian real that circulated in the 1750´s for example, came in denominations of 5, 10, 20 and 40 réis copper coins. Silver coins circulated in denominations of 75, 150, 300 and 600 réis and gold coins were available in 1000, 2000, 4000 and 6400 réis.
The first paper money used in Brazil was to pay diamond prospectors. The notes came in various denominations because their value was marked on the note at the time of issue. Various banks throughout Brazilian history issued their own denominations of the Brazilian Real including Banco do Brazil, Banco do Maranhão and Banco da República dos Estados Unidos do Brasil. Regional governments also issued their own banknotes in the 1890s, and from 1924 to 1942.
The Cruzeiro becomes the new Brazilian Currency
The Cruzeiro replaced the old Real in 1942 and various currencies circulated in Brazil under the name cruzeiro until 1994. Its symbol was “Cr$.” From 1986 to 1989 the cuzeiro was replaced by the “Cruzado,” and from 89 – 90 the “Cruzado novo.” There were three distinct currencies in Brazil, which carried the name cruzeiro. The first cruzeiro known as the “Cruzeiro antigo” (old Cruzeiro) circulated from 1942 – 1967. The second cruzeiro, known as the “Cruzeiro Novo” was in use from 1970 – 1986. (Cruzeiro Novo means “new Cruzeiro” in Portuguese.) Finally, the third and last cruzeiro was used between 1990 and 1993.
The name cruzeiro comes from “Cruzeiro do Sul” which is the Portuguese for the Southern Cross or Crux constellation. This constellation is more or less only visible in the Southern hemisphere and remains a popular icon in Brazilian culture, still in use on the Real coin today and taking pride of place on various badges and coat of arms´.
The modern Real, the currency of Brazil today
Today in Brazil, the currency is once again the Real. Around since the early 1690´s the name “Real” has managed to survive all the way to the present day (except for the period between 1942 – 1994 when the Brazilian cruzeiro took its place). The plural form of the modern real is “reais” and its sign is “R$”. Its international standard currency code is BRL, and it is issued by “Banco Central do Brazil” (The Central Bank of Brazil).
An interesting fact is that the modern real is equal to 2.75 × 1018 (2.75 quintillion!) of Brazil´s original réis. At the time of writing (July 2019), the US Dollar is equivalent to 3.76 reais.
The Real is divided into 100 equal “centavos.”
Brazilian Real Coins
The current series of Real coins was released in 1998. Although the central bank stopped producing 1 centavo coins in November 2005, they are still in circulation and still count as legal tender. A funny and interesting thing you might see on your journey to Brazil, is a small stack of ten 10 centavo coins taped together to serve as 1 Real!
Each centavo coin bears the Southern cross constellation on one face. Pedro Álvares Cabral, the discoverer of Brazil, is featured on the one-centavo coin, made from copper – plated steel. The five – centavo coin, also made from copper – plated steel bears the face of Joaquim José da Silva Xavier, famously known as “Tiradentes.” He was a prominent figure of a revolutionary movement in Minas Gerais, during which he fought for independence from the Portuguese crown and because of this was publicly hanged. Tiradentes is remembered in Brazil as a national hero.
Brass – plated steel is the material used to make the ten – centavo coin and it features Dom Pedro I, also known as “The Liberator,” he became the first emperor of Brazil in October 1822 after declaring Brazil´s independence from Portugal on September 7th of the same year. The 25 – centavo coin is also made from brass – plated steel and on it you will find Field Marshall Deodoro da Fonseca, the first president of the Republic of Brazil, he led the coup that toppled Emperor Pedro II and with him went the Empire of Brazil. The 50 – centavos coin is made from steel and is adorned by the face of José Paranhos Jr, one of Brazil´s most revered ministers for foreign affairs. He managed to peacefully resolve all of the problems Brazil had with its neighboring countries regarding the borders. Finally, the 1 – real coin is made from an inner coin of steel surrounded by a ring of brass. The outer brass ring is decorated with a Marajoara art pattern, traditional on the Amazon estuary island, Marajó. In the centre is the Éfigie da República, symbol of the republic of Brazil.
Below are examples of the art that inspire the design of the 1 Real coin. The first is an example of Marajó art, which you can see on the outer ring of the 1 Real coin. Marajó is an island on the Amazon estuary roughly the size of Switzerland! It is famous for its ceramic pottery featuring the same art, which give evidence to the fact that the island was inhabited from as early as 1400BC.
Also below is an example of allegoric art depicting the Brazilian republic, by Manuel Lopes Rodrigues in 1896. The woman in the painting is the “Efígie da República” also seen on the 1 Real coin. Brazil first became a republic in 1889, after which this symbol became widely used to sygnify it.
Finally, we have the Southern – Cross constellation in the night sky. It is mostly only visible from the Southern hemisphere, although it is possible to see it on rare occasions from parts of the Northern hemisphere. Brazil is the largest country in the Southern hemisphere and so it has become a symbol of both Brazil and the other countries that lie south of the Equator. It is seen on all real coins.
Brazilian Real Banknotes
The latest series of Brazilian banknotes began circulating in 2010 and come in denominations of 2, 5, 10, 50 and 100 Reais. On the 2 Real banknote you will find the Hawksbill Turtle. This critically endangered species is found in Brazilian waters and considerable efforts are ongoing to combat its declining numbers. These majestic marine creatures were traditionally hunted for their beautiful shells. The 5 Real banknote features a Great Egret, a large heron – like bird, that can spear fish with its long sharp bill. It displays beautiful white plumage. The 10 Real banknote features the Green – Winged Macaw, quite a famous symbol of tropical Brazil, it is also one of the largest species of Macaw found in the country. The Golden Lion Tamarin will be found if you study a 20 Real note, named after their large manes, these incredible monkeys call Brazil´s Atlantic rainforest home. Unfortunately, due to logging and careless human behavior their habitat and numbers are dwindling. Look at a 50 Real note to find the mythical Jaguar, king of the Pantanal, where you can embark on a trip to see these majestic cats. Finally, if you are lucky enough to feast your eyes on a 100 Real note, you will see the image of a “garoupa” or dusky grouper. This is a highly prized fish in the southern coastal states of Brazil.
The Plano Real also involved a series of economic reforms at governmental level allowing inflation to be kept under control for the following years. These reforms included control of expenditure through high interest rates and also the adoption of liberal trade policies to allow the increase of market competition. The plan initially worked and the real gained value against the US dollar, backed by large capital investments in Brazil, particularly in 1994 and 1995. After 1995 however, the Real experienced a gradual downfall culminating in a crisis in 1999.
In 1999 the Brazilian Central Bank announced that the Real would no longer be pegged to the US dollar leading to a 4.4% growth in the economy in 2000.
Much to the surprise of economists, supporters and opposition to Lula, when Lula took office in 2003 he did not overhaul the economy as many expected he would. In fact, Lula continued many of the policies of the previous government in that he targeted the control of inflation and maintained the floating currency. He even made sure to appoint conservative ministers to certain positions such as the Ministry of Finance and the Revenue Service. Some of Lula´s critics accused him of going back on his word as he increased the minimum wage a lot less than he promised during his presidential candidacy.
All in all the Brazilian currency flourished and the economy grew rapidly during the Lula years (he was re – elected in 2006). The GDP grew by 5.7% in 2004 and 3.2% in 2005, 4% in 2006, 6.1% in 2007 and 5.1% in 2008. From 2008 to 2010 during the global financial crisis, the Brazilian economy continued to grow ending 2010 with a figure of 7.5%, contrary to what one would expect!
In 2015, the GDP of Brazil fell by 3.9% and 3.6% in 2016. This crisis had serious negative implications throughout the country; the unemployment rate rose from 6.8% to 12% by the end of 2016. There was outrage against the establishment, in particular towards the leadership of Dilma and the workers party (PT). Many believe this to be a pivotal point in Brazilian politics, in that the Brazilian public looked for an alternative to PT and so was a great aid in the election of current right – wing president Jair Bolsonaro.
The recession ended when the GDP rose by 1.4% in the first quarter of 2017.
The Real under Bolsonaro
During Bolsonaro´s candidacy the real rallied, a right wing president who would put economic growth first was “what the markets wanted.” Investors worldwide experienced increased confidence in the Brazilian currency. It was even reported that the Brazilian economy was on the road to recovery.
When Bolsonaro took office on the first of January 2019 he left the task of fixing the broken economy and weak Brazilian currency to businessman Paulo Guedes. The real was still in the same place it was back in 2014. Since the new President took office, economists have halved their expectations for economic growth in 2019, and there is not much positive speculation as far as improvement goes on the meagre figures of 2017 and 2018.
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People and Society
Population
total: 10,207,177
male: 4,835,763
female: 5,371,414 (2024 est.)
comparison rankings : female 86; male 94; total 92
Nationality
noun: Portuguese (singular and plural)
adjective: Portuguese
Ethnic groups
Portuguese 95%; citizens from Portugalâs former colonies in Africa, Asia (Han Chinese), and South America (Brazilian) and other foreign born 5%
Languages
Portuguese (official), Mirandese (official, but locally used)
Religions
Roman Catholic 79.7%, Protestant 2.2%, other Christian 2.5%, other non-Christian, 1.1%, none 14.5% (2021 est.)
note: data represent population 15 years of age and older
Age structure
0-14 years: 12.7% (male 662,419/female 631,284)
15-64 years: 65% (male 3,264,766/female 3,371,087)
65 years and over: 22.3% (2024 est.) (male 908,578/female 1,369,043)
2023 population pyramid :
Dependency ratios
total dependency ratio: 56
youth dependency ratio: 20.8
elderly dependency ratio: 35.2
potential support ratio: 2.8 (2021 est.)
Median age
total: 46.4 years (2024 est.)
male: 44.3 years
female: 48.3 years
comparison ranking : total 11
Population growth rate
-0.14% (2024 est.)
comparison ranking : 207
Birth rate
8 births/1,000 population (2024 est.)
comparison ranking : 214
Death rate
10.9 deaths/1,000 population (2024 est.)
comparison ranking : 27
Net migration rate
1.5 migrant(s)/1,000 population (2024 est.)
comparison ranking : 56
Population distribution
concentrations are primarily along or near the Atlantic coast; both Lisbon and the second largest city, Porto, are coastal cities
Urbanization
urban population: 67.9% of total population (2023)
rate of urbanization: 0.44% annual rate of change (2020-25 est.)
total population growth rate v. urban population growth rate, 2000-2030
Major urban areas - population
3.001 million LISBON (capital), 1.325 million Porto (2023)
Sex ratio
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-64 years: 0.97 male(s)/female
65 years and over: 0.66 male(s)/female
total population: 0.9 male(s)/female (2024 est.)
Mother's mean age at first birth
29.9 years (2020 est.)
