Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > San Marino, Republic of

You are looking at 1 - 10 of 39 items for

  • Type: Journal Issue x
Clear All Modify Search
Cover IMF Staff Country Reports
Panama: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
B. Dollarized economy; labor market market trend; D. labor force; E. building RESILIENCE; unemployment fluctuation; Climate change; Deposit insurance; Labor force; Natural disasters; Financial safety nets; Caribbean; Central America; Global; South America; Europe
Cover IMF Staff Country Reports
Republic of San Marino: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that despite external shocks and higher interest rates, growth has remained resilient in San Marino. Prudent policies and access to international capital markets increased policy buffers to healthy levels. Despite volatile financial conditions, the government was able to rollover the Eurobond maturing next year. However, San Marino is a microstate subject to very high volatility and financial sector vulnerabilities remain, suggesting that larger-than-usual fiscal buffers are needed. High inflation and higher interest rates are eroding real income and putting pressure on firms’ healthy level of profitability. This, combined with weakening global demand will affect economic activity that while still positive, is decelerating in 2023. Given San Marino’s recent access to international capital markets and associated market discipline, the main priority is to advance the nonperforming loans securitization in a credible way that avoids forbearance and minimizes fiscal risks. This process and calendar provisioning can reveal capital needs at some banks that will need to be promptly addressed. A viable banking system will also require strengthening cost-efficiency and improving the quantity and quality of capital.
Keywords:
Sammarinese authority; authorities of the Republic of San Marino; Sta government finance statistics; utility company; vis-à-vis nonresident; Fiscal stance; Nonperforming loans; Pension spending; Global; Europe
Cover High-Level Summary Technical Assistance Reports
Republic of San Marino: Report on the Financial Soundness Indicators and Monetary and Financial Statistics Technical Assistance Mission
Brian Kwok Chung Yee and Darja Milic
This paper presents the report on the financial soundness indicators (FSI) and monetary and financial statistics (MFS) technical assistance mission in San Marino. The mission reviewed and updated the bridge tables that are used to compile the FSIs for transmission to the statistics department (STA). Source data for compiling FSIs for commercial banks are adequate and generally meet the criteria established by the 2019 FSIs Guide for publication in the IMF’s FSI data portal. The mission also recommends updating the metadata accompanying the publication of revised FSIs. Because of the mission, the Central Bank of San Marino should be able to implement the new FSI Standardized Reports, FSI Institutional Coverage and FSI Metadata. The mission also reviewed the treatment of banks in liquidation in the compilation of MFS, particularly the recent case of banks in suspension of payments. A timeframe for reporting new FSI report forms and revised MFS data to STA has also been discussed and agreed on with the authorities.
Keywords:
Financial Soundness Indicators; Monetary and Financial Statistics
Cover IMF Staff Country Reports
Republic of San Marino: 2022 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
San Marino's economic activity showed remarkable resilience throughout the pandemic. After Russia's invasion of Ukraine, San Marino faced an unprecedented energy price shock which, compounded with a food price shock, led to high inflation and real income erosion. However, strong external demand amidst global supply chain constraints and an elevated inflow of tourists have boosted economic activity so far this year. At the same time, San Marino secured beneficial energy import prices this year and next that have resulted in tariffs below regional peers at minimal fiscal costs. Despite a strong economy, the fiscal position in 2021 remained relatively weak. However, greater reliance on domestic debt along with a large share of long maturing and low interest debt is supporting favorable debt dynamics given higher inflation. Banks' capitalization and profitability improved in 2021, deposits continued to grow, while credit contracted. Progress halted recently while vulnerabilities remain given very large nonperforming assets and weak capitalization.
Keywords:
Sta government finance statistics; liability positions vis-a-vis nonresident; Sta balance of payments statistics; price signal; Eurobond rollover; Fiscal stance; Energy prices; Pension spending; Bonds; Global; Europe
Cover IMF Staff Country Reports
Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.
Keywords:
banking sector liquidity; Sta government finance statistics; vis-a-vis nonresident; liquidity of the banking system; boosted liquidity; Sta balance of payments statistics; Commercial banks; Fiscal stance; Nonperforming loans; Pension spending; Global; Europe
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
Kingdom of the netherlands Curaçao; Sint maarten monetary union; Dollarized economy; monetary union of Curaçao; financial system oversight; Dollarization; Monetary unions; Currencies; Exchange rate arrangements; Lender of last resort; Caribbean; Europe
Cover Policy Papers
Fifteenth General Review of Quotas— Additional Considerations and Data Update
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Statistics Dept.
This paper provides background for a further round of discussions on the Fifteenth General Review of Quotas (hereafter 15th Review). The paper builds on work presented in previous staff papers and Directors’ views expressed in three meetings of the Committee of the Whole in September 2017 and February 2018. No proposals are presented at this stage, pending further Board guidance on possible approaches to narrowing the current differences of views.
Keywords:
data update; quota share; GDP blend; quota formula reform; quota resource; Purchasing power parity; Capital flows; Capital account; Balance of payments statistics; Reserve assets; Africa; Global; Middle East; Western Hemisphere