Central Bank of San Marino
Encyclopedia
The Central Bank of San Marino, (Italian
"Banca Centrale della Repubblica di San Marino"), is the central bank
of San Marino
.
The bank was created in 2005 . It has been superseded de facto by the European Central Bank
. However, it is not member of the European System of Central Banks
or the Eurosystem
as San Marino is not considered part of the eurozone
, but a third country that has decided to adopt the euro
(a situation similar to Montenegro
).
The purposes of the BCSM are established in the 3rd article of the national law № 96 of the 29th June 2005:
Owing to a special agreement with the European Commission
(on behalf of Italy), San Marino may issue a limited amount of euro coins every year, although Italy mints them in practice.
The BCSM, unlike many other central banks, is also the financial regulatory
authority covering banking, financial and insurance services in San Marino.
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
"Banca Centrale della Repubblica di San Marino"), is the central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of San Marino
San Marino
San Marino, officially the Republic of San Marino , is a state situated on the Italian Peninsula on the eastern side of the Apennine Mountains. It is an enclave surrounded by Italy. Its size is just over with an estimated population of over 30,000. Its capital is the City of San Marino...
.
The bank was created in 2005 . It has been superseded de facto by the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
. However, it is not member of the European System of Central Banks
European System of Central Banks
The European System of Central Banks is composed of the European Central Bank and the national central banks of all 27 European Union Member States.-Functions:...
or the Eurosystem
Eurosystem
The Eurosystem is the monetary authority of the Eurozone, the collective of European Union member states that have adopted the euro as their sole official currency...
as San Marino is not considered part of the eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
, but a third country that has decided to adopt the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
(a situation similar to Montenegro
Montenegro
Montenegro Montenegrin: Crna Gora Црна Гора , meaning "Black Mountain") is a country located in Southeastern Europe. It has a coast on the Adriatic Sea to the south-west and is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast and Albania to the...
).
The purposes of the BCSM are established in the 3rd article of the national law № 96 of the 29th June 2005:
- promote the stability of the financial system and watch credit flows.
- provide financial services to the state and public institutions in order to coordinate available cash flow and other financial sources
- provide a sustainable financial system for San Marino.
- Simplify economic activities by maintaining a payment system for the republic that is efficient and secure.
Owing to a special agreement with the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
(on behalf of Italy), San Marino may issue a limited amount of euro coins every year, although Italy mints them in practice.
The BCSM, unlike many other central banks, is also the financial regulatory
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
authority covering banking, financial and insurance services in San Marino.
See also
- Economy of San MarinoEconomy of San MarinoThe economy of San Marino is focussed around industries such as banking, wearing apparel, electronics, and ceramics, tiles, furniture, clothing, paints, fabrics, and spirits/wines. In addition, San Marino sells collectible postage stamps to philatelists...
- EuroEuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
- List of banks in San Marino
- Sammarinese euro coins