Oan Central Bank: Difference between revisions

| name = BankOan ofCentral the Oan IslesBank

| native_name = Te Peeke o Nga MotuerePokapū Oa

| abbreviation = BOANOCB

| founder = Emperor[[Rangitanga-a-te-Moana]] [[Rangitake]]

| headquarters = BankOan ofCentral the Oan IslesBank Building ('' Whare o te Peeke o Nga MotuerePokapū Oa'')

The '''Bank[[Oan ofCentral the Oan IslesBank]]''' (''Te Peeke o Nga MotuerePokapū Oa'') is the central bank of [[the Oan Isles]].It was founded in 1891 to help the government raise money, modernise the banking sector and prevent the hyperinflation precipitated by the [[Morsto-Oan War]]. Because the Oan Isles is a member of the [[Kirib]] Monetary Union, many of the price stability and currency control functions it performed when the Oan Isles used the Oan dollar (''tara Oa'') have been surrendered to the [[Auroran Central Bank]]. Nevertheless, it continues to act as a lender of last resort, manages the state's foreign exchange and gold reserves, the banker of the government and it regulates the Oan banking system. Governor Pauro Toangakau, who helms the organization, also represents the Oan Isles in the Board of Governors of the Auroran Central Bank. It is seated in the city of [[Tokapa]].

Under EmperorRangitanga-a-te-Moana [[Rangitake]], thegovernmentthe government issued a directive that all merchant guilds and the treasuries of island chieftains were required to keep their gold and the government would issue all promissory notes to be used by the nation. With a desire to move away from the Morsts, the Oans named the new money waahanga. This became the National currency, but this did not stop the cost of goods and services from skyrocketing and the government from taking on more debt. When the war ended, the government of EmperorRangitanga-a-te-Moana Rangatike issued a Decree making it practically illegal to use gold in everyday transactions and bought all the gold in the country with new tara (dollar) notes and tokens (coins of low value metals). The Treasury of the Oan Isles was given the authority to control the volume of taras with the mandate of controlling inflation.

The BankOan ofCentral the Oan IslesBank was praised for its steadfastness in ensuring that the Oan currency was enviably stable and well-balance. Although it lost some of its currency control powers, it has been lauded for its professionalism and consistency. Opponents of the adoption of the kirib believe that the currency is overvalued and makes Oan goods and services (especially low-valued added goods like fish and timber) uncompetitive. While this is not a specific criticism of the bank, the Bank is often seen as a silent spectator, at best, and willing accomplice, at worst, of the globalist neo-liberal capitalist ideals that have led to the decline of key and historical Oan industries.