Tue, 29 April
11.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Vatican bank director and deputy resign amid scandal

YEREVAN, July 2./ARKA/. The director and deputy director of the Vatican bank have resigned following the arrest of a senior Italian cleric over corruption and fraud allegations, BBC reported.

Paolo Cipriani and Massimo Tulli offered to step down on Monday “in the best interest of the institute and the Holy See”, the Vatican says.

It comes three days after the arrest of Monsignor Nunzio Scarano.

The 61-year-old and two others are suspected of trying to move 20m euros ($26m; £17m) illegally.
Monsignor Scarano, a priest from southern Italy, worked for years as a senior accountant for a Vatican department known as Apsa (the Administration of the Patrimony of the Apostolic See).
He has been under investigation by Italian police for a series of suspicious transactions involving the recycling through the Vatican bank of a series of cheques described as church donations.

The two other men arrested on 28 July have been named as Giovanni Maria Zito, who is described as an Italian secret service agent, and Giovanni Carenzio, a financial broker.
Ernst von Freyberg, the current president of the bank, would serve as its interim director, taking over from Mr Cipriani, a Vatican statement said.

A new position of chief risk officer would also be created to improve compliance with financial regulations.
Last week, Pope Francis set up a commission of inquiry to look into the bank, which has been beset by allegations of money laundering for decades. He had already named a trusted cleric to oversee the way the institution had been managed.

Officially known as the Institute for the Works of Religion (IOR), the bank is one of the world’s most secretive. It has 114 employees and 5.4bn euros of assets.

The scandal is an embarrassment to the Vatican with Pope Francis campaigning for the Catholic Church to be closer to the people of the developing world.

Some churchmen are even questioning whether the Vatican needs its own bank, BBC Rome correspondent David Willey reports.—0-

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

In February, deposits in Armenian banks grew by 1%, loans decreased by 0.1% due to dram funds

In February 2025, deposits in Armenian commercial banks grew by 1% (MoM), while loans decreased by 0.1% (MoM), in both cases the changes were due to funds denominated in drams.

LATEST NEWS

spot_imgspot_imgspot_img