Vatican increasing ‘liquid’ assets as it faces financial impact of pandemic, economic officials say – Catholic World Report

The Vatican is working to maintain “‘pockets’ of precautionary liquidity” as it faces the financial fallout of the COVID-19 pandemic, two officials of the Roman Curia said Saturday. On July 24, the Vatican’s Secretariat for the Economy and APSA (The Administration of the Patrimony of the Apostolic See) released consolidated balance sheets for the year 2020. This was the first time APSA, which oversees the Vatican’s real estate holdings and other sovereign assets, presented a balance and details about its investment portfolio to the public. Bishop Nunzio Galantino, head of APSA, told Vatican News July 24 that going forward, the Roman Curia’s “financial investment plan will remain prudential” and “characterized by a correct balance between risk and medium/long-term profitability.” “However, in pursuing the investment policy, at such a particular moment due to the effects of the pandemic, which substantially reduced the Holy See’s revenues, it is necessary to maintain ‘pockets’ of precautionary liquidity — already created in 2020 for future and unpredictable needs, especially for administrative and personnel expenses,” he added. Speaking with Vatican News, economic chief Fr. Juan A. Guerrero, S.J., said knowing the Vatican’s cash flow during the pandemic, as well as the uncertainty of the financial situation, the economy council decided to increase liquidity to avoid the possibility of being forced to sell property in a bad market.

Vatican increasing ‘liquid’ assets as it faces financial impact of pandemic, economic officials say – Catholic World Report

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