Lisbon, July 24, 2025 (Lisboa) - The name of the new governor of the Bank of Portugal is expected to be announced on Thursday, after the Cabinet meeting in which the Government will decide on Mário Centeno's successor.
The new governor's term of office lasts five years, until July 2030.
Mário Centeno has already shown himself willing to continue at the helm of the central bank, but it is not certain that the former minister of finance will be reappointed.
On Sunday, 20 July, Prime Minister Luís Montenegro confirmed that the government will announce its decision after the Cabinet meeting.
In Funchal, Madeira, when asked by journalists about the profile for the position, he stressed that “the profile of the governor of the Bank of Portugal does not change over time” and that it should be “a competent person, someone who guarantees everything that is required of a central bank, within the architecture that is now defined at European level”.
Throughout his term of office, there were several moments of tension between the governor and the government, and, days before the choice of the new name, the executive decided to request an audit by the Inspectorate-General of Finance (IGF) on the construction process of the new Bank of Portugal building in Lisbon.
The decision came after the online newspaper Observador reported on Monday, 21 July, that the value of the future premises on the site of the former Feira Popular in Entrecampos would exceed the €191.99 million set out in the purchase agreement signed in May between the Bank of Portugal and insurance company Fidelidade. The figure set out in the contract refers only to structural work, with the newspaper estimating that the total cost could rise to €235 million.
When announcing the audit on Tuesday, 22 July, “in light of the news about the new building”, the office of the Minister of Finance said it was doing so “to defend the institution [the Bank of Portugal] and with full respect for its independence”.
Centeno has been governor since 20 July 2020, appointed by António Costa's government, after serving as minister of finance in two PS executives, in the 21st Constitutional Government (2015-2019) and in the 22nd Constitutional Government (2019-2020).
Formally, Mário Centeno's term of office ended on Sunday, but he will remain in office until the new governor is officially appointed. The head of the central bank is appointed by the government, but before taking office, he must undergo a hearing in parliament.
As parliamentary committees only work until Friday, 25 July, this process is only likely to take place in September, when parliamentary work resumes.
Also today, the European Central Bank's July monetary policy meeting is taking place in Frankfurt, where Mário Centeno sits on the institution's council.
PCT/AYLS // AYLS
Lusa
