Edition 1496
13 October 2018
Edition: 1496

Read this week's issue online exactly as it appears in print.

Twitter

Portugal and Ireland celebrate ‘largest logistical operation’ involving currency since end of Escudo

in News · 03-05-2018 14:30:00 · 0 Comments

A shortage of small change saw Portugal resort to importing 272 million 1 and 2 cent coins from Ireland, while at the same time it sold 2.1 million 2 euro coins to Ireland.

Portugal and Ireland celebrate ‘largest logistical operation’ involving currency since end of Escudo

The transaction has been described as the “largest logistical operation” involving money since the end of the Escudo.
It is also said to reflect Portugal’s penchant for purchases ending in 99 cents, and, contrarily, Ireland’s tendency to round prices off.
Portugal acquired 148.8 million two cent coins and 123.2 million one cents.
National bank Banco de Portugal explained that the copper change is “much in demand and produced annually”, and is fundamental to the “classic purchases of €9.99”.
The Bank of Portugal further stressed that the transaction was “doubly advantageous to the Portuguese State”, taking into account that “the production costs of 1 and 2 cent coins exceed their face value and, on the other hand, there is no expectation of boosting, in the short or medium term, 2 euro coins”.
Regarding one cent coins, the manufacturing cost is 65 percent higher than the face value.

Comments

Be the first to comment on this article

Interactive Topics, send us your comments/opinion on this article.


Edition 1496
13 October 2018
Edition: 1496

Read this week's issue online exactly as it appears in print.

Twitter

Pub

  • Blacktower
  • Veronica Pisco Lawyer
  • Nobel International School
  • Intasure
  • Abacoz
  • Projection Dreams
  • Toldolanda
  • Wellness Dreams
  • Land and Houses
  • Bedrooms Extra
  • Audiocare
  • R.C. Brown
  • Malo Clinic
  • Linen Etc
  • Cris Piessens
  • Intermarche