Post by lemmingtopias on May 28, 2019 20:23:35 GMT
Welcome to the Commonwealth Central Bank
What we do
The Central Bank governs monetary and finance policy on behalf of the Commonwealth authorities.
The Central bank stimulates the economy through investments and responsible Quantative Easing.
The Central Bank regulates other Banks and financial service providers and collects taxes from them on behalf of the Treasury.
The Central Bank receives complaints about other Banks and Financial Service providers, investigates them and acts upon them.
The Central Bank is a 'bank of banks', providing bank accounts and loans to Banks and other financial businesses.
The Central Bank provides the Commonwealth Treasury with a Bank Account and lends it money.
The Central Bank audits businesses' tax arrangements and finances to ensure against tax evasion and fraud.
What we don't do
The Central Bank does not aim to make a profit but any profit it does make will be gifted to the Treasury.
The Central Bank does not provide direct services, loans or accounts to individuals, businesses or other organisations, with the exception of other Banks and financial service providers.
The Central Bank does not provide businesses with a profit from money held in the Central Bank.
Complaints
If you wish to complain about a bank or another service provider, you can either post your complaint in this thread or send me a private message. We will investigate and, where appropriate, we will act. You can also use this complaints procedure to report banks or financial services that have gone inactive and aren't paying interest on investments or other payments. We will swiftly act to put these Banks and services back into operation.
The Current Central Bank Interest Rate is 5%
This is the rate at which we lend money. The Central Bank does not pay interest on money stored in the bank in order to discourage this from happening in large amounts. This is because money sitting here is not serving the economy.
Accounts at the Central Bank
The Treasury - 2,900 in debit - 0 Interest Paid
The Atlas Bank - 1,200 in debit - 0 interest paid
Quantative Easing
QE is the process of printing money and pumping it into the economy. The Bank utilises QE to stimulate the economy with the view to recovering and destroying the money it creates at a later date. By law, the Central Bank is capped at creating 20,000 Drachmas. Currently we have created 4,100 Drachmas as follows:
2,900 as a loan to the Treasury. This money was used to give every Member of the Commonwealth a tax free gift of 100 Drachmas.
1,200 as a loan to the Atlas Bank
Legacy Finance
The CO-Ordinating Committee has designated all money created prior to the 1st May, 2019, to be 'Legacy Finance'. Due to the poor regulation of the monetary system prior to this point, the general agreement is that much of this money shouldn't exist because a lot of it was created in a way that has no basis in economic reality. However, it is also accepted that some players worked hard to earn money prior to this date and they should not be penalised. For this reason, the Bank and the Co-Ordinating Committee will be jointly working to reduce the amount of legacy finance, not by taking it from those that have worked to get it, but by destroying new money.
Central Bank Finances
Expenditure: 0
Income: 0
Investment: 0
Return: 0
Balance: 0
What we do
The Central Bank governs monetary and finance policy on behalf of the Commonwealth authorities.
The Central bank stimulates the economy through investments and responsible Quantative Easing.
The Central Bank regulates other Banks and financial service providers and collects taxes from them on behalf of the Treasury.
The Central Bank receives complaints about other Banks and Financial Service providers, investigates them and acts upon them.
The Central Bank is a 'bank of banks', providing bank accounts and loans to Banks and other financial businesses.
The Central Bank provides the Commonwealth Treasury with a Bank Account and lends it money.
The Central Bank audits businesses' tax arrangements and finances to ensure against tax evasion and fraud.
What we don't do
The Central Bank does not aim to make a profit but any profit it does make will be gifted to the Treasury.
The Central Bank does not provide direct services, loans or accounts to individuals, businesses or other organisations, with the exception of other Banks and financial service providers.
The Central Bank does not provide businesses with a profit from money held in the Central Bank.
Complaints
If you wish to complain about a bank or another service provider, you can either post your complaint in this thread or send me a private message. We will investigate and, where appropriate, we will act. You can also use this complaints procedure to report banks or financial services that have gone inactive and aren't paying interest on investments or other payments. We will swiftly act to put these Banks and services back into operation.
The Current Central Bank Interest Rate is 5%
This is the rate at which we lend money. The Central Bank does not pay interest on money stored in the bank in order to discourage this from happening in large amounts. This is because money sitting here is not serving the economy.
Accounts at the Central Bank
The Treasury - 2,900 in debit - 0 Interest Paid
The Atlas Bank - 1,200 in debit - 0 interest paid
Quantative Easing
QE is the process of printing money and pumping it into the economy. The Bank utilises QE to stimulate the economy with the view to recovering and destroying the money it creates at a later date. By law, the Central Bank is capped at creating 20,000 Drachmas. Currently we have created 4,100 Drachmas as follows:
2,900 as a loan to the Treasury. This money was used to give every Member of the Commonwealth a tax free gift of 100 Drachmas.
1,200 as a loan to the Atlas Bank
Legacy Finance
The CO-Ordinating Committee has designated all money created prior to the 1st May, 2019, to be 'Legacy Finance'. Due to the poor regulation of the monetary system prior to this point, the general agreement is that much of this money shouldn't exist because a lot of it was created in a way that has no basis in economic reality. However, it is also accepted that some players worked hard to earn money prior to this date and they should not be penalised. For this reason, the Bank and the Co-Ordinating Committee will be jointly working to reduce the amount of legacy finance, not by taking it from those that have worked to get it, but by destroying new money.
Central Bank Finances
Expenditure: 0
Income: 0
Investment: 0
Return: 0
Balance: 0