Republic of San Marino : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

March 25, 2019

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Deep-rooted weaknesses in the banking system have undermined economic activity and are now threatening financial stability and fiscal sustainability. Significant deposit outflows have left the banking system with low liquidity, while persistent losses and high non-performing loans (NPLs) resulted in sizable recapitalization needs, particularly in the state-owned bank. The central bank of San Marino (CBSM) and government liquidity buffers are low, and a full and upfront recognition of the state’s excessive commitments to the banking system would make public debt unsustainable. A comprehensive strategy is urgently needed to shift the economy to a sustainable growth path.

Series:

Country Report No. 19/85

Subject:

English

Publication Date:

March 25, 2019

ISBN/ISSN:

9781498304887/1934-7685

Stock No:

1SMREA2019001

Format:

Paper

Pages:

61

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