|Non-Knit Clothing accessories|
|Wood working Machines|
|Washing & Bottling Machines|
|Coated Flat-Rolled Iron|
San Marino, officially the Republic of San Marino (Italian: Repubblica di San Marino), also known as the Most Serene Republic of San Marino (Italian: Serenissima Repubblica di San Marino), is an enclaved microstate surrounded by Italy, situated on the Italian Peninsula on the northeastern side of the Apennine Mountains. Its size is just over 61 km2 (24 sq mi) and has an estimated population of about 32,000. Its capital is the City of San Marino and its largest city is Dogana. San Marino has the smallest population of all the members of the Council of Europe.
San Marino is governed by the Constitution of San Marino (Leges Statutae Republicae Sancti Marini), a series of six books written in Latin in the late 16th century, that dictate the country’s political system, among other matters. The country is considered to have the earliest written governing documents (constitution) still in effect. The country's economy mainly relies on finance, industry, services and tourism. Despite having an extremely small economy for a nation-state, it is one of the wealthiest countries in the world in terms of GDP (per capita), with a figure comparable to the most developed European regions. San Marino is considered to have a highly stable economy, with one of the lowest unemployment rates in Europe, no national debt and a budget surplus. It is the only country with more vehicles than people.San Marino has the political framework of a parliamentary representative democratic republic: the Captains Regent are both heads of state and heads of government, and there is a pluriform multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the Grand and General Council. The judiciary is independent of the executive and the legislature.The legislature of the republic is the Grand and General Council (Consiglio grande e generale). The Council is a unicameral legislature with 60 members. There are elections every five years by proportional representation in all nine administrative districts. These districts (townships) correspond to the old parishes of the republic.Citizens 18 years or older are eligible to vote. Beside general legislation, the Grand and General Council approves the budget and elects the Captains Regent, the State Congress (composed of ten Secretaries with executive power), the Council of Twelve (which forms the judicial branch during the period of legislature of the Council), the Advising Commissions, and the Government Unions. The council also has the power to ratify treaties with other countries. The council is divided into five different Advising Commissions consisting of fifteen councillors who examine, propose, and discuss the implementation of new laws that are on their way to being presented on the floor of the council.Every six months, the council elects two Captains Regent to be the heads of state. The Regents are chosen from opposing parties so that there is a balance of power. They serve a six-month term. The investiture of the Captains Regent takes place on 1 April and 1 October in every year. Once this term is over, citizens have three days in which to file complaints about the Captains' activities. If they warrant it, judicial proceedings against the ex-head(s) of state can be initiated.The practice of having multiple heads of state, chosen in frequent elections, is derived directly from the customs of the Roman Republic. The Council is equivalent to the Roman Senate; the Captains Regent, to the consuls of ancient Rome.San Marino is a multi-party democratic republic. A new election law in 2008 raised the threshold for small parties entering Parliament, causing political parties to organize themselves into two alliances: the right-wing Pact for San Marino, led by the San Marinese Christian Democratic Party; and the left-wing Reforms and Freedom, led by the Party of Socialists and Democrats, a merger of the Socialist Party of San Marino and the former Communist Party of Democrats). The 2008 general election was won by the Pact for San Marino with 35 seats in the Grand and General Council against Reforms and Freedom's 25.On 1 October 2007, Mirko Tomassoni was elected as one of the heads of state, making him the first disabled person ever to have been elected as captain regent. San Marino has had more female heads of state than any other country: 15 as of October 2014, including three who served twice.Although San Marino is not a European Union member, it is allowed to use the euro as its currency by arrangement with the Council of the European Union; it is also granted the right to use its own designs on the national side of the euro coins. Before the euro, the Sammarinese lira was pegged to, and exchangeable with, the Italian lira. The small number of Sammarinese euro coins, as was the case with the lira before it, are primarily of interest to coin collectors.San Marino's per capita GDP of US$55,449 and standard of living are comparable to that of Denmark. Key industries include banking, electronics, and ceramics. The main agricultural products are wine and cheese. San Marino imports mainly staple goods from Italy.San Marino's postage stamps, which are valid for mail posted in the country, are mostly sold to philatelists and are an important source of income. San Marino is a member of the Small European Postal Administration Cooperation.
Globalisation has transformed San Marino’s banking climate and awakened the international banking scene to the opportunities to be had there. Bordered on all sides by Italy and dating its origins back to the 4thcentury AD, the parliamentary Republic of San Marino, with the help of some of the country’s leading names, is making waves in the international banking scene and bringing its unique brand of banking to all corners of the globe. Spearheaded by the country’s leading lenders, San Marino’s banking industry should be seen as equal to those in far larger and more developed countries in Europe and beyond.
Originally founded in 1980, Banca CIS – Credito Industriale Sammarinese (former CIS) is just one of the nation’s banks that has played an integral part in boosting the country’s international credentials and the wider restructuring process of San Marino’s financial services. Today, Banca CIS stands at the forefront of savings and investment landscape in San Marino.
The bank’s supervisory authority is the Central Bank of the Republic of San Marino (CBSM) and its anti-money-laundering and terrorist financing body is the Financial Intelligence Agency (FIU). Both bodies ensure the bank’s practices are carried out in alignment with the most comprehensive international standards of compliance and transparency; the process, once completed, looks to align the country’s financial services industry with those in the principal international financial districts. With only seven banks in the country – down from 12 in 2007 – Banca CIS is the result of the merging and acquisition by a private bank, Banca Partner, of Credito Industriale Sammarinese in 2012 and the acquisition Euro Commercial Bank’s total assets in September 2013.
