Journal Issue
Share
Article

Republic of San Marino: Staff Report for the 2017 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
April 2017
Share
  • ShareShare
Show Summary Details

Fund Relations

(As of February 10, 2017)

Membership Status: Joined September 23, 1992; Article VIII

General Resources AccountSDR MillionPercent of Quota
Quota49.20100.00
Fund holdings of currency37.0575.30
Reserves tranche position12.1524.70
SDR DepartmentSDR MillionPercent of Allocation
Net cumulative allocation15.53100.00
Holdings8.7756.47

Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Payments to the Fund: None

Implementation of HIPC Initiative: Not applicable

Implementation of Multilateral Debt Relief Initiative: Not applicable

Implementation of Post-Catastrophe Debt Relief: Not applicable

Exchange Arrangements:

Prior to 1999, the currency of San Marino was the Italian lira. Since January 1, 1999, San Marino uses the euro as its official currency. The central monetary institution is the Central Bank of San Marino (CBSM). Foreign exchange transactions are conducted through commercial banks without restriction at rates quoted in Italian markets. There are no taxes or subsidies on purchases or sales of foreign exchange. San Marino’s exchange system is free of restrictions on the making of payments and transfers for current international transactions, except for those maintained solely for the preservation of national or international security and which have been notified to the Fund pursuant to Executive Board Decision No. 144-(52/51).1

Latest Article IV Consultation:

San Marino is on a 12-month cycle. The previous Article IV consultation discussions took place during March 8–16, 2016, and the consultation was concluded on May 6, 2016 (IMF Country Report No. 16/111).

FSAP Participation:

A review under the Financial Sector Assessment Program (FSAP) was completed in 2010.

Technical Assistance:

YearDepartment/Purpose
1997STA Multi-sector assistance
2004STA Monetary and financial statistics
2005MFD Deposit insurance
2008STA GDDS metadata development
2009LEG AML/CFT
2011STA National accounts statistics
2012STA Government finance statistics
2012STA Monetary and Financial Statistics
2013STA Balance of Payments Statistics
2014FAD Expenditure Policy
2016MCM Cassa di Risparmio Bank Restructuring

Resident Representative: None

Statistical Issues

(As of February 10, 2017)

I. Assessment of Data Adequacy for Surveillance
General: Data provision is broadly adequate for surveillance, but some data gaps exist. Progress has been made since San Marino’s participation in the IMF’s General Data Dissemination System (GDDS) on May 16, 2008, but important weaknesses in the statistical database remain, mainly due to resource constraints. In January 2007, in view of their intention to participate in the GDDS, the authorities named two national GDDS coordinators and announced their objective to increase the frequency of website updates in order to improve data dissemination. As of March 2012, national and fiscal accounts, as well as monetary and financial sector data are compiled according to international standards, but some key statistics (such as real and fiscal data) are available only with delay and, in many cases, are at a lower-than-standard frequency and level of detail.
National Accounts: National accounts data for 1995 onward have been calculated in accordance with ESA95, and data are compiled annually based on all three approaches—income, production, and expenditure, albeit with about 10-months delay. Employment data are available monthly with short delays. An industrial production index based on electricity consumption, launched in 2000, became available monthly in 2009. Consumption and business sentiment indices have been compiled starting in 2007 based on annual household and business surveys.
Price Statistics: Consumer prices data are available monthly with short delays.
Government Finance Statistics: The authorities have provided data for the central government, state-owned enterprises, and social security fund for 2004–16, as well as the budget for 2017. However, some of the data have not been compiled in accordance with IMF standards. Financing items, such as amortization, are included as expenditures while “borrowing requirement” is included among the revenues.
Monetary and Financial Statistics: Since 1997, the authorities have provided balance sheet data on the commercial banks and the monetary authority to STA databases, although due to data consistency issues since 2015Q2, their publication has been postponed. These data are provided on a quarterly basis, with approximately a six-week reporting lag. The authorities have introduced laws and took some measures to improve coverage and timeliness of banks’ reporting. The CBSM has improved sectorization and expanded data collection to cover the offshore asset management activities of banks. The breakdown of deposits (and other assets and liabilities) between residents and nonresidents and the breakdown of short-term credit by public and private sector components are also available. However, there is no broad money survey. Data on nonbank financial intermediaries are also lacking.
Financial Sector Surveillance: The authorities report financial soundness indicators (FSIs), 11 out of 12 core and 5 out of 13 encouraged FSIs for deposit takers, on a quarterly basis. FSIs for other financial corporations, nonfinancial corporations, and households are not reported.
External Sector Statistics: Starting in 2008, trade statistics have been released quarterly with a lag of about six months. San Marino does not publish balance of payments accounts, but the authorities have received Fund technical assistance on BOP statistics and are in the process of compiling them.
San Marino: Table of Common Indicators Required for Surveillance(As of February 10, 2017)
Date of latest observationDate receivedFrequency of Data7Frequency of Reporting7Frequency of Publication7
Exchange RatesFeb 2017Feb 2017DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1Q1 2015Dec 2015QQQ
Reserve/Base MoneyQ1 2015Dec 2015QQQ
Broad MoneyQ1 2015Dec 2015QQQ
Central Bank Balance SheetQ1 2015Dec 2015QQQ
Consolidated Balance Sheet of the Banking SystemQ4 2016Feb 2017QQQ
Interest Rates2Q2 2015Dec 2016QQQ
Consumer Price IndexNov 2016Jan 2017MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4Q4 2015Dec 2016AAA
Revenue, Expenditure, Balance and Composition of Financing3– Central GovernmentQ4 2015Dec 2016AAA
Stocks of Central Government and Central Government-Guaranteed Debt5Q4 2015Dec 2016AAA
External Current Account BalanceNA 6
Exports and Imports of Goods and Services2015Nov 2016AAA
GDP/GNP2015Nov 2016AAA
Gross External DebtNA 8
International Investment Position 6NA 8

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Lack of capacity precludes the compilation of balance of payments data at present. Fund technical assistance in this area is ongoing.

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Lack of capacity precludes the compilation of balance of payments data at present. Fund technical assistance in this area is ongoing.

1

EU Regulations are not directly applicable to San Marino as a result of Article 249 of the Treaty Establishing the European Community, but they may well be applied as a result of the legal relationship between San Marino and the EU, including the Monetary Agreement.

Other Resources Citing This Publication