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Bank of Portugal Offers Platform for Interbank Monetary Market

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Aug. 28 (Bloomberg) -- Portugal’s central bank said it will provide a platform for resident financial institutions to trade funds in euros among themselves as it tries to encourage the domestic interbank monetary market.

Starting on Sept. 3, institutions can exchange funds for as long as one year without the requirement for a guarantee, the Bank of Portugal said in a document on its website dated Aug. 23.

“The interbank monetary market plays a fundamental role in the mechanism of transmitting monetary policy decisions to the real economy, and central banks assume the commitment of contributing to the efficient functioning of that market,” the Bank of Portugal said.

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To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Simone Meier at smeier@bloomberg.net

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