After the consolidation process was completed, Banca CIS’s total assets came to approximately €1bn and its reinforced organizational structure signaled the start of a new international development cycle in the bank’s life. On a much larger scale, however, consolidation among some of the country’s key firms has seen San Marino secure a place on the global banking stage and spread its influence beyond its borders. The recent enactment of the Foreign Account Tax Compliance Act (FATCA), the involvement of our Republic in negotiating and signing intergovernmental agreements, the opening of negotiations with the EU on the savings taxation directive, and the discussion of a possible association agreement are all good evidence of an international economic integration process.
|Agriculture||wheat, grapes, corn, olives, cattle, pigs, horses, beef, cheese, and hides.|
|Manufacture||Machinery, Equipment and Energy.|
|Services (Including financial)||60.7% (2009 estimate)|
|San Marino USD||Education|
|Cassa di Risparmio della Repubblica di San Marino||Banking|
|Apex Financial SVC||Finance|
|Robert Lay Insurance||Insurance|
|East West Insurance SVC Inc||Insurance|
|Non-Knit Clothing accessories|
|Wood working Machines|
|Washing & Bottling Machines|
|Coated Flat-Rolled Iron|
Particularly affected by the 2008 international financial crisis, the territory of San Marino has fallen into a deep recession, from which it seems to have only just come out. After contracting by -4.5% in 2013, the country's economic growth recovered, yet remained negative in 2014 (-1%). As the economy stabilizes and relations with Italy improve, the country has returned to growth in 2015 (1%). Growth is expected to be maintained at this rate in 2016.
??In February 2014, the Republic of San Marino was finally removed from the blacklist of tax havens compiled by Italy. The territory has been under strong international pressure to strengthen cooperation with foreign tax authorities and render its banking system more transparent. Tax reform was implemented, increasing the amount of taxes on income. The introduction of a VAT is still being awaited. Since the global economic crisis, the budget deficit had deepened due to slower growth, lower fiscal revenues, and Italy's fraud-busting policies. The deficit has now diminished and the economy is showing signs of stabilization. The recovery should benefit from economic and financial cooperation agreements with Italy. The country still suffers from the low economic growth of both Italy and the Eurozone, the rise in non-performing loans and the incomplete restructuring of its largest bank (RMHC). The rebalancing of public accounts, the further reinforcement of the banking system and the fight against money laundering and terrorist financing remain among the country's priorities. Moreover, the productive sectors have struggled to take off in 2015, while household consumption was dynamic. Banks in San Marino have been in a consolidation phase this year. The financial sector benefited from IMF technical assistance to restructure. The IMF recommended in 2015 that the country initiate structural reforms to diversify its economy and liberalize its labor market. The fragility of the banking sector still constitutes a risk in 2016. Finally, the State intends to continue developing tourism infrastructure.
San Marino claims to be the oldest surviving sovereign state and constitutional republic in the world, as the continuation of the monastic community founded on 3 September 301, by stonecutter Marinus of Arba. Legend has it that Marinus left Rab, then the Roman colony of Arba, in 257 when the future emperor Diocletian issued a decree calling for the reconstruction of the city walls of Rimini, which had been destroyed by Liburnian pirates.San Marino was originally led by the Arengo, initially formed from the heads of each family. In the 13th century, power was given to the Great and General Council. In 1243, the first two Captains Regent were nominated by the Council. As of 2016, this method of nomination is still in use.
Federico Pedini Amati
(Co-Head of State)
The lira (plural lire) was the currency of San Marino from the 1860s until the introduction of the euro in 2002. It was equivalent to the Italian lira. Italian coins and banknotes and Vatican City coins were legal tenders in San Marino, while Sammarinese coins, minted in Rome, were legal tender throughout Italy, as well as in the Vatican City. San Marino's first coins were copper 5 centesimi, issued in 1864. These were followed by copper 10 centesimi, first issued in 1875. Although these copper coins were last issued in 1894, silver 50 centesimi, 1, 2 and 5 lire were issued in 1898, with the 1 and 2 lire also minted in 1906. The Sammarinese coinage recommenced in 1931, with silver 5, 10 and 20 lire, to which bronze 5 and 10 centesimi were added in 1935. These coins were issued until 1938.
In 1972, San Marino began issuing coins again, in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 lire, all of which were struck to the same specifications as the corresponding Italian coins. 200 lire coins were added in 1978, followed by bimetallic 500 and 1000 lire in 1982 and 1997, respectively. 50 and 100 lire were reduced in size in 1992.
All of these modern issues changed design every year. Lire coins for San Marino discontinued after the introduction of the euro. However, San Marino has license to—and periodically does—issue its own euro coins.
|National Song||"Inno Nazionale della Repubblica"|
|GDP / GDP Rank||1769 Million USD|
|GDP Growth Rate||1.2 Percent|
|GDP Per Captial||$60,359 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Captain Regent[θ] – Mirko Tomassoni
Captain Regent[θ] – Luca Santolini
|Website||Go to the web|
|Public Debt||25.8 Percent|
|Unemployment Rate||8.0 Percent|
|Labor Force (Occupation)||-|