The Andorran Council of Ministers approved the new simplified rules for the provision of statistical data on banking and financial transactions of legal entities of the principality to the European Central Bank.
The Bank is the supervising authority of the Andorran financial system. The requirement was put forward within the framework of the Monetary agreement between Andorra and the European Central Bank (the Bank operating in the Euro zone).
The authority responsible for the collection and transmission of statistical data on banking and financial transactions in Andorra is INAF (Institut Nacional Andorrà de Finances). The action is regulated by article 8.1 of the exchange agreement between the principality of Andorra and the European Union.
The monetary agreement between Andorra and the European Union was signed on 30th June 2011. The document provides Andorra with the right to use the Euro as the national currency and authorizes the coin to be issued in the principality. The agreement also requires that Andorra needs to make regular reports to the Central Bank of the EU.