Monaco On Post-Covid Economy, Cryptocurrency, PayPal—And Larvotto Beach Reopens Saturday

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Nancy Heslin   Forbes Monaco

Monaco On Post-Covid Economy, Cryptocurrency, PayPal—And Larvotto Beach Reopens Saturday

Photo: Alexander Migl

In the current edition of Forbes Monaco, minister of state Serge Telle pens a special op-ed on “Lessons Learned From Covid” in which he talks about how the country is working on reviving the country’s dynamism that the pandemic derailed, including getting the economy back on its feet as fast as possible.

To kick start recovery, the government has announced today measures in four key areas, with continued support in financial assistance and the development of e-commerce (with a nod to PayPal).

The Reinforced Total Temporary Unemployment (CTTR) measure, which affected 21,650 employees in mid-March and 14,700 in May, has cost the State €70 million. CTTR is set to continue in June for all businesses that resumed activity from May 4, but the State’s contribution will be reduced by 10% in July and a further 10% in August, with company’s having to make up the difference.

For cafés, restaurants and other businesses that reopened on June 2, the 10% reduction will take effect in August, while shuttered nightclubs will continue to get CTTR support, with special cases in Monaco-Ville continuing to benefit 100% from assistance.

From July, up to 620 companies in tourism, events, culture and sports whose 2019 turnover was less than €1 million and who lost a minimum of 20% of their June turnover can expect the State to cover half of their social security contributions (retirement and illness), with the exception of those already receiving State subsidies.

Under the chairmanship of minister of finance Jean Castellini, the Economic Recovery Support Commission (CARE) will meet weekly from July to discuss businesses with a turnover of less than €5 million in difficulty. Based on projected balance sheets for the months of July through September, the State could cover up to 50% of fixed costs as well as up to €35,000 for additional expenses. The commission is made up of AMAF, the Order of Chartered Accountants; the Budget and Treasury Department, Laurence Garino who runs the Welcome Office; and Balthazar Seydoux, the National Council’s President of the Finance and Economy Committee.

Monaco is also looking to develop e-commerce, including the authorization of PayPal and better SEO placement in search engines. Furthermore, the National Council voted on law No. 1009 (dated March 10, 2020) on June 16, which establishes a legal framework for the raising of funds by emission tokens (Initial Coin Offering or ICO) in Monaco. On June 25, a memorandum of understanding was signed with Tokeny, a tokenized asset startup in Luxembourg whose owners include the European stock exchange operator Euronext N.V.

These developments are in line with Princes Albert’s vision as “Monaco in a digital world is an opportunity to start a new cycle of prosperity by boosting our economic areas of excellence but also by creating new growth drivers.”

And finally, Larvotto Beach will reopen to the public (complete with jellyfish nets) from Saturday, July 4, until Sunday, September 13, from 7 a.m. to 8 p.m. in July and August, and from 8 a.m. to 7 p.m. in September.

While la plage is expected to reopen permanently next summer, for this season food will be available from the snackbar Le palais du Maillot and the bistronomy restaurant le Miami. Take note that the car park has limited capacity and only one access ramp.

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Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.