Portugal policy interest rate
The euro-area policy rate applicable to Portugal: the ECB deposit facility rate, the Governing Council's primary policy signal since the March 2024 operational framework review.
| Current value | 2.25 percent |
|---|---|
| In force from | 2026-06-17 |
| Official source | European Central Bank, Monetary policy decisions of the Governing Council, 11 June 2026 (press release ecb.mp260611); Key ECB interest rates statistical table |
| Last verified | 2026-07-23 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
STRUCTURAL NOTE: Portugal has NO national policy rate. The Banco de Portugal has had no independent monetary-policy competence since 1 January 1999; monetary policy for the euro area is set by the ECB Governing Council under Art. 127-133 TFEU and the ESCB/ECB Statute. The value served is the euro-area-wide ECB deposit facility rate (DFR), which applies identically in all 20 euro-area members, not a Portuguese-specific rate. On 11 June 2026 the Governing Council raised all three key rates by 25 basis points with effect from 17 June 2026: deposit facility 2.25%, main refinancing operations (MRO) 2.40%, marginal lending facility 2.65%. This was the first ECB increase since September 2023, reversing part of the eight cuts delivered between June 2024 and June 2025; the ECB cited energy-driven inflation pressure from the Middle East conflict. The DFR is served here because since the 18 March 2024 framework change the ECB steers short-term money-market rates through the DFR and narrowed the MRO-DFR spread to 15bp; the MRO rate (2.40%) remains the headline 'refinancing' rate cited by some sources. The Governor of the Banco de Portugal sits on the Governing Council in a personal capacity, not as a national delegate, and there is no Portuguese national rate to set. No Governing Council monetary-policy meeting fell between 17 June 2026 and the last_confirmed date, so 2.25% is still in force. This block is kept reconciled across the euro-area bloc (DE, ES, FR, AT, BE, IE, IT, NL, PT). Access: ecb.europa.eu serves the full key-rates table as static HTML and loaded cleanly.
Earlier values
Get it programmatically
curl https://euroref.dev/v1/pt/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/pt/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/pt/policy-rateOther Portugal series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates · ECB main refinancing rate · late-payment interest rate