Vatican City has its own currency, which is a unique aspect of this tiny city-state. It's issued by the Vatican Printing Press and is used for official transactions within the city.
The Vatican lira was the original currency, but it was replaced by the euro in 2002, making Vatican City the last country to adopt the euro. This move was seen as a way to simplify financial transactions with neighboring countries.
The Vatican's currency is not used for tourism or trade, it's mainly used for official purposes within the city.
Vatican Currency Overview
The Vatican City has its own currency, known as the Vatican lira, which was introduced in 1929 and replaced by the euro in 2002. It's a unique aspect of Vatican City's sovereignty.
The Vatican lira was pegged to the Italian lira, which was the official currency of Italy at the time. This means that the Vatican lira was essentially the same as the Italian lira.
However, in 2002, the Vatican City switched to the euro, which is the official currency of the European Union. This change was made to align with the larger European economy.
The Vatican City is one of the few countries in the world that uses the euro as its official currency.
The Vatican Bank
The Vatican Bank is a private bank located in Vatican City, founded by Pope Pius XII in 1942. It's been at the center of numerous scandals and accusations over the years.
The bank's assets are valued at about $5.6 billion, consisting of investments and deposits from almost 15,000 account holders, including Catholic clergy, Vatican employees, and Catholic religious orders around the world. These account holders are a diverse group.
In 2018, the Vatican Bank announced it was charging its former bank president and his lawyer of embezzling $50 million euros through fraudulent real estate and money laundering schemes. The bank's reputation has been marred by such incidents.
The Vatican Bank reported a profit of $19.8 million in 2018, down from its $36 million profit in 2017. This decline in profit is notable.
Pope Francis issued a rescript in 2022, clarifying that the Vatican bank is exclusively responsible for managing the financial assets of the Holy See and its connected institutions. This directive was enforced on September 1, 2022.
The new statute for the Vatican Bank, issued in 2023, aligns its regulations with the 2022 apostolic constitution. However, it leaves some significant issues unaddressed, such as the supervisory framework for the bank.
Frequently Asked Questions
Why does Vatican City use the euro?
Vatican City uses the euro due to a 2000 contract with Italy, allowing it to adopt the currency despite not being part of the European Union or Eurozone. This unique arrangement makes the Vatican one of the few non-EU countries to use the euro.
Do Vatican coins have any value?
Yes, Vatican coins have value, with some rare issues from past popes worth hundreds of dollars. Their value often depends on their rarity and the theme they feature.
Sources
- https://www.catholiccompany.com/getfed/what-is-the-official-currency-at-the-vatican/
- https://www.monito.com/en/what-is-the-currency-in/vatican-city
- https://www.investopedia.com/articles/investing/030613/secret-finances-vatican-economy.asp
- https://www.history.com/news/10-things-you-may-not-know-about-the-vatican
- https://www.nyulawglobal.org/globalex/vatican1.html
Featured Images: pexels.com