Maternal mortality ratio
12 deaths/100,000 live births (2020 est.)
comparison ranking : 141
Infant mortality rate
total: 2.4 deaths/1,000 live births (2024 est.)
male: 2.8 deaths/1,000 live births
female: 2.1 deaths/1,000 live births
comparison ranking : total 216
Life expectancy at birth
total population: 81.9 years (2024 est.)
male: 78.8 years
female: 85.2 years
comparison ranking : total population 37
Total fertility rate
1.45 children born/woman (2024 est.)
comparison ranking : 207
Gross reproduction rate
0.71 (2024 est.)
Contraceptive prevalence rate
73.9% (2014)
Drinking water source
improved: urban: 100% of population
rural: 99.7% of population
total: 99.9% of population
unimproved: urban: 0% of population
rural: 0.3% of population
total: 0.1% of population (2020 est.)
Current health expenditure
10.6% of GDP (2020)
Physician density
5.48 physicians/1,000 population (2019)
Hospital bed density
3.5 beds/1,000 population (2018)
Sanitation facility access
improved: urban: 99.9% of population
rural: 100% of population
total: 99.9% of population
unimproved: urban: 0.1% of population
rural: 0% of population
total: 0.1% of population (2020 est.)
Obesity - adult prevalence rate
20.8% (2016)
comparison ranking : 95
Alcohol consumption per capita
total: 10.37 liters of pure alcohol (2019 est.)
beer: 2.62 liters of pure alcohol (2019 est.)
wine: 6.04 liters of pure alcohol (2019 est.)
spirits: 1.34 liters of pure alcohol (2019 est.)
other alcohols: 0.37 liters of pure alcohol (2019 est.)
comparison ranking : total 20
Tobacco use
total: 25.4% (2020 est.)
male: 30.5% (2020 est.)
female: 20.2% (2020 est.)
comparison ranking : total 47
Children under the age of 5 years underweight
0.4% (2015/16)
comparison ranking : 124
Currently married women (ages 15-49)
52.6% (2023 est.)
Education expenditures
5% of GDP (2020 est.)
comparison ranking : 76
Literacy
definition: age 15 and over can read and write
total population: 95.9%
male: 97.8%
female: 95.9% (2021)
School life expectancy (primary to tertiary education)
total: 17 years
male: 17 years
female: 17 years (2020)
Government
Country name
conventional long form: Portuguese Republic
conventional short form: Portugal
local long form: Republica Portuguesa
local short form: Portugal
etymology: name derives from the Roman designation "Portus Cale" meaning "Port of Cale"; Cale was an ancient Celtic town and port in present-day northern Portugal
Government type
semi-presidential republic
Capital
name: Lisbon
geographic coordinates: 38 43 N, 9 08 W
time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
time zone note: Portugal has two time zones, including the Azores (UTC-1)
etymology: Lisbon is one of Europe's oldest cities (the second oldest capital city after Athens) and the origin of the name is lost in time; it may have been founded as an ancient Celtic settlement that subsequently maintained close commercial relations with the Phoenicians (beginning about 1200 B.C.); the name of the settlement may have been derived from the pre-Roman appellation for the Tagus River that runs through the city, Lisso or Lucio; the Romans named the city "Olisippo" when they took it from the Carthaginians in 205 B.C.; under the Visigoths the city name became "Ulixbona," under the Arabs it was "al-Ushbuna"; the medieval version of "Lissabona" became today's Lisboa
Administrative divisions
18 districts (distritos, singular - distrito) and 2 autonomous regions* (regioes autonomas, singular - regiao autonoma); Aveiro, Acores (Azores)*, Beja, Braga, Braganca, Castelo Branco, Coimbra, Evora, Faro, Guarda, Leiria, Lisboa (Lisbon), Madeira*, Portalegre, Porto, Santarem, Setubal, Viana do Castelo, Vila Real, Viseu
Independence
1143 (Kingdom of Portugal recognized); 1 December 1640 (independence reestablished following 60 years of Spanish rule); 5 October 1910 (republic proclaimed)
National holiday
Portugal Day (Dia de Portugal), 10 June (1580); note - also called Camoes Day, the day that revered national poet Luis DE CAMOES (1524-80) died
Legal system
civil law system; Constitutional Court review of legislative acts
Constitution
history: several previous; latest adopted 2 April 1976, effective 25 April 1976
amendments: proposed by the Assembly of the Republic; adoption requires two-thirds majority vote of Assembly members; amended several times, last in 2005
International law organization participation
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Portugal
dual citizenship recognized: yes
residency requirement for naturalization: 10 years; 6 years if from a Portuguese-speaking country
Suffrage
18 years of age; universal
Executive branch
chief of state: President Marcelo REBELO DE SOUSA (since 9 March 2016)
head of government: Prime Minister Antonio Luis MONTENEGRO (since 2 April 2024)
cabinet: Council of Ministers appointed by the president on the recommendation of the prime minister
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 24 January 2021 (next to be held in January 2026); following legislative elections the leader of the majority party or majority coalition is usually appointed prime minister by the president
election results:
2021: Marcelo REBELO DE SOUSA reelected president in the first round; percent of vote - Marcelo REBELO DE SOUSA (PSD) 60.7%, Ana GOMES (ran as an independent but is a member of PS) 13%, Andre VENTURA (CH) 11.9%, João FERREIRA (PCP-PEV) 4.3%, other 10.1%
2016: Marcelo REBELO DE SOUSA elected president in the first round; percent of vote - Marcelo REBELO DE SOUSA (PSD) 52%, António SAMPAIO DA NOVOA (independent) 22.9%, Marisa MATIAS (BE) 10.1%, Maria DE BELEM ROSEIRA (PS) 4.2%, other 10.8%
Â
note: there is also a Council of State that acts as a consultative body to the president
Legislative branch
description: unicameral Assembly of the Republic or Assembleia da Republica (230 seats; 226 members directly elected in multi-seat constituencies by closed-list proportional representation vote and 4 members - 2 each in 2 constituencies representing Portuguese living abroad - directly elected by proportional representation vote; members serve 4-year terms)
elections: last held on 10 March 2024 (next to be held on 30 September 2028); note - early elections were called after Prime Minister Antonio Luis Santos da COSTA resigned on 7 November 2023
election results: percent of vote by party - AD (PSD, CDS-PP, PPM) 28.8%, PS, 28%, Enough 18.1%, IL 4.9%, BE 4.4%, L 3.2%, CDU 3.2%, other 9.4%; seats by party - AD (PSD, CDS-PP, PPM) 80, PS 78, Enough 50, IL 8, BE 5, L 4, CDU 4, other 1; composition - men 155, women 75, percentage women 32.6%
Judicial branch
highest court(s): Supreme Court or Supremo Tribunal de Justica (consists of 12 justices); Constitutional Court or Tribunal Constitucional (consists of 13 judges)
judge selection and term of office: Supreme Court justices nominated by the president and appointed by the Assembly of the Republic; judges can serve for life; Constitutional Court judges - 10 elected by the Assembly and 3 elected by the other Constitutional Court judges; judges elected for 6-year nonrenewable terms
subordinate courts: Supreme Administrative Court (Supremo Tribunal Administrativo); Audit Court (Tribunal de Contas); appellate, district, and municipal courts
Political parties
Democratic Alliance or AD (2024 electoral alliance in the Azores, includes PSD, CDS-PP, PPM)
Democratic and Social Center/People's Party (Partido do Centro Democratico Social-Partido Popular) or CDS-PP
Ecologist Party "The Greens" or "Os Verdes" (Partido Ecologista-Os Verdes) or PEV
Enough (Chega)
Liberal Initiative (Iniciativa Liberal) or IL
LIVRE or L
People-Animals-Nature Party (Pessoas-Animais-Natureza) or PAN
People's Monarchist Party or PPM
Portuguese Communist Party (Partido Comunista Portugues) or PCP
Social Democratic Party (Partido Social Democrata) or PSD (formerly the Partido Popular Democratico or PPD)
Socialist Party (Partido Socialista) or PS
The Left Bloc (Bloco de Esquerda) or BE or O Bloco
Unitary Democratic Coalition (Coligacao Democratica Unitaria) or CDU (includes PCP and PEV) (2024)
International organization participation
ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, CD, CE, CERN, CPLP, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club (associate), PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNOOSA, UNWTO, UPU, Wassenaar Arrangement, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US
chief of mission: Ambassador Francisco Antonio DUARTE LOPES (since 7 June 2022)
chancery: 2012 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 350-5400
FAX: [1] (202) 462-3726
email address and website:
info.washington@mne.pt
https://washingtondc.embaixadaportugal.mne.gov.pt/en/
consulate(s) general: Boston, Newark (NJ), New York, San Francisco
consulate(s): New Bedford (MA), Providence (RI)
Diplomatic representation from the US
chief of mission: Ambassador Randi Charno LEVINE (since 22 April 2022)
embassy: Avenida das Forcas Armadas, 1600-081 Lisboa
mailing address: 5320 Lisbon Place, Washington DCÂ 20521-5320
telephone: [351] (21) 727-3300
FAX: [351] (21) 726-9109
email address and website:
conslisbon@state.gov
https://pt.usembassy.gov/
consulate(s): Ponta Delgada (Azores)
Flag description
two vertical bands of green (hoist side, two-fifths) and red (three-fifths) with the national coat of arms (armillary sphere and Portuguese shield) centered on the dividing line; explanations for the color meanings are ambiguous, but a popular interpretation has green symbolizing hope and red the blood of those defending the nation
National symbol(s)
armillary sphere (a spherical astrolabe modeling objects in the sky and representing the Republic); national colors: red, green
National anthem
name: "A Portugesa" (The Song of the Portuguese)
lyrics/music: Henrique LOPES DE MENDOCA/Alfredo KEIL
note: adopted 1910; "A Portuguesa" was originally written to protest the Portuguese monarchy's acquiescence to the 1890 British ultimatum forcing Portugal to give up areas of Africa; the lyrics refer to the "insult" that resulted from the event
National heritage
total World Heritage Sites: 17 (16 cultural, 1 natural)
selected World Heritage Site locales: Historic Ãvora (c); Central Zone of the Town of Angra do Heroismo in the Azores (c); Cultural Landscape of Sintra (c); Laurisilva of Madeira (n); Historic Guimarães (c); Monastery of the Hieronymites and Tower of Belém in Lisbon (c); Convent of Christ in Tomar (c); Prehistoric Rock Art Sites in the Côa Valley and Siega Verde (c); University of Coimbra â Alta and Sofia (c); Sanctuary of Bom Jesus do Monte in Braga (c)
Economy
Economic overview
high-income EU and eurozone economy; strong services sector led by tourism and banking; tight labor market; private consumption and export recovery driving post-inflation rebound; EU Recovery and Resilience Plan (RRP) funds a key driver of public investment; high public debt but improving fiscal position
Real GDP (purchasing power parity)
$439.008 billion (2023 est.)
$429.3 billion (2022 est.)
$401.863 billion (2021 est.)
note: data in 2021 dollars
comparison ranking : 52
Real GDP growth rate
2.26% (2023 est.)
6.83% (2022 est.)
5.74% (2021 est.)
note: annual GDP % growth based on constant local currency
comparison ranking : 132
Real GDP per capita
$41,700 (2023 est.)
