During his inauguration speech at the Money Museum, Santos Pereira emphasized that Banco de Portugal maintains neutrality towards payment methods and citizens’ choices. He stated that it is within the bank’s duty to ensure citizens throughout Portugal can access cash.
He argued that the banking system must make adequate investments in cash distribution machines nationwide.
“Although the significance of digital payments has been rising, we must ensure that cash remains easily accessible to all Portuguese. Therefore, maintaining proper investment in cash distribution infrastructure across the country is crucial,” he asserted.
In recent years, the subject of ATMs has been prevalent, especially following the reduction of the Multibanco network.
Earlier in September, Denária, an association advocating cash usage, criticized the “cash deserts” in Portugal due to a lack of ATMs, noting this especially impacts isolated and vulnerable groups.
The association referenced 2022 data from Banco de Portugal, showing that 1,276 parishes (41%) had no access points for cash.
The association argued for strengthened network coverage to ensure all Portuguese can continue using cash, the country’s most utilized payment method.
Data from Banco de Portugal in 2024 showed about 13,000 ATMs were available in Portugal.
Santos Pereira also addressed regulatory simplification in his speech, stating that after a decade of tightened supervision and regulation following various crises, redundant and excessive legislation should be removed to make regulation more agile and coherent.
Regarding banking supervision, a responsibility of the central bank, he assured it would be “attentive and demanding.”
He also mentioned internal changes he aims to introduce within Banco de Portugal, announcing competitive processes for hiring directors and deputy directors to enhance transparency and meritocracy.
Economist Álvaro Santos Pereira, aged 53, was inaugurated as governor of Banco de Portugal, succeeding Mário Centeno. He served as Minister of Economy from 2011 to 2013 in the PSD/CDS-PP government of Passos Coelho.
Santos Pereira was chief economist at the Organization for Economic Cooperation and Development (OECD) when his appointment as Centeno’s successor was announced by the Government (PSD/CDS-PP) on July 24 of this year.
