The Bank of Mount Vema announced that it has kept interest rates unchanged. The announcement indicates once again that the Central Bank which has not changed its 3.45% lending rates for more than 15 years, is not likely to do it any time soon.
The decision is in line with the Reserve Bank directives to the central bank to accomplish foreign exchange operational goals, the government's directives to the central bank to accomplish the government's goals specially with regards to construction operations, the currency of the principal sum lent or borrowed, the term to maturity of long and short term investments, the perceived default probability of borrowers, supply and demand in the market, the amount of collateral, special features like call provisions, reserve requirements, compensating balance, as well as other factors.
In the economy of Mount Vema interest rate targets are a vital tool of monetary policy and will be taken into account when dealing with variables like inflation, and unemployment in the future. Today however, only lending and investments are mostly taken into account. >>>
Notice to investors: Marketable Securities 6 Month MVG-Bill Series- MVG-6M-07OCT23 coming to maturity
The Treasury of His Mount Vema Majesty's Government is informing private and institutional investors who have invested in Mount Vema Government Bills also referred to as MVG-Bills maturing on the 7th of October 2023 (6 Month Bill Series- MVG-6M-07OCT23) that these Bills are coming to maturity. Final payments will be made on Wednesday the 4th of October 2023 at 4pm in Mount Vema currency.
For purchases made through brokers, and third parties, with returns payable in foreign currency such as the US dollar, the British Pound, the Euros, and the Japanese Yen, the final payments will be made at 2pm on Thursday the 5th of October 2023.
For purchases made through brokers, and third parties, with returns payable in other currencies, payments will be made at 2pm on Friday the 6th of October 2023.
Foreign trusts, estates, partnerships, individuals, organizations, foreign governments, and corporate investors who have purchased directly or through a broker or financial institutions (holders of the securities Series- MVG-6M-07OCT23) whose payment details have changed, should contact Mount Vema to update their payment details before the 28th of September 2023.
Primary market sell of the next 6-month bill will close on Thursday the 5th of October 2023. Bills may be purchased at the Gollexi online (the Mount Vema Stock Exchange) or through authorized brokers, privately, or directly from the Treasury of His Mount Vema Majesty's Government.
6 Month MVG BILLS OFFERING – Series: MVG-6M-07APR24
Total Issues: 1,000,000
Offering Amount: 80 golles
Value Per Security: 100 golles
Issue Number: MVG-6M-07APR24
Primary Market Order Deadline: October 5, 2023
Issue Date: Oct 07, 2023
Maturity Date: April 07, 2024
Total Outstanding by Maturity Date: 100,000,000 golles
Minimum Bid Amount and Multiples: 80 golles
Noncompetitive Closing Time: 4:00 UTC + 1hour
Competitive Closing Time: 4:30 UTC + 1hour
This Offering must be expressed as a discount rate.
Noncompetitive bids from a Foreign and or an International Monetary Authority must not exceed 50 million per account. >>>
Housing projects with right to buy approved for employees of contractors and sub-contractors worldwide
The Kingdom of Mount Vema has updated its global housing policy to include people on lower income working for foreign companies (contractors and sub-contractors) providing goods and services to the entities of the Kingdom of Mount Vema worldwide.
As the Mount Vema economy grows, beginning October 2023, His Majesty's Government of Mount Vema will ramp up the purchase and construction of housing projects in more than 60 countries to provide affordable "social housing" for those on low income who contribute or will afford to bring time and skills to the Kingdom of Mount Vema anywhere in the world.
Outside Mount Vema the houses will be managed by the Royal Embassy of the Kingdom of Mount Vema through third parties, and when an occupant has been living in the property for more than 10 years, the occupant will then be able to apply to buy the property during a period of 15 years at a discount price.
The application form is now available on the Mount Vema social housing webpage. Applicants who wish to be added to the waiting list, can now apply as of September 7th 2023. >>>
Line of credit: Issuing of credit cards begun, as Mount Vema sets to inject 200 billion golles into the global economy
The Reserve Bank of the Kingdom of Mount Vema has officially started to provide a line of credit worth 200 billion golles (about $400 billion USD dollars) into the global economy as Mount Vema starts the new fiscal year 2023/2024.
The plans were first revealed by VSBCnews sources in February, and confirmed by the government in March after His Mount Vema Majesty King Peter approved the plans proposed by the Reserve Bank of the Kingdom of Mount Vema to provide a line of credit worth 200 billion golles to the global economy to start with the new fiscal year which starts on September 1st 2023.
The territory will be providing lines of credit with a limit of up to 30 billion golles to individuals worldwide in forms of low or no interest credit cards, 60 billion golles worth of credit to businesses worldwide, and up to 110 billion golles in credit to foreign governments.
The plan is to help the legal entities of Mount Vema and foreign entities with liquidity when tendering for Mount Vema contracts, although it was first proposed as a plan to deal with excess inventory. As the economy of Mount Vema growths so will the inventory. The territory will have plenty of excessive stock of all kinds of goods, as well as services especially now that the territory begins to stockpile and prepare for construction. Those with a line of credit will be able to purchase just about anything to meet their day-to-day needs from Mount Vema’s strategic warehouses worldwide.
For the Reserve Bank perishable supplies, which could cause the loss of millions of golles as the product's freshness may deteriorate to such an extent that it cannot be sold, as is the case with dairy products, fresh baked goods, flowers, produce, fish, and meat, the territory should provide the tools and the means for others to buy from Mount Vema. Including consumables such as oil, gasoline, paints, and medications as well as time-sensitive items such as periodical literature.
The Royal Mount Vema Reserve Bank line of credit will be a combination of secured by collateral (with a higher maximum credit limit and significantly lower interest rate) and unsecured (with slightly higher-interest rate and restricted credit line limit) facility which will enable customers to draw on the facility when funds are needed, and will take several forms, such as an overdraft limit, demand loan, special purpose, export packing credit, term loan, purchase of commercial bills, as well as revolving credit card accounts. It will be effectively a source of funds that can readily be tapped at the borrower's discretion. Interest will be paid only on money actually withdrawn.
For the Reserve Bank to provide this type of credit facility, foreign citizen, business, or government will need to open a bank account with a bank registered with or licensed by the Kingdom of Mount Vema. >>>
The Treasury of His Mount Vema Majesty's Government is informing private and institutional investors who have invested in Mount Vema Government Notes also referred to as MVG-Notes maturing on the 28th of August 2023 (5 Year Note Series-28AUG23) that these Notes are coming to maturity. Final payments will be made on Monday the 28th of August 2023 at 4pm in Mount Vema currency.
For investments received through brokers, and third parties, with returns payable in foreign currency such as the US dollar, the British Pound, the Euros, and the Japanese Yen, the final payments will be made at 2pm on Tuesday the 29th of August 2023.
For investments received through brokers, and third parties, with returns payable in other currencies, payments will be made at 2pm on Wednesday the 30th of August 2023.
Foreign trusts, estates, partnerships, individuals, organizations, foreign governments, and corporate investors who have invested directly or through a broker or financial institutions (holders of the securities Series-28AUG23) whose payment details have changed, should contact Mount Vema to update their payment details before the 28th of August 2023.
Primary market purchases of the next 5-year 28AUG notes will close on Friday the 1st of September 2023, and may be done through authorized brokers, privately, or directly from the Treasury of His Mount Vema Majesty's Government. >>>
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COUNTRY CODES IN USE
Mount Vema Country Code: OV / MOV
Mount Vema Numeric Country Code: 507
Currency Code: VSG
Top-Level Domain: .com, and .ov (proposed)
Proposed Telephone Country Code: +294
International Treaties – Ratified by the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963