Andorran Financial Authority (AFA)


The Andorran Financial Authority (AFA), known as the Andorran National Institute of Finance (INAF) between 1989 and 2018, is the institution of the Principality of Andorra in charge of supervising and regulating the financial system of Andorra. It was created in 1989 as a supervisory body and in 2004 it was given more autonomy with the approval of Law 14/2003.

In the event of a monetary agreement between the Government of Andorra and the European Union, the AFA should become the Central bank of Andorra.


Law 14/2003 establishes what the government structure is, how it is chosen, the maximum terms of the mandates and the remuneration of the different positions.

Board of Directors

The AFA’s Board of Directors is composed of a president, between three and five councilors and the general manager, with the right to speak, but not vote.

See also Andorra banking system

See also Andorra business guide

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