The Word from the Governor

Président CA-BCPSApostrophesLocated in the heart of Europe outside the Schengen area, the Principality of Seborga is a Hereditary, Sovereign, Neutral and Independent Constitutional Monarchic State, within the framework of the general principles of International Law.

The territory of the Principality of Seborga is inalienable. Since the Constitution of February 22, 2016, the Principality of Seborga has implemented the 1961 and 1963 Vienna Conventions on Diplomatic and Consular Relations, and maintains privileged external relations, notably through the Seborgian Development Agency (ASD), which accompanies and financially supports cooperation and development projects under international treaties or public-private partnerships (PPPs) for the development of nations.

In accordance with the princely decree D-2016 / 02-01 on the proclamation of the Central Electronic Public Administration of the Sovereign Principality of Seborga, the Principality exercises its trade and financial operations in tax-free zones (Article 3).

The Central Bank of the Principality of Seborga (BCPS) has established by its statutes the protocol of the Seborgian Bank System. It regulates financial transactions and delivers approvals to external banks wishing to set up in the territory of the Principality. The Templar Bank is the first institution approved by BCPS, and is delegated for the purpose of carrying out financial transactions in units of account LUIGINO obtaining an ISO 4217 Alpha 3 (SPL) code, indexed at fixed parity to US Dollar (USD), at the rate of 1 SPL = 6 USD.

BCPS’s monetary policy aims to preserve the value of the currency by keeping inflation low, stable and predictable, fostering investment confidence in the short, medium and long term, and contributing further to the creation of sustained jobs and increased productivity. The framework for conducting the monetary policy of Principality of Seborga is based on two main components that work together and reinforce each other: inflation control and the floating exchange rate. This framework facilitates the understanding of monetary policy measures and allows BCPS to report on its action.

BCPS thus wishes to contribute actively to the main orientations of the fund’s policy, the evolution of the international monetary system and the international coordination of economic policies. In a demographic, climatic, economic and monetary transition at the dawn of a new industrial era as we know it, the BCPS takes care not only to take into account the value-capital, but also the value-work, too often forgotten.Apostrophe2