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Currency authority

The San Marino Currency Authority was established with the creation of the Central Bank of the Republic of San Marino (Law No. 96 of June 29, 2005, and subsequent amendments). Since its inception, the Central Bank has been institutionally empowered, with the powers and procedures outlined in current banking legislation, to conduct currency transactions and foreign exchange operations.

Article 36 of Law No. 96 of June 29, 2005, assigns the following functions to the Central Bank in order to fulfill its objectives:

  • exclusive management of foreign exchange relations, with the option to delegate to other banks or branches operating within the territory, in compliance with applicable laws;
  • supervision of the application of currency regulations.

Through Law No. 41 of April 25, 1996 ("Provisions on Currency Matters"), the Central Bank of the Republic of San Marino is authorized to permit San Marino credit institutions to engage in currency and/or foreign exchange transactions, setting their limits and conditions. This law also assigns the Central Bank the responsibility for controlling and supervising the currency activities carried out by banking intermediaries.

Subsequent amendments to Law No. 41/1996, made in 2021 and 2023, repealed the requirement for entities authorized to carry out currency and foreign exchange transactions to make periodic Statistical Currency Communications (CVS) to the Central Bank. Additionally, the amendments reinforced the Central Bank's exclusive authority to buy and sell crude gold.

In performing its functions, the Central Bank may act on its own initiative or upon the request or report of the Credit and Savings Committee. It has the authority to conduct investigations, issue prescriptions, and issue immediately enforceable orders.

The Supervisory Authority is obligated to report any violations in currency matters to the Credit and Savings Committee and may impose penalties for any administrative offenses identified.

On March 27, 2012, the Republic of San Marino signed a Monetary Agreement with the European Union, which grants the right to use the euro as the official currency, in accordance with Council Regulation (EC) No. 1103/97 of June 17, 1997, and Regulation (EC) No. 974/98 of May 3, 1998.