Abstract
2020 Article IV Consultation-Press Release and Staff Report
Fund Relations
(As of January 31, 2020)
Membership Status: Joined September 23, 1992; Article VIII
| General Resources Account | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 49.20 | 100.00 |
| Fund holdings of currency | 37.05 | 75.30 |
| Reserves tranche position | 12.15 | 24.70 |
| General Resources Account | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 49.20 | 100.00 |
| Fund holdings of currency | 37.05 | 75.30 |
| Reserves tranche position | 12.15 | 24.70 |
| SDR Department | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 15.53 | 100.00 |
| Holdings | 8.88 | 57.17 |
| SDR Department | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 15.53 | 100.00 |
| Holdings | 8.88 | 57.17 |
Outstanding Purchases and Loans
None
Latest Financial Arrangements
None
Projected Obligations to Fund 1/
(SDR Million; based on existing use of resources and present holdings of SDRs)
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Principal | |||||
| Charges/Interest | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Total | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Principal | |||||
| Charges/Interest | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Total | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
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 The current classifications of San Marino’s de jure and de facto exchange rate arrangements are “no separate legal tender”.
Latest Article IV Consultation:
San Marino is on a 12-month cycle. The previous Article IV consultation discussions took place during January 23–February 1, 2019, and the consultation was concluded on March 20, 2019 (IMF Country Report No. 19/85).
FSAP Participation:
A review under the Financial Sector Assessment Program (FSAP) was completed in 2010.
Technical Assistance:
| Year | Department/Purpose |
|---|---|
| 1997 | STA Multi-sector assistance |
| 2004 | STA Monetary and financial statistics |
| 2005 | MFD Deposit insurance |
| 2008 | STA GDDS metadata development |
| 2009 | LEG AML/CFT |
| 2011 | STA National accounts statistics |
| 2012 | STA Government finance statistics |
| 2012 | STA Monetary and Financial Statistics |
| 2013 | STA Balance of Payments Statistics |
| 2014 | FAD Expenditure Policy |
| 2016 | MCM Cassa di Risparmio Bank Restructuring |
| 2018 | FAD Foundations for a Value Added Tax |
| 2018 | FAD VAT Administrative Readiness Assessment |
| 2018 | STA Balance of Payments statistics |
| 2019 | LEG Enterprise Restructuring and Individual Over-indebtedness |
| 2019 | STA Enhanced General Data Dissemination System (E-GDDS) |
| Year | Department/Purpose |
|---|---|
| 1997 | STA Multi-sector assistance |
| 2004 | STA Monetary and financial statistics |
| 2005 | MFD Deposit insurance |
| 2008 | STA GDDS metadata development |
| 2009 | LEG AML/CFT |
| 2011 | STA National accounts statistics |
| 2012 | STA Government finance statistics |
| 2012 | STA Monetary and Financial Statistics |
| 2013 | STA Balance of Payments Statistics |
| 2014 | FAD Expenditure Policy |
| 2016 | MCM Cassa di Risparmio Bank Restructuring |
| 2018 | FAD Foundations for a Value Added Tax |
| 2018 | FAD VAT Administrative Readiness Assessment |
| 2018 | STA Balance of Payments statistics |
| 2019 | LEG Enterprise Restructuring and Individual Over-indebtedness |
| 2019 | STA Enhanced General Data Dissemination System (E-GDDS) |
Resident Representative: None
Statistical Issues
(As of January 31, 2020)
Assessment of Data Adequacy for Surveillance
Assessment of Data Adequacy for Surveillance
| General: Data provision is broadly adequate for surveillance, but 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. National accounts as well as monetary and financial sector data are compiled according to international standards, but some key statistics (in real and fiscal sectors) are available only with delays and, in many cases, are at a lower-than-standard frequency and level of detail. Following technical assistance provided by the IMF Statistics Department, San Marino started compiling balance of payments and international investment position (IIP) in 2018. |
| National Accounts: National accounts data for 2007 onward have been calculated in accordance with ESA95, and data are compiled annually based on production and expenditure approach, albeit with about 10 months delay. Methodological improvements starting 2015 lead to historical series revision. Employment data are available monthly. An industrial production index based on electricity consumption, launched in 2000, became available monthly in 2009 but has been discontinued. A purchasing managers’ index has been compiled starting in 2010. |
| Price Statistics: Consumer prices data are available monthly. |
| Government Finance Statistics: The authorities have provided data for the central government, state-owned enterprises, and social security fund for 2004–18, and preliminary data for 2019. However, some of the data have not been compiled in accordance with IMF standards. Financing items, such as amortization, are included as expenditures while “financing needs” are included among revenues. The authorities report annually fiscal data in the GFS Yearbook, revenues, expenses and stock of assets and liabilities for the General Government in the format of the GFSM2014, the last year reported is 2018. |
| Monetary and Financial Statistics: In 2018, the Central Bank of San Marino began using the standardized Report Forms to submit Monetary and Financial Statistics to the Fund for use in surveillance and for dissemination in International Financial Statistics. Data for Other Financial Corporations are not available. There is a need for improving the classification of commercial bank assets/liabilities. |
| Financial Sector Surveillance: The authorities regularly report financial soundness indicators (FSIs). Eleven out of twelve core and five out of thirteen encouraged FSIs for deposit takers are disseminated on a quarterly basis. FSIs for other financial corporations, nonfinancial corporations, and households are not reported. The authorities should shift to a timelier provision of quarterly FSI data to the Fund with a time lag of no more than four months. |
