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ITALICA NEWS
IMF: San Marino’s economy expected to moderately grow
[ Italica ] – After a 2 per cent growth recorded in 2016, San Marino’s economy is expecting to slow down, the International Monetary Fund reported in its concluding statement of the 2018 Article IV Consultation. The forecasted growth at slightly above 1 per cent in 2018 will be mainly driven by private consumption, but there are still several issues to address. In particular, even though authorities had taken decisive steps to identify weaknesses, domestic banking sector needs permanent solutions to avoid any loss of confidence in the system and, at the same time, continue to provide credit to the economy. Moreover, an effective plan to restructure the Cassa di Risparmio della Repubblica di San Marino (CRSM) is still needed, as well as a strengthening of Central Bank of San Marino (CBSM) is crucial. The IMF acknowledges that structural reforms addressing labour market have been made, and further measures are in progress. With regard to international cooperation, ratifying the recent update to the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework has been extremely relevant for the credibility of the system. The relationship with Italy continues to be pivotal, and a memorandum of understanding with the Bank of Italy would be of great significance. [ January 18, 2018 – Italica ]
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