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Pope Leo trims powers of Vatican bank, rolling back a Francis reform

World News

06-10-2025 | 07:45

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Pope Leo trims powers of Vatican bank, rolling back a Francis reform

Pope Leo canceled the Vatican bank's sole authority over investments held by the city-state on Monday, rolling back one of the financial reforms of his predecessor Francis.

In a short decree, Leo said the Vatican bank, known officially as Institute for the Works of Religion, would no longer control all investments made by Vatican departments, as Francis had mandated in 2022.

The decision gives Vatican departments freedom to use foreign banks.

Leo annulled Francis' previous mandate but said the departments should continue to use the Vatican's bank, "unless the competent bodies … deem it more efficient or convenient to resort to financial intermediaries established in other states."

Reuters

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