$41,200 (2022 est.)
$38,800 (2021 est.)
note: data in 2021 dollars
comparison ranking : 58
GDP (official exchange rate)
$287.08 billion (2023 est.)
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
4.31% (2023 est.)
7.83% (2022 est.)
1.27% (2021 est.)
note: annual % change based on consumer prices
comparison ranking : 92
Credit ratings
Fitch rating: BBB (2007)
Moody's rating: Baa3 (2018)
Standard & Poors rating: BBB (2019)
note: The year refers to the year in which the current credit rating was first obtained.
GDP - composition, by sector of origin
agriculture: 2.2% (2017 est.)
industry: 22.1% (2017 est.)
services: 75.7% (2017 est.)
comparison rankings : services 44; industry 130; agriculture 170
GDP - composition, by end use
household consumption: 65.1% (2017 est.)
government consumption: 17.6% (2017 est.)
investment in fixed capital: 16.2% (2017 est.)
investment in inventories: 0.1% (2017 est.)
exports of goods and services: 43.1% (2017 est.)
imports of goods and services: -42.1% (2017 est.)
Agricultural products
milk, tomatoes, grapes, olives, maize, oranges, pork, potatoes, chicken, apples (2022)
note: top ten agricultural products based on tonnage
Industries
textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, fuels and lubricants, automobiles and auto parts, base metals, minerals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism, plastics, financial services, optics
Industrial production growth rate
-1.13% (2023 est.)
note: annual % change in industrial value added based on constant local currency
comparison ranking : 169
Labor force
5.419 million (2023 est.)
note: number of people ages 15 or older who are employed or seeking work
comparison ranking : 80
Unemployment rate
6.49% (2023 est.)
6.01% (2022 est.)
6.58% (2021 est.)
note: % of labor force seeking employment
comparison ranking : 132
Youth unemployment rate (ages 15-24)
total: 20.2% (2023 est.)
male: 20.6% (2023 est.)
female: 19.9% (2023 est.)
note: % of labor force ages 15-24 seeking employment
comparison ranking : total 63
Population below poverty line
16.4% (2021 est.)
note: % of population with income below national poverty line
Gini Index coefficient - distribution of family income
34.6 (2021 est.)
note: index (0-100) of income distribution; higher values represent greater inequality
comparison ranking : 81
Average household expenditures
on food: 17.5% of household expenditures (2021 est.)
on alcohol and tobacco: 3.1% of household expenditures (2021 est.)
Household income or consumption by percentage share
lowest 10%: 2.8% (2021 est.)
highest 10%: 27.6% (2021 est.)
note: % share of income accruing to lowest and highest 10% of population
Remittances
0.47% of GDP (2023 est.)
0.38% of GDP (2022 est.)
0.3% of GDP (2021 est.)
note: personal transfers and compensation between resident and non-resident individuals/households/entities
Budget
revenues: $102.052 billion (2019 est.)
expenditures: $101.854 billion (2019 est.)
Public debt
125.7% of GDP (2017 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
comparison ranking : 11
Taxes and other revenues
23.05% (of GDP) (2022 est.)
note: central government tax revenue as a % of GDP
comparison ranking : 62
Current account balance
$3.974 billion (2023 est.)
-$3.108 billion (2022 est.)
-$2.987 billion (2021 est.)
note: balance of payments - net trade and primary/secondary income in current dollars
comparison ranking : 39
Exports
$136.589 billion (2023 est.)
$126.541 billion (2022 est.)
$105.648 billion (2021 est.)
note: balance of payments - exports of goods and services in current dollars
comparison ranking : 40
Exports - partners
Spain 25%, France 12%, Germany 11%, US 7%, UK 5% (2022)
note: top five export partners based on percentage share of exports
Exports - commodities
cars, garments, refined petroleum, vehicle parts/accessories, plastic products (2022)
note: top five export commodities based on value in dollars
Imports
$133.006 billion (2023 est.)
$131.627 billion (2022 est.)
$112.413 billion (2021 est.)
note: balance of payments - imports of goods and services in current dollars
comparison ranking : 41
Imports - partners
Spain 31%, Germany 11%, France 6%, China 5%, Italy 5% (2022)
note: top five import partners based on percentage share of imports
Imports - commodities
crude petroleum, cars, refined petroleum, natural gas, vehicle parts/accessories (2022)
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
$35.243 billion (2023 est.)
$32.232 billion (2022 est.)
$32.535 billion (2021 est.)
note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
comparison ranking : 58
Debt - external
$462.431 billion (2019 est.)
$483.206 billion (2018 est.)
comparison ranking : 27
Exchange rates
euros (EUR) per US dollar -
Exchange rates:
0.925 (2023 est.)
0.95 (2022 est.)
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
Military and Security
Military and security forces
Portuguese Armed Forces (Forças Armadas): Portuguese Army (Exercito Portuguesa), Portuguese Navy (Marinha Portuguesa; includes Marine Corps, aka Corpo de Fuzileiros or Corps of Fusiliers), Portuguese Air Force (Forca Aerea Portuguesa, FAP)
Ministry of Internal Administration: Foreigners and Borders Service, Public Security Service, National Republican Guard (Guarda Nacional Republicana, GNR) (2024)
note: the Foreigners and Borders Service has jurisdiction over immigration and border matters, the Public Security Police has jurisdiction in cities, and the GNR has jurisdiction in rural areas; the GNR is a national gendarmerie force comprised of military personnel with law enforcement, internal security, civil defense, disaster response, and coast guard duties; it is responsible to both the Ministry of Internal Administration and to the Ministry of National Defense; it is not part of the Armed Forces, but may be placed under the operational command of the Chief of the General Staff of the Armed Forces in the event of a national emergency; the GNR describes itself as a hinge between the Armed Forces and the police forces and other security services
Military service age and obligation
18-30 years of age for voluntary or contract military service; no compulsory military service (abolished 2004) but conscription possible if insufficient volunteers available; women serve in the armed forces but are prohibited from serving in some combatant specialties; contract service lasts for an initial period of 2-6 years, and can be extended to a maximum of 20 years of service; initial voluntary military service lasts 12 months; reserve obligation to age 35 (2023)
note: as of 2023, women made up about 14% of the military's full-time personnel
Military deployments
the Portuguese Armed Forces have more than 1,100 military personnel deployed around the world engaged in missions supporting the EU, NATO, the UN, and partner nations; key deployments include 225 troops in the Central African Republic (MINUSCA), approximately 220 in Lithuania (NATO), and approximately 150 in Romania (NATO); it also participates in NATO air policing and maritime patrolling operations (2024)
Military - note
the Portuguese military is an all-volunteer force with the primary responsibilities of external defense, humanitarian operations, and fulfilling Portugalâs commitments to European and international security; maritime security has long been a key component of the military's portfolio, and Portugal has one of the world's oldest navies
Portugal was one of the original signers of the North Atlantic Treaty (also known as the Washington Treaty) in 1949 establishing NATO, and the Alliance forms a key pillar of Portugalâs defense policy; Portugal is also a signatory of the EUâs Common Security and Defense Policy, and it regularly participates in a variety of EU, NATO, and UN deployments around the world; the militaryâs largest commitments include air, ground, and naval forces under NATO-led missions and standing task forces in the Baltics, Eastern Europe, and the Mediterranean Sea; the military also participates regularly in exercises with NATO partners (2023)
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CURRENCY translate: moeda, moeda corrente, moeda [feminine], aceitação [feminine]. Learn more in the Cambridge English-Portuguese Dictionary.
|
en
|
https://dictionary.cambridge.org/external/images/favicon.ico?version=6.0.31
|
https://dictionary.cambridge.org/dictionary/english-portuguese/currency
|
noun
uk
Your browser doesn't support HTML5 audio
/ˈkʌr.ən.si/ us
Your browser doesn't support HTML5 audio
/ˈkɝː.ən.si/
MONEY
More examplesFewer examples
Take some foreign currency to cover incidentals like the taxi fare to your hotel.
Five people were indicted for making and selling counterfeit currency.
The Central Bank intervened in the currency markets today to try to stabilize the exchange rate.
The currency has lost so much of its value that barter has become the preferred way of doing business.
In 1971, Britain switched over to a decimal currency.
(Translation of currency from the Cambridge English-Portuguese Dictionary © Cambridge University Press)
Translation of currency | GLOBAL English–Portuguese Dictionary
currency
noun
/ˈkɜrənsi, ˈkʌr-/
plural currencies
moeda [ feminine ]
U.S./European/Chinese etc. currency moeda dos EUA/da Europa/da China etc.
foreign currencies moedas estrangeiras
[ uncountable ]
how accepted an idea is
aceitação [ feminine ]
a theory that has recently gained currency uma teoria que ganhou aceitação recentemente
(Translation of currency from the GLOBAL English-Portuguese Dictionary © 2021 K Dictionaries Ltd)
Examples of currency
currency
Therefore, the operation of an exchange market is required for trading outside currencies.
In either case member countries would have to keep their currencies within the prescribed margins.
Instead, they are maintaining a floating exchange rate for their domestic currencies.
The paper also derives a two-period-ahead forecast of the values of average fractions of savings placed in each of the two currencies.
They typically have overvalued currencies accompanied by continuous debt accumulation.
There should be substantial short-term credit facilities available to members for the support of currencies for periods of up to one year.
Since then the snake currencies and the dollar had floated independently of each other.
Then, election is implemented and its impact depends on the direction of inequality between the rates of return on two currencies.
These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.
B1
Translations of currency
in Chinese (Traditional)
錢, 貨幣，通貨, 接受…
in Chinese (Simplified)
钱, 货币，通货, 接受…
in Spanish
moneda, moneda [feminine], aceptación [feminine]…
in more languages
in Marathi
in Japanese
in Turkish
in French
in Catalan
in Dutch
in Tamil
in Hindi
in Gujarati
in Danish
in Swedish
in Malay
in German
in Norwegian
in Urdu
in Ukrainian
in Russian
in Telugu
in Arabic
in Bengali
in Czech
in Indonesian
in Thai
in Vietnamese
in Polish
in Korean
in Italian
एखाद्या विशिष्ट देशात विशिष्ट वेळी वापरला जाणारा पैसा…
通貨, 通貨（つうか）, 通用（つうよう）…
resmi para, tedavüldeki para, (fikir) geçerlilik…
monnaie [feminine], devise [feminine], crédibilité [feminine]…
moneda…
muntsoort…
ஒரு குறிப்பிட்ட நாட்டில் ஒரு குறிப்பிட்ட நேரத்தில் பயன்படுத்தப்படும் பணம்…
(एक समय पर किसी देश की) मुद्रा, करेंसी…
ચલણ…
valuta, mønt…
valuta…
matawang…
die Währung…
valuta [masculine], myntenhet [masculine], utbredelse [masculine]…
کرنسی, سکۂ رائج الوقت…
валюта…
валюта, распространенность…
కరెన్సీ, ఒక నిర్దిష్ట దేశంలో నిర్దిష్ట సమయంలో ఉపయోగించే డబ్బు…
عُمْلة…
মুদ্রা…
měna, peníze…
mata uang…
เงินตรา…
tiền tệ…
waluta, popularność…
화폐 단위…
valuta, moneta…
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https://www.smoney.com.au/blog/currency-in-portugal/
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en
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What You Need to Know About Currency in Portugal
|
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2020-02-05T06:04:00+00:00
|
In this guide, you’ll find out about currency of Portugal and how to make your savings stretch, by saving on currency exchange in Portugal.
|
en
|
S Money
|
https://www.smoney.com.au/blog/currency-in-portugal/
|
Currency in Portugal
A Travel Money Guide to Portugal
Famous for its port wine and custard tarts, its pristine beaches, and its athletic football stars, Portugal is a fascinating destination to visit. And now you’re heading there yourself!
