Centeno remains in charge as governor of Banco de Portugal until Santos Pereira takes over position
New Governor of Bank of Portugal Announced
The Portuguese government has announced that Álvaro Santos Pereira will succeed Mário Centeno as governor of the Bank of Portugal, effective in September. The change was confirmed on July 24, 2025, following a series of consultations within the government and finance minister.
Currently serving as the chief economist of the OECD, Álvaro Santos Pereira brings a wealth of experience to the role. He previously held the position of Minister of Economy in the Government of Pedro Passos Coelho between 2011 and 2013, and was also a Troika Minister during this tenure.
The Organic Law of the Bank of Portugal requires the governor to be designated by resolution of the Council of Ministers after being heard in the parliamentary commission (of the area of finance), and the commission issues a non-binding opinion. The hearing of Álvaro Santos Pereira is expected to take place at the beginning of September, with commission meetings scheduled to start in early September.
Mário Centeno, the current governor of the Bank of Portugal, will still be able to participate in the next meeting of the European Central Bank on September 10 and 11. However, his term ended on July 19, and the government decided not to reappoint him for a second five-year term.
The government justified the change, stating that Álvaro Santos Pereira is a "better choice" due to his highly recognised curriculum vitae and extensive knowledge of both the Portuguese and international economies, as well as the financial system. This suggests that the government aims for a change that better suits their economic and financial governance goals.
The late change of leadership at the Bank of Portugal was already a possibility mentioned in recent weeks. The exact date of the change in leadership has not been confirmed yet. The parliament will end its regular functioning this Friday before the holidays, and the transition process is expected to take place in September.
[1] Government Announcement, July 24, 2025. [2] BdP Spokesperson, July 24, 2025. [3] Finance Minister Press Conference, July 24, 2025.
The government has selected Álvaro Santos Pereira, a seasoned economist with a background in business and finance, to head the Bank of Portugal. In his role as chief economist of the OECD, he has gained significant experience that will be beneficial for thebank's affairs.
