An unofficial Convention of Banks and Bankers periodically attends to financial affairs. The banking system attracts foreign financial transactions and investments because there are no direct taxes in Andorra.
There were six private banks in 1997: Banc Internácional d'Andorra, Banca Mora, Banca Privada d'Andorra, Credit Andorra, Banc Agricol; Comercial d'Andora, and Banca Reig. About half of all deposits are made in pesetas, with one-fourth in francs and the balance in other currencies.
There is no stock exchange, and therefore, stocks and bonds are not traded in Andorra.