Home 
About the Central Bank Tasks S M Monetary Authority
About the Central Bank Tasks S M Monetary Authority | Monetary Authority |
|
The San Marinese Monetary Authority was established at the same time as the Central Bank of the Republic of San Marino (Law N° 96 of 29 June 2005), formerly Istituto di Credito Sammarinese which, right from its very foundation, had been institutionally authorized to carry out currency operations and exchanges with the powers and in the forms established by the current bank legislation.
Art. 36 of Law N° 96 of 29 June 2005 establishes that in order to achieve its scope, the Central Bank is ascribed the following duties: exclusive management of currency relations, with the authority to delegate to other banks or branches operating in the territory, in accordance with the current laws in force; In view of the peculiarity of the relations between the Republic of San Marino and the Italian Republic, and the particular geographic location of San Marino itself, the Parties have acknowledged the advisability of improving these relations to an even further extent in their mutual interests (ref. Italo-San Marinese Agreement of Friendship and Good-Neighbourly Relations of 31 March 1939 and successive Additional Agreements), so as to allow San Marino to control the free movement of goods, services and capitals between the two countries in an autonomous way from the currency aspect. Thus, a Convention concerning financial and currency relations between the two States was drawn up on 2 May 1991 as well as an Additional Act containing certain fundamental laws of an essential character governing the way the San Marinese currency system is organized. In particular, article 1 of the Additional Act to the "Convention concerning financial and currency relations between the Republic of San Marino and the Italian Republic" establishes that: The Central Bank of the Republic of San Marino may carry out the same transaction in currency as that carried out in Italy by Credit Concerns that are fully operative and authorized as banks to make currency transactions. In accordance with Law N° 41 of 25 April 1996 (“Currency regulations”), the Central Bank of the Republic of San Marino may authorize the San Marinese credit concerns to carry out currency transactions and/or exchanges, and establish their limits and conditions. This law entrusts the Central Bank with monitoring and supervising the currency transactions conducted by the bank intermediaries. To accomplish its duties, the Central Bank may proceed on its own initiative or upon the request or indication of the Committee for Credit and Saving, and is entitled to conduct investigations, give instructions and issue immediately executive provisions. The Supervisory Authority is obliged to notify the Committee for Credit and Saving about any violations it discovers concerning currency matters and may inflict sanctions for the administrative offences ascertained. From 1 August 2000 onwards, the San Marinese Currency Service (SVS) receives a monthly report from the authorized San Marinese banks that conduct operations with foreign countries amounting to 15,500 Euros or more. This report is submitted by means of the Statistical Currency Notification form (CVS). |