But to make your savings stretch, it’s helpful to know everything you can about currency exchange and spending in Portugal. In this guide, you’ll find out about:
The official currency of Portugal
The pros and cons of using a bank card in Portugal
What the Portuguese Euro looks like
The average costs of things in Portugal
How the euro converts
What to do with leftover euros
How to exchange the currency in Portugal
Some hot tips to help you save money
How to buy Portuguese currency before you leave
What Currency is Used in Portugal?
Portugal was one of the first countries to adopt the euro, replacing the former currency, the escudo, on 1 January 1999. For a while, the escudo was accepted alongside the euro until it was phased out of circulation on 28 February 2002.
The euro – the official monetary unit of the European Union – is represented by the symbol € and the currency code EUR.
In Portugal, as elsewhere in Europe, you’ll commonly see prices written with the currency sign following the numerals, as in 10€. In Portugal, the uses of the decimal point and comma are reversed: decimal points are used in thousands (e.g. €10.000 instead of €10,000 while you’ll find €1.50 written as €1,50).
The Euro: Familiarise Yourself with Portugal’s Currency
As the second most traded currency in the world, you may already be familiar with euro coins and banknotes.
There are 15 denominations. Coins currently in circulation in Portugal come in denominations of €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1, and €2.
Every euro coin shares one common side, with a map of the European Union and the numerical value of the coin. On the reverse side, coins feature a national design. In Portugal, the coins feature the royal seals, coat of arms, and castles of Portugal.
Euro banknotes are homogenous across the eurozone – the region of Europe where the euro is the official currency. Produced by the European Central Bank, these banknotes are available in the following denominations: €5, €10, €20, €50, €100, €200, €500.
Larger banknotes are more difficult to use as many smaller businesses will refuse to accept them. And the €500 banknote is so rare that you probably won’t come across it during your travels.
Euro coins and banknotes can be traded across the eurozone, regardless of their origins.
Using a Currency Converter
As one of the most important currencies in the world, many people track the rise and fall of the euro.
But its value fluctuates all the time on a whole range of factors, which include everything from politics and economics to the supply and demand of the currency itself.
The foreign currency converter below will give you a real-time comparison of the EUR to the AUD and tell you how much it would cost to buy euros with S Money.
AUD to EUR
From
Australian Dollars (AUD)
⇆
To
EUR
So is this a good rate?
0.6048
Low
0.5852 Average
0.605 High
0.6248
Today's rate is lower than the average rate to buy EUR. This chart compares today's rate to the average rate from the past 90 days.
How to Exchange Currency in Portugal
There’s so much to plan leading up to your trip that you might forget – or simply defer – organising your travel money. If that’s the case, there are three main ways to access cash once you arrive in Portugal.
Portuguese Bank ATMs
24-hour ATMs are available virtually everywhere in Portugal. These ATMs generally accept cards with Visa, Maestro, Mastercard, Cirrus, Plus, and other common logos.
There’s a maximum ATM withdrawal limit of €200 for Multibanco ATMs, though Euronet ATMs may allow higher withdrawals. Euronet ATMs claim to offer fee-free withdrawals.
Alongside the ATM fees, you might also end up paying more in fees from your own bank account for overseas withdrawals and currency conversions.
Currency Exchange Outlets
Currency exchange outlets, locally called cambios, are still common in Portugal. Exchange rates are typically more common in bigger cities like Lisbon and Porto.
Most Portuguese banks no longer offer currency exchanges so you’ll need to use a bureau de change. In touristy areas, these offices are usually open seven days a week.
Don’t be lured by currency exchange outlets that advertise ‘no commission’. They’ll likely still have hidden fees built into the exchange rate.
Although not common, some currency exchange desks request your passport so you may want to have ID on you just in case. Also, be sure to have undamaged notes as some places may refuse defiled banknotes.
Hotels and airport currency exchange counters are other exchange options but their rates vary drastically – and not normally to your advantage – so it’s best to avoid them if possible.
Travellers Cheques
You’ll struggle to find places to exchange travellers cheques these days and you’ll be hard pressed to find a retailer that will accept them as direct payment.
Better to avoid the travellers cheques altogether in favour of bank cards and currency exchanges.
Buying Portuguese Currency Before You Go
The best value when exchanging currency comes from organising your currency before you leave your home shores. You have three main options for doing this:
Buying euros online to be delivered or for you to pick up in-store.
Swapping AUD for EUR at a currency exchange store.
Buying euros at the airport.
Australian airport exchange outlets have some of the worst exchange rates in the world so we recommend skipping that option altogether.
Instead, you’ll likely find the best value using online currency exchange retailers like S Money. Here, you’ll find the same exchange rate as the one quoted on Google or XE.
If you prefer a direct, immediate transfer of AUDs to EURs, head to an inner-city exchange bureau, which will likely offer more competitive rates than those you’ll find in the suburbs.
Using Your Bank Card in Portugal
Debit Cards
While debit cards offer convenience, there are very few other advantages to using them unless you have one of the few bank cards with competitive exchange rates and low fees. These include:
Credit Cards
Credit cards come with the advantage of providing a little extra security in emergencies, but they likewise incur many fees when used overseas.
You could come home to a credit card bill filled with international transaction fees, ATM withdrawal charges, and cash advance fees if you used the card in an ATM.
28 Degrees is one credit card option that is travel-friendly with lower fees and charges.
Prepaid Travel Cards
It’s all in the name: travel money cards. So they must be great for travel, right?
Sadly, no.
Prepaid travel money cards typically come with a host of fees, such as reload fees, inactivity fees, and ATM withdrawal fees.
There can also be a wait of several days between reloading your currency and receiving it on the card.
But we understand: it can be nice to lock in an exchange rate and prepay your currency. If that’s the case, the Revolut and TransferWise debit cards are great value.
What Will the Portuguese Euro Buy Me?
Whether you’re ordering currency online or exchanging it at a bureau de change, you’ll need to have at least an idea of your budget. Coming home with excess foreign currency is always frustrating and you might end up wasting money changing back to AUDs.
So to help you cost out your trip, here are some of the average prices you can expect in Portugal:
€50-100
A double room in a mid-range hotel
€22-40
Dinner at a nice restaurant
€1.50-2.50
A cup of coffee
€24
A train ticket from Lisbon to Porto
€3-8
Entry to a museum
Leftover Euros at the End of Your Trip? What to Do with That Unused Cash
It’s annoying returning from a trip with a wad of foreign cash but there are plenty of ways to dispose of these unwanted coins and notes:
Your airline might distribute envelopes for currency collection to donate to charities (check out Qantas’s Change for Good program with UNICEF).
Australian international airports often have collection boxes for unwanted currency, which is donated to charity.
Drop off your currency at any branch of the Commonwealth Bank of Australia, which then gives every cent to UNICEF.
Change your Portuguese currency either at the airport or, better yet, with a money changer in the city.
Why not hold onto those euros for a friend just heading off? It’ll be a lovely surprise and going away gift for them!
Keep your money for later trips to Europe. The euro is the official legal currency of 19 eurozone countries and accepted by many more.
7 Travel Money Tips for Trips to Portugal
While Portugal is a veritable tourist hotspot (who doesn’t want to visit the fairytale Pena Palace?), many tourists waste money through not finding the best ways to exchange their currency.
To help you avoid this quandary, here are a few practical tips to help you get the most bang for your … euro:
Avoid the airports! Currency exchange bureaus at the airport charge epic fees. If you like a good deal – or even just a reasonable one – avoid these at all costs.
Only carry what you need – It can be expensive to change euros back into AUDs so only take what you think you’ll spend. Not only this – nobody likes to tuck wads of notes into their socks and toiletries for safekeeping on longer journeys.
Ask for a mix of denominations – Make it easy on yourself and the vendors by getting a mix of smaller notes.
Check your exchange rate – Google and XE.com are the standard market exchange rate but you’ll notice how wildly bank and currency exchanges can vary their rates. Try to get as close to the market rate as possible.
Look out for hidden fees – The bane of our (financial) existence, hidden fees will often make a huge difference to the cost of your holiday. Be particularly wary of hidden bank fees for overseas card usage.
The right card makes all the difference – Having a card is convenient but it can take a hit to the bank account if you have the wrong card. Research and arm yourself with the best card for travel for big savings.
Mix it up! Many travellers only use their credit card while some only think about cash. But the best option depends on your situation. Save the card for huge purchases such as hotels and car hire and reserve your cash for smaller wins – transport, attractions, or meals out.
Learn more about the Euro Currency Exchange
Ready to buy some euros at a great value for your trip? Use our AUD to EUR currency converter to find out how much you’ll get for your Aussie dollars today.
The Latest Euro Dollar news
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People and Society
Population
total: 220,051,512
male: 108,166,491
female: 111,885,021 (2024 est.)
comparison rankings : female 7; male 7; total 7
Nationality
noun: Brazilian(s)
adjective: Brazilian
Ethnic groups
mixed 45.3%, White 43.5%, Black 10.2%, Indigenous 0.6%, Asian 0.4% (2022 est.)
Languages
Portuguese (official and most widely spoken language); less common languages include Spanish (border areas and schools), German, Italian, Japanese, English, and many minor Amerindian languages
major-language sample(s):
O Livro de Fatos Mundiais, a fonte indispensável para informação básica. (Brazilian Portuguese)
The World Factbook, the indispensable source for basic information.
Religions
Roman Catholic 52.8%, Protestant 26.7% (Evangelical 25.5%, other Protestant 1.2%), African-American cultist/Umbanda 1.8%, other 3%, agnostic/atheist 0.6%, none 13.6%, unspecified 1.4% (2023 est.)
Demographic profile
Brazil's rapid fertility decline since the 1960s is the main factor behind the country's slowing population growth rate, aging population, and fast-paced demographic transition. Brasilia has not taken full advantage of its large working-age population to develop its human capital and strengthen its social and economic institutions but is funding a study abroad program to bring advanced skills back to the country. The current favorable age structure will begin to shift around 2025, with the labor force shrinking and the elderly starting to compose an increasing share of the total population. Well-funded public pensions have nearly wiped out poverty among the elderly, and Bolsa Familia and other social programs have lifted tens of millions out of poverty. More than half of Brazil's population is considered middle class, but poverty and income inequality levels remain high; the Northeast, North, and Center-West, women, and black, mixed race, and indigenous populations are disproportionately affected. Disparities in opportunities foster social exclusion and contribute to Brazil's high crime rate, particularly violent crime in cities and favelas (slums).
