Oan Central Bank: Difference between revisions
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[[Category:The Oan Isles]]
{{Infobox organization
| name =
| native_name = Te Peeke
| native_name_lang = OAN
| abbreviation =
| motto = Let the Oan Isles remain prosperous (''Me noho pai te Moutere Oa'')
| predecessor = Treasury of the Oan Isles
| successor = [[Auroran Central Bank]] (monetary policy)
| formation = 8 January 1891
| founder = [[Rangitanga-a-te-Moana]] [[Rangitake]]
| type = Central bank
| status = Public bank
| headquarters =
| location = [[Tokapa]], Tokamotu, [[The Oan Isles]]
| region = The Oan Isles
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| website = www.bank.gov.oan
}}
The '''
== History ==
Prior to the [[Morsto-Oan War]] (''Te Pakanga o Nga Oa me Nga Morohotu'') of 1855, all the islands and major merchant guilds issued promissory notes and tokens based on the value of precious metals such as gold and silver which they had available. The war with Morstaybishlia caused more goods and manpower to be directed to the war effort. Coupled with throttled trade, merchant guilds and island Chiefs had to issue more promissory notes and tokens than there was gold available to finance expenditure. The Oan Isles experienced hyperinflation, the worst in its history. The rapid loss of value of the currency at the time, led to the emergence of a black market that only traded in pure silver and gold.
To prepare the country for future wars, the Oan government needed to raise capital and maintain price stability. It created the Bank of the Oan Isles in 1891 and transferred the monetary functions of the Treasury to the Bank. It gave the Bank the power to regulate banking institutions, act as the sole state banker and the sole issuer of legal tender in the country. This helped stabilized the national finances. The nation was also able to sell bonds at the markets in major financial centers such as [[Sani Bursil]]. The gold raised from these bonds was instrumental in preparing the country for the [[Great War]] (''Te Pakanga Rawa Rawa'').
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The Governor of the Bank is currently Pauro Toangakau. The Governor reports to the [[Politics of the Oan Isles#Executive|Council of Ministers of the Oan Isles]] on monetary issues within the framework of the bank. They control and supervise the daily operations of the bank and represent the bank to external institutions (for instance they sit on the board of Governors of the ACB). They are assisted by 3 Deputy Governors who administer areas within their competence.
The Bank is independent of the government. It has the freedom to set targets and administer its affairs without external political pressure. Nevertheless, it must answer for its actions to democratically elected politicians. Moreover, as the sole shareholder, the state has some powers over the bank. For instance, the Prime Minister has the power to advise the [[
== Criticism ==
The
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