Luigi Federico Signorini, Managing Director of the Bank of Italy, and Andrea Vivoli, Managing Director of the Central Bank of the Republic of San Marino (CBSM), have signed a new memorandum of understanding regarding cash services, further solidifying the cooperative relationship between the two central banks in this area.
This agreement replaces the protocol established in 2019 and introduces a structured flow of information from the CBSM, enabling it to: (i) present suspected counterfeit banknotes and damaged notes to the Bank of Italy; (ii) deposit eligible and ineligible banknotes and withdraw banknotes at the Bank of Italy's Forlì branch. The agreement outlines the procedures for sending statistical reports on the recirculation of euro banknotes and coins issued by the Republic of San Marino.
The protocol came into effect on May 26, 2023.