BANK OF MOUNT VEMA
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THE CENTRAL BANK OF
THE KINGDOM OF MOUNT VEMA The Bank of Mount Vema is the Central Bank of the Kingdom of Mount Vema, an agency of the Royal Mount Vema Reserve Bank, and it is the Monetary Authority of the Kingdom of Mount Vema - The Vema Seamount Territory, responsible for issuing bank notes and general management of the currency.
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As the Central Bank of Mount Vema we are also charged with quasi-regulatory responsibilities, such as supervising commercial banks, and controlling the cash interest rate. We generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
Bank of Mount Vema Settlement Account - Application Form
Central Bank Interest Rate: 3.45%
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Functions of the Bank of Mount Vema include:
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Mount Vema Banks
A Mount Vema bank is a financial institution that accepts deposits from the public and creates demand for deposits from the public, as well as making loans. The lending activities of the bank can be directly performed by the bank or indirectly through the capital market which is the financial market where long-term debt (over a year) or equity-baked securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. The Capital market channel the wealth of savers to those who can put it to long-term productive use, such as companies or the government making long-term investments.
Types of Mount Vema bank
- Commercial banks: bank that mostly deals with deposits and loans from corporations or large businesses.
- Credit unions or co-operative banks: not-for-profit cooperatives owned by the depositors and often offering rates more favourable than for-profit banks. Typically, membership is restricted to employees of a particular company, residents of a defined area, members of a certain union or religious organizations, and their immediate families.
- Private banks: banks that manage the assets of high-net-worth individuals.
- Retail Bank and Building societies: institutions that conduct retail banking.
- A direct or internet-only bank: is a banking operation without any physical bank branches. Transactions are usually accomplished using ATMs and electronic transfers and direct deposits through an online interface.
- Acquiring Bank: processes credit or debit card payments on behalf of merchants, and allows merchants to accept credit card payments from card-issuing banks.
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Types of Mount Vema Investment Banks
Types of banking services
Banks' activities are divided into:
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Requirements for the issue of a Bank License
The requirements for the issue of a Mount Vema bank license vary but typically include:
Banking LicenseHow to Apply
To apply you must visit the official contact page, fill out the contact form, and attach a letter of Expression of Interest to the attention of the Banking License Officer at the Bank of Mount Vema. Once your letter is received, you will receive a formal invitation with the application form. More information about the license is available [here] in PDF.
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The Currency of Mount Vema
The Bank of Mount Vema manages the currency of the territory, money supply, interest rates, and oversees the commercial banking system. The central bank also acts as a "lender of last resort" to the banking sector during times of financial crisis. Therefore, it is institutionally designed to be independent from political interference.
Internal Payment System
The Mount Vema Real Time Gross Settlement (RTGS) is called IPCS (Internal Payment Clearing System). Learn more
Global Payment System
Capital Market
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Currency Issuance
Similar to commercial banks, the Bank of Mount Vema hold assets (government bonds, foreign exchange, gold, and other financial assets) and incur liabilities (currency outstanding). The Bank of Mount Vema creates money by issuing interest-free currency notes and selling them to the public (government) in exchange for interest-bearing assets such as government bonds. When the Bank of Mount Vema wishes to purchase more bonds than His Mount Vema Majesty’s Government make available, it may purchase private bonds or assets denominated in foreign currencies. |
Interest Income
Although, an agency of the Reserve Bank, the Bank of Mount Vema, does not remits its interest income to the Reserve Bank, it remits to the Treasury of His Mount Vema Majesty’s Government. This income, derived from the power to issue currency, is internationally referred to as seigniorage, and usually belongs to the national government. The state-sanctioned power to create currency is internationally called the Right of Issuance. |
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Price Stability
The Bank of Mount Vema also works to manage inflation. Additional information will be made available here. |
LIQUIDITY SWAP
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Bank of Mount Vema: The Mount Vema Central Bank
City of Mount Vema - (Off-Plan) Address:
77 Westland Road, Maryland
Postal Code: 3219A
Mount Vema
City of Mount Vema - (Off-Plan) Address:
77 Westland Road, Maryland
Postal Code: 3219A
Mount Vema
