Vatican Bank Loses Exclusive Investment Control under Pope Leo's Decree
Pope Leo reversed a financial reform by his predecessor, Pope Francis, removing the Vatican bank's exclusive control over city-state investments. This move allows Vatican departments to use foreign banks while maintaining adherence to Vatican investment policies, addressing concerns of excessive power concentrated in the bank.
VATICAN CITY, Oct 6 - In a significant shift in Vatican financial governance, Pope Leo has rescinded a reform established by his predecessor, Pope Francis, which granted exclusive investment control to the Vatican bank.
The new decree allows Vatican departments to seek financial services from foreign banks, easing the monopoly previously held by the Institute for the Works of Religion. Despite this change, departments must still conform to Vatican investment policies established under Francis' oversight committee.
This decision comes amid concerns over the Vatican's financial past marred by corruption and opacity, and criticisms from officials regarding over-centralization of financial power within the Vatican bank.
(With inputs from agencies.)
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