The Central Bank of the Republic of San Marino announces that it has sold the second "Demeter" bond, which was due on January 20, 2021.
The sale has enabled the Central Bank to fully recover the amount invested in July 2017, when approximately 70% of the Central Bank's total assets, amounting to 43 million euros, were tied up in illiquid securities, contrary to internal regulations.
The liquidation of the proceeds from the second "Demeter" bond allows the Central Bank to return to more liquid investments, in line with its institutional objectives, as recommended by the International Monetary Fund.
The successful completion of the transfer transaction is the result of effective coordination among the various bodies of the Central Bank, the monitoring efforts implemented by the General Management, and the high level of internal expertise and professionalism that enabled the timely achievement of the objectives set by the Board of Directors, focused on prudent investment management and damage containment.
Through this press release, the Central Bank aims to further emphasize the communication process initiated in 2019, with the goal of enhancing the transparency of its activities and fostering a closer connection with the public, in the best interest of the country.