Central Banking

€ Euro - Portugal rolls presses again

PORTUGAL - The euro has brought banknote printing back to Portugal for the first time in almost a century. Since the early 1900s, the work had been outsourced, largely to the UK, for reasons of economy of scale. But the Bank of Portugal decided that it would be cost-effective to produce the euro domestically.

"The euro notes are slightly more expensive to print than escudo notes and our calculations show that it makes economic sense to re-base production in Portugal," a central bank official s

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