Before the adoption of the Euro, the currency in Portugal was the Portuguese Escudo. The Escudo was in circulation from 1911 until 2002 when it was replaced by the Euro as part of the Eurozone's monetary integration.
The transition to the Euro brought about many changes in Portugal's economy and financial system. It meant that prices were displayed in both Escudos and Euros during the transition period to help people adjust to the new currency. Banks and businesses had to convert all their accounts, pricing, and transactions from Escudos to Euros, which was a significant undertaking.
The adoption of the Euro also had a positive impact on Portugal's economy, making it easier for businesses to trade with other countries in the Eurozone. It also made traveling within Europe more convenient as there was no longer a need to exchange currencies when crossing borders.
If you want to learn more about the history of the Portuguese Escudo and the adoption of the Euro in Portugal, you can visit the Bank of Portugal's website for more information.
In conclusion, the currency in Portugal prior to the adoption of the Euro was the Portuguese Escudo. The transition to the Euro brought about many changes in the country's economy and financial system, making it easier for businesses to trade and for individuals to travel within the Eurozone. The adoption of the Euro marked a significant milestone in Portugal's economic history and continues to shape its financial landscape to this day.
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