Pope to set up Vatican central bank


Vatican City is set to establish its own central bank as part of a series of reforms ordered by Pope Francis as he seeks to overhaul the sovereign city-state's financial system.

One of the Vatican's existing financial institutions, the Administration of the Patrimony of the Apostolic See (Apsa), currently responsible for managing the real estate owned by the Catholic Church in Rome, will be transformed into a central bank.

Under the plans announced yesterday the Vatican's economic and

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