Financial Sector Update

1. At the request of the Central Bank of the Republic of San Marino (CBSM), the Statistics Department (STA) of the International Monetary Fund (IMF) conducted a remote technical assistance (TA) mission from March 28 to April 15, 2022, focusing on the compilation of Financial Soundness Indicators (FSIs) and Monetary and Financial Statistics (MFS).

2. The TA mission confirmed that the source data for compiling FSIs and MFS are largely aligned with the 2019 Financial Soundness Indicators Compilation Guide (2019 FSIs Guide) and the 2016 Monetary and Financial Statistics Compilation Guide and Manual (MFSMCG). Additionally, updates were made to the FSI metadata and the IFS country notes that accompany the publication of FSI and MFS statistics on the IMF's website.

3.Following the technical mission, the FSI indicators and MFS data were revised to ensure consistency with the methodology outlined in the 2019 FSIs Guide and the MFSMCG. Below are the key data reclassifications within the financial sector statistics:

Monetary and Financial Statistics

From June 2015:

• deposit certificates have been reclassified under the Broad Money aggregate, whereas they were previously categorized as debt securities excluded from Broad Money;
• deposits from banks under suspension of payments are excluded from the Broad Money aggregate.

From September 2016:

• the interest rate on deposits is calculated as the weighted average interest rate on fixed-term deposits (new transactions) for households and non-financial corporations;
• the interest rate on loans is calculated as the weighted average interest rate on loans (new transactions) for households and non-financial corporations. This excludes revolving credit facilities, overdrafts, and credit card balances, whether settled or revolving.

Financial Strength Indicators

From June 2015:

• loans to banks have been reclassified under Interbank Loans from the previous classification of Money and Deposits;
• certificates of deposit have been reclassified under Deposits from the previous classification of Debt Securities.

MFS statistics are submitted to the IMF on a monthly basis and are available in aggregated form via the following link (International Financial Statistics - IFS).

FSI statistics are submitted quarterly to the IMF and can be accessed through the following link.

As part of the Enhanced General Data Dissemination System (e-GDDS), both FSI statistics and certain IFS data are also available on San Marino's National Summary Data Page via the following link.