Bank of Italy

(Banca d’Italia), central bank of issue of Italy, controlled by the state. Founded in 1893. Until 1926 it issued bank notes jointly with the Bank of Naples and the Bank of Sicily, and since 1926 it has had a monopoly right to issue bank notes. Since 1936 it has been the bankers’ bank; that is, it provides credit only for banks and state financial institutions. The Interministry Committee on Credits and Savings, which was created under the bank, controls the activity of the country’s commercial banks, which since 1947 have been obligated to keep their reserves in the form of deposits or state securities in the Bank of Italy. On these deposits the bank can issue treasury notes. Currency control is exercised by the Italian Currency Bureau in conjunction with the Bank of Italy. The bank has (1969) 14 offices and 80 branches. At the beginning of 1969 the joint stock totaled 300 million lire. The total balance was 8,903 billion lire; the issue of bank notes, 5,390 billion lire; and deposits of credit institutions, 2,424 billion lire. At the beginning of 1969 gold reserves amounted to 1,827 billion lire, and foreign holdings, including holdings of the Currency Bureau, totaled 1,512 billion lire.

单词	bank of italy
释义	Bank of Italy Bank of Italy (Banca d’Italia), central bank of issue of Italy, controlled by the state. Founded in 1893. Until 1926 it issued bank notes jointly with the Bank of Naples and the Bank of Sicily, and since 1926 it has had a monopoly right to issue bank notes. Since 1936 it has been the bankers’ bank; that is, it provides credit only for banks and state financial institutions. The Interministry Committee on Credits and Savings, which was created under the bank, controls the activity of the country’s commercial banks, which since 1947 have been obligated to keep their reserves in the form of deposits or state securities in the Bank of Italy. On these deposits the bank can issue treasury notes. Currency control is exercised by the Italian Currency Bureau in conjunction with the Bank of Italy. The bank has (1969) 14 offices and 80 branches. At the beginning of 1969 the joint stock totaled 300 million lire. The total balance was 8,903 billion lire; the issue of bank notes, 5,390 billion lire; and deposits of credit institutions, 2,424 billion lire. At the beginning of 1969 gold reserves amounted to 1,827 billion lire, and foreign holdings, including holdings of the Currency Bureau, totaled 1,512 billion lire.
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