The Central Bank of the Republic of San Marino (CBSM) (), is the central bank of San Marino. The CBSM was established through a merger between the (San Marino Credit Institute, a body with public and private shareholders acting as the central bank of the Republic of San Marino) and the (Inspectorate for Credit and Currencies, a public administration office charged with supervisory and combating money-laundering activities). The central bank's endowment fund is currently €12.9 million divided into 2,500 indivisible registered shares worth €5,164.57 each. The possessory title of these shares is reserved to the state, as majority shareholder, and to San Marino undertakings engaged in credit, financial and insurance activities. Pursuant to art. 3 of its statutes the Central Bank of the Republic of San Marino will exercise its powers for the purpose of: promoting the stability of the financial system and protecting savings, whose substantial social value is recognised by the republic, through supervision of the credit, financial and insurance activities in which authorised intermediaries are engaged; providing banking and financial services to the state and to the public administration, one purpose being to coordinate the management of liquidity and the choice of forms of financing; providing adequate support to the financial system of the Republic, to include performing the functions of incentive and guidance; facilitating economic and financial activity, setting up and maintaining efficient and reliable payment systems for the republic. The central bank is answerable for the attainment of its objectives to the Grand and General Council (parliament). Powers of the CBSM In order to achieve the objectives and carry out the functions assigned by law, the central bank, through its organs and in its respective areas of competence, may adopt measures, to include those in the form of regulations, orders, circulars, standard letters, recommendations and instructions, which will, besides being of a cogent nature in dealings with supervised parties, also perform the function of explaining and interpreting the tasks assigned to the central bank by Law. The central bank will, adopting the methods regarded as most appropriate, make public the measures referred to in the previous paragraph if they are of general relevance and addressed to the public. Relations with state institutions and international banking and financial bodies The central bank will be entitled to assist and inform the Congress of State, through the Department of the State Secretary for Finance, on economic matters and