Brazil has traditionally been a net recipient of immigrants, with its southeast being the prime destination. After the importation of African slaves was outlawed in the mid-19th century, Brazil sought Europeans (Italians, Portuguese, Spaniards, and Germans) and later Asians (Japanese) to work in agriculture, especially coffee cultivation. Recent immigrants come mainly from Argentina, Chile, and Andean countries (many are unskilled illegal migrants) or are returning Brazilian nationals. Since Brazil's economic downturn in the 1980s, emigration to the United States, Europe, and Japan has been rising but is negligible relative to Brazil's total population. The majority of these emigrants are well-educated and middle-class. Fewer Brazilian peasants are emigrating to neighboring countries to take up agricultural work.
Age structure
0-14 years: 19.6% (male 22,025,593/female 21,088,398)
15-64 years: 69.5% (male 75,889,089/female 77,118,722)
65 years and over: 10.9% (2024 est.) (male 10,251,809/female 13,677,901)
2023 population pyramid :
Dependency ratios
total dependency ratio: 43.1
youth dependency ratio: 29.4
elderly dependency ratio: 13.7
potential support ratio: 7.3 (2021 est.)
Median age
total: 35.1 years (2024 est.)
male: 34 years
female: 36.1 years
comparison ranking : total 101
Population growth rate
0.61% (2024 est.)
comparison ranking : 138
Birth rate
13.2 births/1,000 population (2024 est.)
comparison ranking : 131
Death rate
7 deaths/1,000 population (2024 est.)
comparison ranking : 119
Net migration rate
-0.2 migrant(s)/1,000 population (2024 est.)
comparison ranking : 103
Population distribution
the vast majority of people live along, or relatively near, the Atlantic coast in the east; the population core is in the southeast, anchored by the cities of São Paolo, BrasÃlia, and Rio de Janeiro
Urbanization
urban population: 87.8% of total population (2023)
rate of urbanization: 0.87% annual rate of change (2020-25 est.)
total population growth rate v. urban population growth rate, 2000-2030
Major urban areas - population
22.620 million São Paulo, 13.728 million Rio de Janeiro, 6.248 million Belo Horizonte, 4.873 million BRASÃLIA (capital), 4.264 million Recife, 4.212 million Porto Alegre (2023)
Sex ratio
at birth: 1.05 male(s)/female
0-14 years: 1.04 male(s)/female
15-64 years: 0.98 male(s)/female
65 years and over: 0.75 male(s)/female
total population: 0.97 male(s)/female (2024 est.)
Maternal mortality ratio
72 deaths/100,000 live births (2020 est.)
comparison ranking : 86
Infant mortality rate
total: 12.9 deaths/1,000 live births (2024 est.)
male: 14.6 deaths/1,000 live births
female: 11.1 deaths/1,000 live births
comparison ranking : total 107
Life expectancy at birth
total population: 76.3 years (2024 est.)
male: 72.6 years
female: 80.1 years
comparison ranking : total population 113
Total fertility rate
1.74 children born/woman (2024 est.)
comparison ranking : 151
Gross reproduction rate
0.85 (2024 est.)
Contraceptive prevalence rate
80.5% (2019)
Drinking water source
improved: urban: 99.8% of population
rural: 96.9% of population
total: 99.4% of population
unimproved: urban: 0.2% of population
rural: 3.1% of population
total: 0.6% of population (2020 est.)
Current health expenditure
10.3% of GDP (2020)
Physician density
2.31 physicians/1,000 population (2019)
Hospital bed density
2.1 beds/1,000 population (2017)
Sanitation facility access
improved: urban: 94.1% of population
rural: 63.6% of population
total: 90.2% of population
unimproved: urban: 5.9% of population
rural: 36.4% of population
total: 9.8% of population (2020 est.)
Major infectious diseases
degree of risk: very high (2023)
food or waterborne diseases: bacterial diarrhea and hepatitis A
vectorborne diseases: dengue fever, malaria, sexually transmitted diseases: hepatitis B (2024)
water contact diseases: schistosomiasis
Obesity - adult prevalence rate
22.1% (2016)
comparison ranking : 81
Alcohol consumption per capita
total: 6.12 liters of pure alcohol (2019 est.)
beer: 3.84 liters of pure alcohol (2019 est.)
wine: 0.24 liters of pure alcohol (2019 est.)
spirits: 2 liters of pure alcohol (2019 est.)
other alcohols: 0.04 liters of pure alcohol (2019 est.)
comparison ranking : total 68
Tobacco use
total: 12.8% (2020 est.)
male: 16.2% (2020 est.)
female: 9.4% (2020 est.)
comparison ranking : total 119
Currently married women (ages 15-49)
55.9% (2023 est.)
Education expenditures
6% of GDP (2019 est.)
comparison ranking : 41
Literacy
definition: age 15 and over can read and write
total population: 94.7%
male: 94.4%
female: 94.9% (2022)
School life expectancy (primary to tertiary education)
total: 16 years
male: 15 years
female: 16 years (2020)
Government
Country name
conventional long form: Federative Republic of Brazil
conventional short form: Brazil
local long form: República Federativa do Brasil
local short form: Brasil
etymology: the country name derives from the brazilwood tree that used to grow plentifully along the coast of Brazil and that was used to produce a deep red dye
Government type
federal presidential republic
Capital
name: BrasÃlia
geographic coordinates: 15 47 S, 47 55 W
time difference: UTC-3 (2 hours ahead of Washington, DC, during Standard Time)
time zone note: Brazil has four time zones, including one for the Fernando de Noronha Islands
etymology: name bestowed on the new capital of Brazil upon its inauguration in 1960; previous Brazilian capitals had been Salvador from 1549 to 1763 and Rio de Janeiro from 1763 to 1960
Administrative divisions
26 states (estados, singular - estado) and 1 federal district* (distrito federal); Acre, Alagoas, Amapa, Amazonas, Bahia, Ceara, Distrito Federal*, Espirito Santo, Goias, Maranhao, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Para, Paraiba, Parana, Pernambuco, Piaui, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Rondonia, Roraima, Santa Catarina, Sao Paulo, Sergipe, Tocantins
Independence
7 September 1822 (from Portugal)
National holiday
Independence Day, 7 September (1822)
Legal system
civil law; note - a new civil law code was enacted in 2002 replacing the 1916 code
Constitution
history: several previous; latest ratified 5 October 1988
amendments: proposed by at least one third of either house of the National Congress, by the president of the republic, or by simple majority vote by more than half of the state legislative assemblies; passage requires at least three-fifths majority vote by both houses in each of two readings; constitutional provisions affecting the federal form of government, separation of powers, suffrage, or individual rights and guarantees cannot be amended; amended many times, last in 2023
International law organization participation
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship
citizenship by birth: yes
citizenship by descent only: yes
dual citizenship recognized: yes
residency requirement for naturalization: 4 years
Suffrage
voluntary between 16 to 18 years of age, over 70, and if illiterate; compulsory between 18 to 70 years of age; note - military conscripts by law cannot vote
Executive branch
chief of state: President Luiz Inácio LULA da Silva (since 1 January 2023)
head of government: President Luiz Inácio LULA da Silva (since 1 January 2023)
cabinet: Cabinet appointed by the president
elections/appointments: president and vice president directly elected on the same ballot by absolute majority popular vote in 2 rounds if needed for a 4-year term (eligible for a single consecutive term and additional terms after at least one term has elapsed); election last held on 2 October 2022 with runoff on 30 October 2022 (next to be held on 4 October 2026)
election results:
2022: Luiz Inácio LULA da Silva elected president in second round; percent of vote in first round - Luiz Inácio LULA da Silva (PT) 48.4%, Jair BOLSONARO (PSL) 43.2%, Simone Nassar TEBET (MDB) 4.2%, Ciro GOMES (PDT) 3%, other 1.2%; percent of vote in second round - Luiz Inácio LULA da Silva (PT) 50.9%, Jair BOLSONARO (PSL) 49.1%
2018: Jair BOLSONARO elected president in second round; percent of vote in first round - Jair BOLSONARO (PSL) 46%, Fernando HADDAD (PT) 29.3%, Ciro GOMEZ (PDT) 12.5%, Geraldo ALCKMIN (PSDB) 4.8%, other 7.4%; percent of vote in second round - Jair BOLSONARO (PSL) 55.1%, Fernando HADDAD (PT) 44.9%
note - the president is both chief of state and head of government
Legislative branch
description: bicameral National Congress or Congresso Nacional consists of:
Federal Senate or Senado Federal (81 seats; 3 members each from 26 states and 3 from the federal district directly elected in multi-seat constituencies by simple majority vote to serve 8-year terms, with one-third and two-thirds of the membership elected alternately every 4 years)
Chamber of Deputies or Camara dos Deputados (513 seats; members directly elected in multi-seat constituencies by open party-list proportional representation vote to serve 4-year terms)
elections: Federal Senate - last held on 2 October 2022 for one-third of the Senate (next to be held on 4 October 2026 for two-thirds of the seats)
Chamber of Deputies - last held on 2 October 2022 (next to be held on 4 October 2026)
election results: Federal Senate - percent of vote by party - PL 25.4%, PSB 13.7%, PT 12.1%, PSD 11.4%, Progressistas 7.6%, Brazil Union 5.5%, PSC 4.3%, Republicans 4.3%, MDB 3.9%, other 11.8%; seats by party - PL 8, Brazil Union 5, PT 4, PP 3, Republicans 2, PSD 2, MDB 1, PSB 1, PSC 1
note - composition of the Federal Senate as of March 2024 - seats by party - PL 13, Brazil Union 12, MDB 10, PSD 10, PT 9, Progressistas 7, Podemos 6, PSDB 4, Republicans 3, PDT 2, Cidadania 1, PSB 1, PSC 1, PROS 1, REDE 1; composition - men 67, women 14, percentage women 17.3%Â
Chamber of Deputies - percent of vote by party - PL 16.6%, PT 12.1%, Brazil Union 9.3%, PP 8%, PSD 7.6%, MDB 7.2%, Republicans 7%, PSB 3.8%, PDT 3.5%, PSOL 3.5%, Podemos 3.3%, PSDB 3%, Avante 2%, PSC 1.8%, SD 1.6%, Cidadania 1.5%, Patriota 1.4%, PTB 1.3%, NOVO 1.2%, PCdoB 1.1%, PV 0.9%, PROS 0.7%, REDE 0.7%, other 0.9%; seats by party - PL 99, PT 69, Brazil Union 59, PP 47, MDB 42, PSD 42, Republicans 40, PDT 17, PSB 14, PSDB 13, Podemos 12, PSOL 12, Avante 7, PCdoB 6, PSC 6, PV 6, Cidadania 5, Patriota 4, SD 4, NOVO 3, PROS 3, REDE 2, PTB 1; composition - men 423, women 90, percentage women 17.5%; total National Congress percentage women 17.5%
Judicial branch
highest court(s): Supreme Federal Court or Supremo Tribunal Federal (consists of 11 justices)
judge selection and term of office: justices appointed by the president and approved by absolute majority by the Federal Senate; justices appointed to serve until mandatory retirement at age 75
subordinate courts: Tribunal of the Union, Federal Appeals Court, Superior Court of Justice, Superior Electoral Court, regional federal courts; state court system
Political parties
Act (Agir) (formerly Christian Labor Party or PTC)
Avante (formerly Labor Party of Brazil or PTdoB)
Brazil Union (União Brasil); note - founded from a merger between the Democrats (DEM) and the Social Liberal Party (PSL)Â
Brazilian Communist Party or PCB
Brazilian Democratic Movement or MDB
Brazilian Labor Party or PTB
Brazilian Renewal Labor Party or PRTB
