The report presents the main points of the relationship between these two institutions, especially regarding their financial flows, the securities portfolio held by the Central Bank and the National Treasury’s Single Account. Moreover, the document contextualizes the legal framework of this relationship, according to the changes introduced by the Law n. 820/2019 – which has improved the management of the public debt and the monetary policy. This report is another action of the Treasury focused on improving the transparency and the communication with the society.