The Hindu : International : Vatican back in the black

Online edition of India's National Newspaper
Wednesday, Jul 13, 2005

International

International

Vatican back in the black

ROME: Vatican officials announced on Monday that the Holy See was back in the black for the first time in four years. The central administration of the Catholic Church returned a modest surplus of Euros 3 million in 2004. Paolo Trombetta, who is the nearest thing in the Vatican to a chief financial officer, told a press conference the decisive contribution to this year's profit had been made not by wealthy believers but by the dollar-euro exchange rate. What made the difference was a reduction in foreign exchange losses, down from Euros 35.8 million in 2003 to Euros 15 million last year. Mr Trombetta said the key exchange rate was the dollar. It fell 16.5 per cent against the euro in 2003 but only 8 per cent last year.

— © Guardian Newspapers Limited 2004

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