Brazilian Labor Party or PTB
Brazilian Social Democracy Party or PSDB
Brazilian Socialist Party or PSB
Christian Democracy or DC (formerly Christian Social Democratic Party)
Cidadania (formerly Popular Socialist Party or PPS)
Communist Party of Brazil or PCdoB
Democratic Labor Party or PDT
Democratic Party or PSDC
Democrats or DEM (formerly Liberal Front Party or PFL); note - dissolved in February 2022
Green Party or PV
Liberal Party or PL [Valdemar Costa Neto] (formerly Party of the Republic or PR)
National Mobilization Party or PMN
New Party or NOVO
Patriota (formerly National Ecologic Party or PEN)
Podemos (formerly National Labor Party or PTN)
Progressive Party (Progressistas) or PP
Republican Social Order Party or PROS
Republicans (Republicanos) (formerly Brazilian Republican Party or PRB)
Social Christian Party or PSC
Social Democratic Party or PSD
Social Liberal Party or PSL
Socialism and Freedom Party or PSOL
Solidarity or SD
Sustainability Network or REDE
United Socialist Workers' Party or PSTU
Workers' Cause Party or PCO
Workers' Party or PT
International organization participation
AfDB (nonregional member), BIS, BRICS, CAN (associate), CD, CELAC, CPLP, FAO, FATF, G-15, G-20, G-24, G-5, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, LAS (observer), Mercosur, MIGA, MINURSO, MINUSTAH, MONUSCO, NAM (observer), NSG, OAS, OECD (enhanced engagement), OPANAL, OPCW, Paris Club (associate), PCA, PROSUR, SICA (observer), UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNHCR, UNHRC, UNIDO, UNISFA, UNIFIL, Union Latina, UNISFA, UNITAR, UNMIL, UNMISS, UNOCI, UNOOSA, UNRWA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US
chief of mission: Ambassador Maria Luiza Ribeiro VIOTTI (since 30 June 2023)
chancery: 3006 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 238-2700
FAX: [1] (202) 238-2827
email address and website:
contact.washington@itamaraty.gov.brÂ
https://www.gov.br/mre/pt-br/embaixada-washington
consulate(s) general: Atlanta, Boston, Chicago, Hartford (CT), Houston, Los Angeles, Miami, New York, Orlando, San Francisco
Diplomatic representation from the US
chief of mission: Ambassador Elizabeth Frawley BAGLEY (since 5 February 2023)
embassy: SES - Avenida das Nações, Quadra 801, Lote 3, 70403-900 - BrasÃlia, DF
mailing address: 7500 Brasilia Place, Washington DCÂ 20521-7500
telephone: [55] (61) 3312-7000
FAX: [55] (61) 3225-9136
email address and website:
BrasilliaACS@state.gov
https://br.usembassy.gov/
consulate(s) general: Recife, Porto Alegre, Rio de Janeiro, São Paulo
branch office(s): Belo Horizonte
Flag description
green with a large yellow diamond in the center bearing a blue celestial globe with 27 white five-pointed stars; the globe has a white equatorial band with the motto ORDEM E PROGRESSO (Order and Progress); the current flag was inspired by the banner of the former Empire of Brazil (1822-1889); on the imperial flag, the green represented the House of Braganza of Pedro I, the first Emperor of Brazil, while the yellow stood for the Habsburg Family of his wife; on the modern flag the green represents the forests of the country and the yellow rhombus its mineral wealth (the diamond shape roughly mirrors that of the country); the blue circle and stars, which replaced the coat of arms of the original flag, depict the sky over Rio de Janeiro on the morning of 15 November 1889 - the day the Republic of Brazil was declared; the number of stars has changed with the creation of new states and has risen from an original 21 to the current 27 (one for each state and the Federal District)
note: one of several flags where a prominent component of the design reflects the shape of the country; other such flags are those of Bosnia and Herzegovina, Eritrea, and Vanuatu
National symbol(s)
Southern Cross constellation; national colors: green, yellow, blue
National anthem
name: "Hino Nacional Brasileiro" (Brazilian National Anthem)
lyrics/music: Joaquim Osorio Duque ESTRADA/Francisco Manoel DA SILVA
note: music adopted 1890, lyrics adopted 1922; the anthem's music, composed in 1822, was used unofficially for many years before it was adopted
National heritage
total World Heritage Sites: 23 (15 cultural, 7 natural, 1 mixed)
selected World Heritage Site locales: Brasilia (c); Historic Salvador de Bahia (c); Historic Ouro Preto (c); Historic Olinda (c); Iguaçu National Park (n); Jesuit Missions of the Guaranis (c); Rio de Janeiro: Carioca Landscapes (c); Central Amazon Conservation Complex (n); Atlantic Forest South-East Reserves (n); Paraty and Ilha Grande â Culture and Biodiversity (m)
Military and Security
Military and security forces
Brazilian Armed Forces (Forças Armadas Brasileiras): Brazilian Army (Exercito Brasileiro, EB), Brazilian Navy (Marinha do Brasil, MB, includes Naval Aviation (Aviacao Naval Brasileira) and Marine Corps (Corpo de Fuzileiros Navais)), Brazilian Air Force (Forca Aerea Brasileira, FAB) (2024)
note: the three national police forces â the Federal Police, Federal Highway Police, and Federal Railway Police â have domestic security responsibilities and report to the Ministry of Justice and Public Security (Ministry of Justice); there are two distinct units within the state police forces: the civil police, which performs an investigative role, and the military police, charged with maintaining law and order in the states and the Federal District; despite the name, military police forces report to the Ministry of Justice, not the Ministry of Defense; the National Public Security Force (Forca Nacional de Seguranca Publica or SENASP) is a national police force made up of Military Police from various states
Military expenditures
1.1% of GDP (2023 est.)
1.2% of GDP (2022 est.)
1.3% of GDP (2021 est.)
1.4% of GDP (2020 est.)
1.4% of GDP (2019 est.)
comparison ranking : 119
Military and security service personnel strengths
approximately 360,000 active military personnel (220,000 Army; 70,000 Navy; 70,000 Air Force); approximately 400,000 paramilitary security forces (2023)
Military equipment inventories and acquisitions
the Brazilian military's inventory consists of a mix of domestically produced and imported weapons, largely from Europe and the US; in recent years, the US and several European countries have been the leading suppliers of military equipment to Brazil; Brazil's defense industry designs and manufactures equipment for all three military services and for export; it also jointly produces equipment with other countries (2023)
Military service age and obligation
18-45 years of age for compulsory military service for men (women exempted); only 5-10% of those inducted are required to serve; conscript service obligation is 10-12 months; 17-45 years of age for voluntary service (2024)
note: in 2022, women comprised approximately 9% of the Brazilian military
Military - note
the Brazilian Armed Forces (BAF) are the second largest military in the Western Hemisphere behind the US; they are responsible for external security and protecting the country's sovereignty but also have a considerable internal security role; the BAFâs missions include patrolling and protecting the countryâs long borders and coastline and extensive territorial waters and river network, assisting with internal security, providing domestic disaster response and humanitarian assistance, and participating in multinational peacekeeping missions
in the past decade, the BAF has mobilized thousands of troops to conduct counternarcotics operations, support the police in combating crime, assist with disease outbreaks and humanitarian missions, and provide security for major events such as the 2014 World Cup and the 2016 Summer Olympics; it has also cooperated regularly with neighboring countries such as Argentina and Paraguay on border security to combat smuggling and traffickingÂ
Brazil has Major Non-NATO Ally (MNNA) status with the US, a designation under US law that provides foreign partners with certain benefits in the areas of defense trade and security cooperation
the origins of Brazil's military stretch back to the 1640s; Brazil provided a 25,000-man expeditionary force with air and ground units to fight with the Allies in the Mediterranean Theater during World War II; the Navy participated in the Battle of the Atlantic (2023)
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What is the "Eurozone"? Learn which places use the euro currency, which don't, and which plan to switch.
|
https://www.polgeonow.com/favicon.ico
|
https://www.polgeonow.com/2014/08/map-which-countries-use-euro-plus-this.html
|
This map and explainer article, originally from 2016, have been updated to June 2023 to cover the recent addition of Croatia to the Eurozone. You can see previous versions of the map by viewing all Eurozone articles on PolGeoNow.
Map by Evan Centanni, from blank map by Ssolbergj. License: CC BY-SA
Article by Caleb Centanni and Staff Writer
What is the Eurozone?
Officially called the "euro area", the Eurozone is a nickname for the group of countries in Europe that share a single currency, called the euro, as their official money. The euro currency is managed by the European Union (EU), but many countries in the EU don't use the euro, and some countries outside the EU do use it. The European Central Bank, headquartered in Frankfurt, Germany, is in charge of regulating the currency and making euro coins and bills (bank notes).
Germany, along with eleven other EU countries, became a founding member of the Eurozone in 1999. Since then, nine more members have joined after meeting certain specific economic requirements. This has brought the total to 20 Eurozone members, including all but seven of the 27 European Union member countries. The only new country to join in the last eight years is Croatia, which adopted the euro at the beginning of 2023.
More Info: Croatia Joins the Eurozone
Nine distant territories of Eurozone member countries are considered part of the EU, and are also part of the Eurozone. These territories (not pictured on the map above) are Portugal's islands of the Azores and Madeira; Spain's Canary Islands; French Guiana in South America; the French island territories of Guadeloupe, Martinique, and Saint Martin in the Caribbean; and the French island territories of Mayotte and Réunion in the Indian Ocean.
All other overseas territories of EU member countries are considered to be outside the EU. These non-EU territories are generally not part of the Eurozone either, but there are some exceptions (see below).
Which EU Countries Don't Use the Euro?
The full European Union (EU) and prospective members
A total of seven European Union member countries aren't in the Eurozone. At least, not yet: Two countries - Denmark and Bulgaria - are part of the European Exchange Rate Mechanism (ERM II or ERM-2), which ties members’ currency to the euro and is a required in-between step before joining the Eurozone.
More Info: Croatia and Bulgaria's Entry into the ERM II
All members of the European Union were legally required by the Maastricht Treaty of 1992 to change to the euro once they met the criteria. However, later that year both Denmark and the UK negotiated exemptions from the requirement (the UK later ended up leaving the EU altogether).
