The Central Bank of the Republic of San Marino (CBSM), is the financial supervisory authority of San Marino. Despite its name, it is not a fully-fledged central bank given San Marino's use of the euro.
The CBSM was established through a merger between the Istituto di Credito Sammarinese (San Marino Credit Institute, a body with public and private shareholders acting as the central bank of the Republic of San Marino) and the Ispettorato per il Credito e le Valute (Inspectorate for Credit and Currencies, a public administration office charged with supervisory and combating money-laundering activities).
The central bank's endowment fund is currently €12.9 million divided into 2,500 indivisible registered shares worth €5,164.57 each. The possessory title of these shares is reserved to the state, as majority shareholder, and to San Marino undertakings engaged in credit, financial and insurance activities.
Pursuant to art. 3 of its statutes the Central Bank of the Republic of San Marino will exercise its powers for the purpose of:
The central bank is answerable for the attainment of its objectives to the Grand and General Council (parliament).[2]
- promoting the stability of the financial system and protecting savings, whose substantial social value is recognised by the republic, through supervision of the credit, financial and insurance activities in which authorised intermediaries are engaged;
- providing banking and financial services to the state and to the public administration, one purpose being to coordinate the management of liquidity and the choice of forms of financing;