| External Sector Statistics: In 2018, San Marino started compiling balance of payments and IIP. Frequency, coverage and reporting should be improved. Data are reported once a year and with a long lag. In addition, there are several data gaps in the balance of payments, IIP, and external debt components. Going forward, the authorities should sustain efforts to improve the frequency, coverage, and reporting of relevant statistics. |
Assessment of Data Adequacy for Surveillance
| General: Data provision is broadly adequate for surveillance, but 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. National accounts as well as monetary and financial sector data are compiled according to international standards, but some key statistics (in real and fiscal sectors) are available only with delays and, in many cases, are at a lower-than-standard frequency and level of detail. Following technical assistance provided by the IMF Statistics Department, San Marino started compiling balance of payments and international investment position (IIP) in 2018. |
| National Accounts: National accounts data for 2007 onward have been calculated in accordance with ESA95, and data are compiled annually based on production and expenditure approach, albeit with about 10 months delay. Methodological improvements starting 2015 lead to historical series revision. Employment data are available monthly. An industrial production index based on electricity consumption, launched in 2000, became available monthly in 2009 but has been discontinued. A purchasing managers’ index has been compiled starting in 2010. |
| Price Statistics: Consumer prices data are available monthly. |
| Government Finance Statistics: The authorities have provided data for the central government, state-owned enterprises, and social security fund for 2004–18, and preliminary data for 2019. However, some of the data have not been compiled in accordance with IMF standards. Financing items, such as amortization, are included as expenditures while “financing needs” are included among revenues. The authorities report annually fiscal data in the GFS Yearbook, revenues, expenses and stock of assets and liabilities for the General Government in the format of the GFSM2014, the last year reported is 2018. |
| Monetary and Financial Statistics: In 2018, the Central Bank of San Marino began using the standardized Report Forms to submit Monetary and Financial Statistics to the Fund for use in surveillance and for dissemination in International Financial Statistics. Data for Other Financial Corporations are not available. There is a need for improving the classification of commercial bank assets/liabilities. |
| Financial Sector Surveillance: The authorities regularly report financial soundness indicators (FSIs). Eleven out of twelve core and five out of thirteen encouraged FSIs for deposit takers are disseminated on a quarterly basis. FSIs for other financial corporations, nonfinancial corporations, and households are not reported. The authorities should shift to a timelier provision of quarterly FSI data to the Fund with a time lag of no more than four months. |
| External Sector Statistics: In 2018, San Marino started compiling balance of payments and IIP. Frequency, coverage and reporting should be improved. Data are reported once a year and with a long lag. In addition, there are several data gaps in the balance of payments, IIP, and external debt components. Going forward, the authorities should sustain efforts to improve the frequency, coverage, and reporting of relevant statistics. |
San Marino: Common Indicators Required for Surveillance
(As of January 31, 2020)
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.
Deposit and lending rates.
Foreign, domestic banks, 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).
San Marino: Common Indicators Required for Surveillance
(As of January 31, 2020)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Jan 2020 | Jan 2020 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Sept 2019 | Jan 2020 | M | M | M |
| Reserve/Base Money | Sept 2019 | Jan 2020 | M | M | M |
| Broad Money | Sept 2019 | Jan 2020 | M | M | M |
| Central Bank Balance Sheet | Sept 2019 | Jan 2020 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Sept 2019 | Jan 2020 | M | M | M |
| Interest Rates2 | Sept 2019 | Jan 2020 | M | M | M |
| Consumer Price Index | Dec 2019 | Jan 2020 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2018 | Sep 2019 | A | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3—Central Government | 2018 | Sep 2019 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2019 | Jan 2020 | A | A | A |
| External Current Account Balance | 2018 | Nov 2019 | A | A | A |
| Exports and Imports of Goods and Services | June 2019 | Nov 2019 | M | M | M |
| GDP/GNP | 2018 | Nov 2019 | A | A | A |
| Gross External Debt | 2018 | Nov 2019 | A | A | A |
| International Investment Position 6 | 2018 | Nov 2019 | A | A | A |
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.
Deposit and lending rates.
Foreign, domestic banks, 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).
San Marino: Common Indicators Required for Surveillance
(As of January 31, 2020)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Jan 2020 | Jan 2020 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Sept 2019 | Jan 2020 | M | M | M |
| Reserve/Base Money | Sept 2019 | Jan 2020 | M | M | M |
| Broad Money | Sept 2019 | Jan 2020 | M | M | M |
| Central Bank Balance Sheet | Sept 2019 | Jan 2020 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Sept 2019 | Jan 2020 | M | M | M |
| Interest Rates2 | Sept 2019 | Jan 2020 | M | M | M |
| Consumer Price Index | Dec 2019 | Jan 2020 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2018 | Sep 2019 | A | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3—Central Government | 2018 | Sep 2019 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2019 | Jan 2020 | A | A | A |
| External Current Account Balance | 2018 | Nov 2019 | A | A | A |
| Exports and Imports of Goods and Services | June 2019 | Nov 2019 | M | M | M |
| GDP/GNP | 2018 | Nov 2019 | A | A | A |
| Gross External Debt | 2018 | Nov 2019 | A | A | A |
| International Investment Position 6 | 2018 | Nov 2019 | A | A | A |
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.
Deposit and lending rates.
Foreign, domestic banks, 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).
EU Regulations are not directly applicable to San Marino due to 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.