The Central Bank of the Republic of San Marino

The Central Bank of the Republic of San Marino (CBSM) is a private legal entity with public and private shareholders. It was established in 2005 through the merger of the Istituto di Credito Sammarinese and the Inspectorate for Credit and Currency. Since its creation, additional laws have been enacted, expanding the functions of the Central Bank in line with general statutory provisions.

CBSM is an institution that serves both the financial system and the Country. As of December 31, 2024, the Central Bank employs 101 people, including 18 staff members working in the Financial Intelligence Agency (FIA), an independent authority responsible for combating money laundering and terrorist financing (under Law No. 92/2008).

Of the 83 employees at the Central Bank, some work part-time or have extended absences, therefore, the Full-Time Equivalent (FTE) resources are approximately 71. To maximize efficiency, some resources hold multiple roles across different Organizational Units.

The resources of the Central Bank are organized into various Organizational Units to carry out a broad range of institutional functions. As of December 31, 2024, the employees are distributed as follows:

• General Management: 2 employees;
• Staff Organizational Units: 31 employees;
• Supervision Committee (statutory function): 24 employees;
• Tax Collection Department (statutory function): 11 employees;
• Treasury Department (statutory function): 7 employees;
• Payment System Department (statutory function): 5 employees;
• Finance Department (relevant function): 3 employees.

Below is the organizational chart of the Central Bank:

Its founding law, Law No. 96 of 2005, along with the Law on Banking, Financial, and Insurance Services (Law No. 165 of 2005), govern its operations.

The state is the primary shareholder of CBSM, while San Marino's banks, financial institutions, and insurance companies hold a minority stake.

Part of the employees work within the Financial Intelligence Agency, whose activities are regulated by Law No. 92 of 2008.

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The State is the major shareholder of BCSM, holding 72% of the capital, while the remaining shares are distributed among San Marino banks (Cassa di Risparmio della Repubblica di San Marino 16%, Banca di San Marino 6%, Banca Agricola Commerciale Istituto Bancario Sammarinese 5%, Banca Sammarinese di Investimento 1%).

Despite the complexity and extension of its functions, the Bank continues to pursue operating efficiency and cost saving, in compliance with the principles of its Statues and Code of Conduct.

Importantly, the Central Bank does not operate as a commercial enterprise and cannot freely set prices for its activities. These activities are driven by broader systemic objectives, such as ensuring the stability of the financial system, protecting savings, maintaining the country's reputation, fostering investor confidence, and ensuring the proper functioning of the payments system, which cannot be priced in a simple market logic.

Therefore, it is crucial to strengthen the Central Bank's financial position, safeguarding its independence and supporting the investments required to effectively carry out the vital functions entrusted to it, as outlined by the International Monetary Fund.