Basileusan Bank

From MicrasWiki
Jump to: navigation, search
Basileusan Bank
Type Central Bank of Constancia
Industry Banking and Finance
Headquarters Vey, Constancia
Products Banking

The Basileusan Bank is the central bank and sole monetary authority of the Free and Associative Kingdom of Constancia. It was established by virtue of The Banks and Banking Act 1639, enacted by the Synklētos and granted Vasilikí Singatáthesi on the 17th day of Cowtide in the 23rd year of The Basileus' Reign.

In accordance with that Act, the Basileusan Bank serves as the government depository and commercial lender of last resort of Constancia, and is is responsible for issuing, maintaining and controlling currency; administrating the National Currency Exchange Rate, the National Interest Rate; providing financial statistics to the Council; and such other duties that the Synklētos may direct by Act.

The Basileusan Bank currently operates in the manner of a currency board, with fixed exchange rates to foreign currency, and with limited local currency (in the form of the Constancian Stater) for circulation.

Since its founding, Constancia has operated on a free currency regime, utilizing the currency of other nations, such as Natopian Natopos, Shirerithian Erb, and Craitish Cräite, with the Alexandrian Ecu as a de facto national currency until the collapse of the Empire due to the Alexandrian Flu. An information campaign was quietly conducted by the Ministry of Finance, International Trade and Industry to inform the public of the impending launch of a Constancian currency, the Stater, which would be a liability of the Basileusan Bank, fully guaranteed by the Constancian State, and legal tender for all debts, public and private. The Ministry of International Trade and Finance has observed that the Staters would be initially paid out as expenses of the Government, particularly back wages to the members of the Constancian Armed Forces.

The current Kyvernítis is Jaime Augustin Joaquin Primo de Aguilar, appointed by Letters Patent of Basileus Petros III on the 12th day of Konil in the 37th year of the Basileus' Reign. [1]