Packilvanian Central Bank: Difference between revisions
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(Created page with "The '''Packilvanian Central Bank''' (Packilvanian: ''luMonaat luShahishme aBakhilfaniya'') is one of the most powerful central banks on Urth alongside the Auroran Central Bank of the United Nations of the Auroran Continent, and the Concordian Reserve Bank of the United Confederation of Concordian States. It supervises banking in Packilvania, issues the Packilvanian dinar and controls monetary policy. It was first founded in 1921 afte...") Tags: Mobile edit Mobile web edit Visual edit |
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[[Gideon Muktan]], the leader of the [[Feline]]-only caucus in the [[Parliament of Packilvania]], made impassioned speeches calling for the government to stop the war and improve the management of the national currency to stabilise inflation and provide Packilvanians with financial stability. His requests were often ignored. The Feline Club was renamed as the [[Packilvanian Communist Party]] and after securing the loyalty of Feline soldiers who were tired of the war and the incompetent management of the financial system by the state, led a civil war against the government. After the passing of the Charter of the People's Republic of Packilvania (''luKharta aluJumhuriyat ameShabil aBakhilfaniya''), the National People's Congress of Packilvania began reforming the banking sector which culminated in the nationalisation of the Provincial Banks and their amalgamation into the Packilvanian Central Bank through the Banking Reform Law of 1926 (''luKhanon aluTawahal aleMonaat'').
The powers of regulation that were in the hands of the Imperial Banking Commission were transferred to the PCB and the IBC was abolished. Many IBC members joined the PCP and retained their jobs as banking regulators. The PCB managed to stabilise the banking system and restore the reliable convertibility of currency to gold. The bank was largely able to maintain the stability of inflation for many years. In the 1970s, the country faced an economic recession following the collapse of commodity prices and restrictions on imports of manufactured goods and foodstuffs by other nations. It created certificates that allowed people to get access to foreign hard currency at government determined rates. A black market for foreign liquidity emerged that caused high real inflation figures. This economic crisis coupled with the rise of a militant and religiously aligned faction in the Packilvanian Communist Party sparked the [[History of Packilvania#Second Packilvanian Civil War|Second Packilvanian Civil War]].
When Thawahal Yaladir was arrested and executed following his use of nuclear weapons on Asmalan, a town in Iganar, the Acting General Secretary of the Packilvanian Communist Party, Iman Erdahin, surrendered. The [[Carriers of Mercy]] elected to leave the Packilvanian Central Bank largely untouched and opted to implement structures and rules that protected its independence. In 2010, following the Tasselvalta War, the PCB absorbed the Tasselvaltan People's Revolutionary Reserve Bank and extended its jurisdiction to former Tasselvalta.
== Powers and duties ==
The Packilvanian Central Bank has the following powers and duties:
# Monitors and reports the health of the banking system.
# Sets minimum reserve requirements for banks.
# Issues regulations pertaining to governance at banks.
# Advises the government on the oversight of banking, trade, fiscal policy, and the economy.
# Issues the national currency.
# Acts as a lender of last resort to commercial banks.
# Acts as the banker of the government
# Manages and maintains the foreign exchange and precious metal reserves of the country.
# Sells and buys bonds and other financial instruments to regulate the supply of currency.
== Governance ==
The Governor of the Packilvanian Central Bank is
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