Central Bank of Sao Tome and Principe

The Central Bank of Sao Tome and Principe is the central bank of the small Portuguese speaking island nation off the western equatorial coast of Central Africa, founded on May 24, 1975, the year of independence, and headquartered in the capital, Sao Tome. At independence the Portuguese colonial era Banco Nacional Ultramarino became the country's National Bank, initially combining central banking, development banking and ordinary commercial banking in a single institution. A 1992 reform stripped away the commercial banking role, moving it to the newly formed Banco Internacional de Sao Tome e Principe, and the institution was renamed to focus solely on central banking. It is entirely state owned, issues the dobra, and is currently led by Governor Agostinho Fernandes. Reported foreign reserves stand at roughly 70 million US dollars, reflecting the small scale of the archipelago's economy.