Both Denmark and Bulgaria are part of the ERM II today, with Bulgaria planning to adopt the euro soon, while Denmark seems poised to keep its in-between status indefinitely. Five other EU members - Sweden, Poland, Czechia, Hungary, and Romania - are still required to adopt the euro at some point in the future, but haven't yet entered the ERM II. For more about the prospects on future Eurozone membership, see the "What's Next for the Eurozone" section below.
Which Non-EU Countries and Territories Do Use the Euro?
There are four tiny European countries outside the EU - Andorra, Monaco, San Marino, and Vatican City - that have treaties with the EU allowing them to use the euro as their official currency, even making some of their own euro coins. Meanwhile, two other non-EU-members, Montenegro and the disputed Republic of Kosovo, have adopted the euro on their own initiative, without coming to any agreement with the European Central Bank (they don't make their own coins or bills, instead only using ones made by other countries). The EU has said before that it's not completely happy with these "unilateral" (one-sided) adoptions, but the currency’s use in the two countries has gone forward anyway.
Besides those six independent countries, four of the world's dependent territories also use the euro despite not being part of the EU. The Sovereign Base Areas of Akrotiri and Dhekelia, which together form a UK territory on the island of Cyprus, have never been part of the EU, even when the UK was - but the UK has agreed for the country of Cyprus to be in charge of currency in the areas, meaning the Eurozone treats them as part of Cyprus.
Meanwhile, three overseas parts of France have adopted the euro despite not being considered part of the EU: the islands of Saint Pierre and Miquelon off the eastern coast of Canada; the island of Saint-Barthélemy (St. Barts) in the Caribbean; and the French Southern and Antarctic Lands, a collection of islands near Madagascar and Antarctica (and according to France, a slice of Antarctica itself) that are uninhabited except for about 200-400 scientific and military personnel.
What Next for the Eurozone?
Many countries tried to hurry up their Eurozone membership at the beginning of the world financial crisis of 2008, but most became less interested after the euro was hit by its own crisis in 2009, and some are still putting it off today.
Denmark, the only country with an official exemption from having to join the Eurozone, seems likely to continue taking advantage of that special loophole. The remaining six EU members are legally required to eventually adopt the euro, but not all of them are on track to actually do it. Sweden, which joined the EU all the way back in 1995, has managed to dodge the euro requirement for almost 30 years, reluctant to make the switch when the majority of its people seem to be against it. Poland and Czechia, which both joined the EU in 2004, are also still avoiding the euro.
The next country in line to join the Eurozone is Bulgaria, which had earlier planned to join by January 2024, but recently pushed back the date to the beginning of 2025. Romania, which joined the EU alongside Bulgaria in 2007, is working towards eventually entering the Eurozone, but isn't yet eligible to join the ERM II "euro waiting room". Because of that hangup, it isn't expecting to switch to the euro until about 2029, or maybe 2026 at the earliest.
Hungary, which joined the EU in 2004, said last year that it might try to join ERM II in 2023. If it does manage to do that, that could put it on track to adopt the euro before Romania, putting it next in line for Eurozone membership after Bulgaria. However, a Hungarian official more recently said the country should wait to join the Eurozone until at least 2030.
You can stay up to date on Eurozone membership by bookmarking this article (which will be updated if anything changes), or by checking Political Geography Now for new articles about countries joining or leaving the Eurozone. You can also sign up for email updates from the box on the right-hand side of this page, or follow PolGeoNow on Twitter for even more geography news and facts!
Articles covering updates to this map:
Croatia Joins the Eurozone (2023)
Bulgaria and Croatia Enter the ERM II (2020)
Lithuania Joins the Eurozone (2015)
Latvia Joins the Eurozone (2014)
Cartographer's Note: Why did the map turn purple?
You might have noticed that previous versions of PolGeoNow's Eurozone map used shades of blue to represent Eurozone and EU countries, but that this edition has traded those in for shades of purple. That's because several people told us they have trouble telling apart blue-shaded countries from blue bodies of water on our maps. Though most readers don't seem to have this issue, we're dedicated to making our maps accessible to as wide an audience as possible, and it was a simple change. We plan to make the same change to our European Union and Schengen Area maps the next time we update them.
With accessibility in mind, we've also changed the colors used to represent non-EU euro countries in order to make the map clearer for people with certain kinds of colorblindness. For more details, see the update notes at the end of our article on Croatia joining the Eurozone.
|
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8738
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dbpedia
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2
| 44
|
https://apps.apple.com/us/app/currency/id284220417
|
en
|
âCurrency
|
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[] |
[
"Currency",
"Jeffrey Grossman",
"Travel",
"Finance",
"ios apps",
"app",
"appstore",
"app store",
"iphone",
"ipad",
"ipod touch",
"itouch",
"itunes"
] | null |
[
"Jeffrey Grossman"
] |
2019-02-01T00:00:00
|
A powerful yet simple currency converter, Currency provides up-to-date exchange rates for over 160 currencies and countries! Great for when you travel abroad.â¦
|
en
|
App Store
|
https://apps.apple.com/us/app/currency/id284220417
|
I have been traveling/living internationally for most of 7 years and have used this app almost daily for all these years. When shopping I use it many times a day. I also hand it to many others as they need to understand a price in their own local currency.
I love that you can easily add any currency to your exchange list and just as easily delete it when youâre no longer needing a countryâs information. You canât even move each country up-and-down on the list to make it easier to compare and see what you need as soon as you need it.
I am so happy to have discovered this app in 2011!
A heads-up -> Just updated to the latest version - all âsavedâ currencies are gone except for the top 7 major currencies. (..and since when has Chinese yuan become a major currency??)
Youâll need to re-save your preferences and rearrange the currencies in the order you like them.
_______
Previous feedback
_______
They just added 2 more crypto currencies so now they track Bitcoin as well as Ethereum and Litecoin. I use this app extensively when traveling. Now I can also use it to track my crypto wallet investments.
Greatly appreciated Jeff!
_______
Thanks for listening to our feedback. The new, darker layout option is fantastic! Should be the default option as it's so much better!
Other Suggestions/Comments:
===> the advertisement banner at the bottom is way too close to the number "0". Several times now I ended up being taken to an app which is supposed to tell me "who I'll marry?!" while I was trying to type three zeroes. <===
To save space (so the font can become even thicker/easier to read) I'd use country name & currency name versus the possessive form of a country's name. In other words Hungary ⢠Forint versus the present Hungarian Forint. Norway ⢠Krone versus Norwegian Krone, etc. This method saves several letters (Switzerland/Swiss is the exception). It also makes country names easier to find for non-native English speakers, i.e. the majority of this app's users.
I have used this app for years and years and years. It is simple, practical, absolutely reliable and in my opinion just the best out there. I think 20 bucks for a yearly subscription is very very adequately priced. Especially compared with other apps these days. But the free app is also fine and gives you almost all of the functions plus some ads. regardless of whether you choose the free or the paid $20 a year it is the best app for Currency conversion out there. And you can set widgets on your phone and that makes it even better. I love this app. Go for it.
|
|||||
8738
|
dbpedia
|
2
| 52
|
https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country
|
en
|
Can I get the Wise card in my country?
|
[
"https://wise.com/public-resources/assets/logos/wise-personal/flag.svg",
"https://wise.com/public-resources/assets/logos/wise-personal/logo.svg"
] |
[] |
[] |
[
""
] | null |
[] | null |
We’ve temporarily paused issuing new Wise cards to customers in the US. Learn more here and join the waitlist. If you already have a Wise card or you’re no...
|
en
|
https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country
|
We’ve temporarily paused issuing new Wise cards to customers in the US. Learn more here and join the waitlist.
If you already have a Wise card or you’re not located in the US, you're not impacted by this change.
The Wise card is currently available for residents of these countries and regions:
Australia
Brazil
Canada
EEA + Switzerland*
Japan
Malaysia
New Zealand
Philippines
Singapore
UK + European microstates and overseas territories*
USA (except for residents in Nevada)
What if my country isn’t listed?
We’re working hard to make cards available everywhere. In the meantime, if your country or region isn't on the list, you can go on our waitlist, and we’ll let you know when cards are coming your way.
Moving to a new country
Do I need to get a new card if I move to a different country?
Once you move to a new country your Wise card won’t work anymore, you’ll have to order a new Wise card. We’ll ask for your updated address, and we may request additional information or ID documents.
You don't need to order a new card if you move within the same region:
between countries in the EEA + Switzerland*
between the countries in the UK + European microstates and overseas territories*
Why can’t I keep using my old card when I move to/from the US?
We know that moving to a new country can be a difficult process, so we’ll always try to make your experience as smooth as possible.
Card licences are specific for different countries and regions and do change depending on where you’re located. This means that when you relocate to or from the US you need to order a new card to meet the requirements of the country you now reside in.
*EEA + Switzerland: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France (only Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland
|
||||||
8738
|
dbpedia
|
1
| 4
|
https://www.smoney.com.au/blog/currency-in-portugal/
|
en
|
What You Need to Know About Currency in Portugal
|
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[] |
[] |
[
""
] | null |
[
"Justin Rampono"
] |
2020-02-05T06:04:00+00:00
|
In this guide, you’ll find out about currency of Portugal and how to make your savings stretch, by saving on currency exchange in Portugal.
|
en
|
S Money
|
https://www.smoney.com.au/blog/currency-in-portugal/
|
Currency in Portugal
A Travel Money Guide to Portugal
Famous for its port wine and custard tarts, its pristine beaches, and its athletic football stars, Portugal is a fascinating destination to visit. And now you’re heading there yourself!
But to make your savings stretch, it’s helpful to know everything you can about currency exchange and spending in Portugal. In this guide, you’ll find out about:
The official currency of Portugal
The pros and cons of using a bank card in Portugal
What the Portuguese Euro looks like
The average costs of things in Portugal
How the euro converts
What to do with leftover euros
How to exchange the currency in Portugal
Some hot tips to help you save money
How to buy Portuguese currency before you leave
What Currency is Used in Portugal?
Portugal was one of the first countries to adopt the euro, replacing the former currency, the escudo, on 1 January 1999. For a while, the escudo was accepted alongside the euro until it was phased out of circulation on 28 February 2002.
The euro – the official monetary unit of the European Union – is represented by the symbol € and the currency code EUR.
In Portugal, as elsewhere in Europe, you’ll commonly see prices written with the currency sign following the numerals, as in 10€. In Portugal, the uses of the decimal point and comma are reversed: decimal points are used in thousands (e.g. €10.000 instead of €10,000 while you’ll find €1.50 written as €1,50).
The Euro: Familiarise Yourself with Portugal’s Currency
As the second most traded currency in the world, you may already be familiar with euro coins and banknotes.
There are 15 denominations. Coins currently in circulation in Portugal come in denominations of €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1, and €2.
Every euro coin shares one common side, with a map of the European Union and the numerical value of the coin. On the reverse side, coins feature a national design. In Portugal, the coins feature the royal seals, coat of arms, and castles of Portugal.
