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Rome Reports

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Pope creates a Vatican Central Bank to achieve full transparency

Italian police are currently investigating several suspicious cases on the IOR, which made two transfers without revealing the names of the clients. The Vatican claims it?s a misunderstanding and they have supplied the information requested by the authorities. The IOR, or the Institute for Works of Religion, is a special type of bank, because their customers are dioceses, religious orders and departments and employees of the Holy See. It was created so there would be no outside speculation with money from religious institutions and to save the cost of operations. Now the Vatican Central Bank will be responsible for the full implementation of international standards against financial fraud. They will also ensure that a sufficient amount of Vatican euros are in circulation and not just sitting in coin collections.