San Marino - Money



The Sammarinese economy is closely integrated with the Italian monetary and banking system. The Banking Act in Italy of 1990 introduced major changes as a part of the EU policy for free capital movement within the member states and a currency union, creating conditions for the reduction of public ownership of banks and liberalizing the regulations on foreign capital. In 1999, Italy and 10 other members of the EU switched from their national currencies to the single currency of the euro, as a part of the European System of Central Banks (ESCB). The euro has been in use since 1 January 1999, initially for electronic transfers and accounting purposes only, while euro coins and bills will be issued in 2002. At that time the Italian currency will cease to be legal tender. On 1 January 1999, control over Italian monetary policy , including the issues of setting the interest rates and regulating the money supply, was transferred to the European Central Bank (ECB). The need to adjust to the centralized European monetary and banking system requirements without being officially a member of the EU will be a serious challenge for the Sammarinese government

Exchange rates: San Marino
euros per US$1
Jan 2001 1.06594
2000 1.08540
1999 0.93863
1998 1,736.2
1997 1,703.1
1996 1,542.9
Note: Rates prior to 1999 are in Italian lire per US$.
SOURCE: CIA World Factbook 2001 [ONLINE].

in the near future. The benefits from the single European economic space, however, are expected to outweigh the drawbacks.

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