Euro banknotes are homogenous across the eurozone – the region of Europe where the euro is the official currency. Produced by the European Central Bank, these banknotes are available in the following denominations: €5, €10, €20, €50, €100, €200, €500.
Larger banknotes are more difficult to use as many smaller businesses will refuse to accept them. And the €500 banknote is so rare that you probably won’t come across it during your travels.
Euro coins and banknotes can be traded across the eurozone, regardless of their origins.
Using a Currency Converter
As one of the most important currencies in the world, many people track the rise and fall of the euro.
But its value fluctuates all the time on a whole range of factors, which include everything from politics and economics to the supply and demand of the currency itself.
The foreign currency converter below will give you a real-time comparison of the EUR to the AUD and tell you how much it would cost to buy euros with S Money.
AUD to EUR
From
Australian Dollars (AUD)
⇆
To
EUR
So is this a good rate?
0.6048
Low
0.5852 Average
0.605 High
0.6248
Today's rate is lower than the average rate to buy EUR. This chart compares today's rate to the average rate from the past 90 days.
How to Exchange Currency in Portugal
There’s so much to plan leading up to your trip that you might forget – or simply defer – organising your travel money. If that’s the case, there are three main ways to access cash once you arrive in Portugal.
Portuguese Bank ATMs
24-hour ATMs are available virtually everywhere in Portugal. These ATMs generally accept cards with Visa, Maestro, Mastercard, Cirrus, Plus, and other common logos.
There’s a maximum ATM withdrawal limit of €200 for Multibanco ATMs, though Euronet ATMs may allow higher withdrawals. Euronet ATMs claim to offer fee-free withdrawals.
Alongside the ATM fees, you might also end up paying more in fees from your own bank account for overseas withdrawals and currency conversions.
Currency Exchange Outlets
Currency exchange outlets, locally called cambios, are still common in Portugal. Exchange rates are typically more common in bigger cities like Lisbon and Porto.
Most Portuguese banks no longer offer currency exchanges so you’ll need to use a bureau de change. In touristy areas, these offices are usually open seven days a week.
Don’t be lured by currency exchange outlets that advertise ‘no commission’. They’ll likely still have hidden fees built into the exchange rate.
Although not common, some currency exchange desks request your passport so you may want to have ID on you just in case. Also, be sure to have undamaged notes as some places may refuse defiled banknotes.
Hotels and airport currency exchange counters are other exchange options but their rates vary drastically – and not normally to your advantage – so it’s best to avoid them if possible.
Travellers Cheques
You’ll struggle to find places to exchange travellers cheques these days and you’ll be hard pressed to find a retailer that will accept them as direct payment.
Better to avoid the travellers cheques altogether in favour of bank cards and currency exchanges.
Buying Portuguese Currency Before You Go
The best value when exchanging currency comes from organising your currency before you leave your home shores. You have three main options for doing this:
Buying euros online to be delivered or for you to pick up in-store.
Swapping AUD for EUR at a currency exchange store.
Buying euros at the airport.
Australian airport exchange outlets have some of the worst exchange rates in the world so we recommend skipping that option altogether.
Instead, you’ll likely find the best value using online currency exchange retailers like S Money. Here, you’ll find the same exchange rate as the one quoted on Google or XE.
If you prefer a direct, immediate transfer of AUDs to EURs, head to an inner-city exchange bureau, which will likely offer more competitive rates than those you’ll find in the suburbs.
Using Your Bank Card in Portugal
Debit Cards
While debit cards offer convenience, there are very few other advantages to using them unless you have one of the few bank cards with competitive exchange rates and low fees. These include:
Credit Cards
Credit cards come with the advantage of providing a little extra security in emergencies, but they likewise incur many fees when used overseas.
You could come home to a credit card bill filled with international transaction fees, ATM withdrawal charges, and cash advance fees if you used the card in an ATM.
28 Degrees is one credit card option that is travel-friendly with lower fees and charges.
Prepaid Travel Cards
It’s all in the name: travel money cards. So they must be great for travel, right?
Sadly, no.
Prepaid travel money cards typically come with a host of fees, such as reload fees, inactivity fees, and ATM withdrawal fees.
There can also be a wait of several days between reloading your currency and receiving it on the card.
But we understand: it can be nice to lock in an exchange rate and prepay your currency. If that’s the case, the Revolut and TransferWise debit cards are great value.
What Will the Portuguese Euro Buy Me?
Whether you’re ordering currency online or exchanging it at a bureau de change, you’ll need to have at least an idea of your budget. Coming home with excess foreign currency is always frustrating and you might end up wasting money changing back to AUDs.
So to help you cost out your trip, here are some of the average prices you can expect in Portugal:
€50-100
A double room in a mid-range hotel
€22-40
Dinner at a nice restaurant
€1.50-2.50
A cup of coffee
€24
A train ticket from Lisbon to Porto
€3-8
Entry to a museum
Leftover Euros at the End of Your Trip? What to Do with That Unused Cash
It’s annoying returning from a trip with a wad of foreign cash but there are plenty of ways to dispose of these unwanted coins and notes:
Your airline might distribute envelopes for currency collection to donate to charities (check out Qantas’s Change for Good program with UNICEF).
Australian international airports often have collection boxes for unwanted currency, which is donated to charity.
Drop off your currency at any branch of the Commonwealth Bank of Australia, which then gives every cent to UNICEF.
Change your Portuguese currency either at the airport or, better yet, with a money changer in the city.
Why not hold onto those euros for a friend just heading off? It’ll be a lovely surprise and going away gift for them!
Keep your money for later trips to Europe. The euro is the official legal currency of 19 eurozone countries and accepted by many more.
7 Travel Money Tips for Trips to Portugal
While Portugal is a veritable tourist hotspot (who doesn’t want to visit the fairytale Pena Palace?), many tourists waste money through not finding the best ways to exchange their currency.
To help you avoid this quandary, here are a few practical tips to help you get the most bang for your … euro:
Avoid the airports! Currency exchange bureaus at the airport charge epic fees. If you like a good deal – or even just a reasonable one – avoid these at all costs.
Only carry what you need – It can be expensive to change euros back into AUDs so only take what you think you’ll spend. Not only this – nobody likes to tuck wads of notes into their socks and toiletries for safekeeping on longer journeys.
Ask for a mix of denominations – Make it easy on yourself and the vendors by getting a mix of smaller notes.
Check your exchange rate – Google and XE.com are the standard market exchange rate but you’ll notice how wildly bank and currency exchanges can vary their rates. Try to get as close to the market rate as possible.
Look out for hidden fees – The bane of our (financial) existence, hidden fees will often make a huge difference to the cost of your holiday. Be particularly wary of hidden bank fees for overseas card usage.
The right card makes all the difference – Having a card is convenient but it can take a hit to the bank account if you have the wrong card. Research and arm yourself with the best card for travel for big savings.
Mix it up! Many travellers only use their credit card while some only think about cash. But the best option depends on your situation. Save the card for huge purchases such as hotels and car hire and reserve your cash for smaller wins – transport, attractions, or meals out.
Learn more about the Euro Currency Exchange
Ready to buy some euros at a great value for your trip? Use our AUD to EUR currency converter to find out how much you’ll get for your Aussie dollars today.
The Latest Euro Dollar news
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https://www.britannica.com/place/Portugal/Economy
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Portugal - Economy, Agriculture, Tourism
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Portugal - Economy, Agriculture, Tourism: Portugal was the world’s richest country when its colonial empire in Asia, Africa, and South America was at its peak. Because this wealth was not used to develop domestic industrial infrastructure, however, Portugal gradually became one of western Europe’s poorest countries in the 19th and 20th centuries. From the mid-1970s, after the Portuguese revolution, the country’s economy was disconnected from Portugal’s remaining overseas possessions in Africa and reoriented toward Europe. In 1986 Portugal joined the European Economic Community (ultimately succeeded by the European Union [EU]), spurring strong and steady economic growth. Similar to those of other western European countries, Portugal’s
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en
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/favicon.png
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Encyclopedia Britannica
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https://www.britannica.com/place/Portugal/Economy
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Agriculture, forestry, and fishing
Crop yields and animal productivity in Portugal are well below the EU average because of low agricultural investment, minimal mechanization, little use of fertilizers, and the fragmented land-tenure system. The main crops grown in Portugal are cereals (wheat, barley, corn [maize], and rice), potatoes, grapes (for wine), olives, and tomatoes. Since 1999, Portuguese farmers have planted genetically modified corn. Portugal is among the world’s largest exporters of tomato paste and is a leading exporter of wines. Port and muscatel, both dessert wines, are among Portugal’s most famous varieties of wine. In mainland Portugal, where there are nearly 50 demarcated wine regions, viticulture is a dominant activity; many people also work in the industry on the island of Madeira, where investment in vinification techniques has sustained the renown of Madeira wines. Newer crops include sunflowers, and Portugal also produces large quantities of fruits (oranges and apples). The country’s agricultural exports help offset the cost of imported wheat and meat. Nearly one-third of Portugal’s land area is used for agriculture.
Small farms predominate, particularly in the north, where they are too small and made up of too many dispersed holdings to allow integrated farming and rational crop rotation. In the south (except for the Algarve region) before 1975, intensive cultivation was prevented by the system of latifúndios, or large estates, which were owned by absentee landlords who had no interest in making capital investment in machinery, fertilizers, and other items that would increase productivity. After the 1974 revolution, agrarian reforms were implemented south of the Tagus, where about 3.2 million acres (1.3 million hectares) of land in large holdings were expropriated (with compensation) and nationalized. The policy was aimed at, among other things, destroying the latifúndio system, changing the tenancy system, handing uncultivated land back to the people, abolishing quitrent (rent paid by peasants to use royal or state-owned land or property), increasing the irrigated area, introducing new crops, intensifying the output of fodder and cereals, and developing livestock. A large part of the nationalized land was turned over to collective and cooperative production units. The hasty transition, however, precipitated political tension and a decline in the agricultural output of the Alentejo region. The land redistribution policy was reversed after 1976, as succeeding governments sought to encourage modernization and higher productivity by a return to private ownership. Agricultural subsidies were made available, though not all farmers took advantage of them. The Alqueva Dam—criticized for its destruction of a significant amount of rock art and rare fauna and flora, including some one million trees—began operations in 2002 and provides irrigation to southern Portugal.
Sheep, pigs, and cattle are among the country’s leading livestock. Beef cattle, dairying, and wool production contribute to Portugal’s economy, though their relative importance varies by region.
About two-fifths of Portugal is wooded, and the majority of its forests are privately owned (among the highest proportions in Europe). Most of the mountainous areas are well suited to forestry, and the demand for forest products has prompted considerable reforestation efforts since the last quarter of the 19th century in areas where crop yields are low and where erosion tends to be severe. The pulp and paper industry contributes significantly to the economy. Portugal is a leading producer of cork, which has become a significant export. Eucalyptus plantations cover about one-seventh of forest land, and pine is also important.
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