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Statute and Code

The Statute of the Central Bank were approved by Law  96 of 29 June 2005.

The Statute is the primary regulatory source of reference for the activities of the CBSM since it defines  the main functions of the Bank and assign to the latter the necessary powers to exercise its role as supervisory and regulatory body of the financial system.

Specifically, the Statutes, besides defining the purposes and functions of the CBSM:

  • define the statutory bodies of the Bank (Meeting of the Shareholders , Governing Council, Chairman, Board of Statutory Auditors, Director General and Supervision Committee) and identify their functions and regulate their activities;

  • define the Bank's financial resources and the limits of its banking and financial operations;

  • assign to the Bank the necessary powers to perform the supervisory functions of the financial system, including the power to apply sanctions;

  • assign to the Bank the power to issue measures including in the form of regulations, orders, circulars, uniform letters, recommendations and instructions binding for the supervised entities;

  • define the basic features of the organisational structure of the banks.

Article 3 of Law No. 113 of 7 July 2020 provides for the "Authentic interpretation of the provisions concerning professional secrecy and the Central Bank’s functions."

Furthermore, the Statutes require the Central Bank to implement a code of conduct for its officers and employees to ensure the independence and proper functioning of the Bank and to avoid any conflict of interests.