Luigi Federico Signorini, Senior Deputy Governor of the Bank of Italy, and Andrea Vivoli, Managing Director of the Central Bank of the Republic of San Marino (CBSM), signed a new Memorandum of Understanding on cash services, as a result of the cooperation between the two Central Banks in this area.
The agreement, which replaces the 2019 Memorandum, provides for a structured data flow from the CBSM to the Bank of Italy and allows the CBSM: (i) to send damaged and suspected counterfeit banknotes to the Bank of Italy; and (ii) to manage the return of fit and unfit banknotes to and the withdrawal of banknotes from the Bank of Italy's branch in Forlì. The Agreement also regulates the transmission of statistical information on euro banknote recirculation and on euro coins issued by the Republic of San Marino.
The agreement entered into force on 26 May 2023.
