1 February 2019: conclusion of the International Monetary Fund (IMF) Art. IV Mission for San Marino.

The annual IMF Mission in San Marino, under art. IV of the IMF’s Articles of Agreement, took place between January 23rd and February 1st. The IMF delegation, headed by the Mission Chief Nir Klein, met the Institutions and various representatives of the Sammarinese economy, including the Central Bank, with which in particular the dynamics of the financial sector of the country were analyzed.

The staff concluding statement focuses on the trends of the financial system and of the economy and highlights the need for San Marino to start a comprehensive strategy enabling the country to return to a sustainable path of growth, as well as to guarantee the stabilization of the banking system and the full recovery of the capacity to grant credit to the economy.

The Central Bank illustrated in depth to the IMF delegation the measures needed for the banking system, started over the last few months by the new Governance. In detail, the CBSM illustrated the communication of the AQR results, which is considered, also by the IMF, a key element for the stabilization of the banking system, as well as the need to strengthen the institutional communication by the Central Bank. To this aim, the Central Bank will publish, within short, a document analyzing the financial system that will represent the starting point in order to make available, on a periodic basis, a report on the financial stability.

The concluding statement of the IMF is at the following link:

https://www.imf.org/en/News/Articles/2019/02/01/ms020119-san-marino-staff-concluding-statement-of-the-2019-article-iv-mission