Although the currency of Mount Vema is a nonconvertible currency, used primarily for internal/domestic transactions and not openly traded on a world forex market, other than the Gollexi. The Bank of Mount Vema announced today that the financial system of the Kingdom of Mount Vema is ready to support processing of Golle-payments in 130+ currencies.
The announcement was also an indication of the Government’s plan to keep the Mount Vema currency mostly as nonconvertible, as part of the evolutionary process of the Kingdom of Mount Vema and, to maintain a protection to the financial system that could be susceptible to sharp movements in the economy at this stage.
Currently, the Mount Vema currency can only be converted into a selected number of leading currencies by any individual or organization with a Mount Vema bank account, a GolleCard account or from authorized and regulated foreign exchange agents. When converting currency through your Mount Vema bank account, you need to check first which currencies are convertible.
The Mount Vema financial system now supports processing Golle-payments in 130+ currencies, allowing Mount Vema bank account holders to receive payments or businesses to charge customers in their native currency while receiving funds in golles. This is especially helpful if a business has a global presence, as charging in a customer’s native currency can increase sales.
From your Mount Vema bank account, or if you use a Mount Vema credit card, debit card or GolleCard, you need to know which currencies you can use to transfer funds out of your Mount Vema bank account, or for making charges in foreign currency. Some currencies can be converted at any time like the U.S. Dollar, the Australian Dollar, the Brazilian Real, the British Pound Sterling, Canadian Dollar, the Danish Krone, the Euro, Hong Kong Dollar, the Japanese Yen, the New Zealand Dollar, the Norwegian Krone, the Polish Zloty, the Singapore Dollar, the Swedish Krona, and the Swiss Franc, but other currencies may be added to the system only from time to time.
A new data released by the Mount Vema Department of Statistics and Risk Assessment says that consumer spending in Mount Vema will exceed 500 million golles, more than $1 billion US dollars a year.
The new figures come after the government started to include visitors due to an increasing number of people making travel plans to Mount Vema. Previously the Statistics Department released its estimates based on the number of accommodations allocated for each district that will total 250,000+ residents which was the amount of homes needed to keep the economy going.
This is the first time the figures are published, with the estimated number of annual visitors expected to attend annual events and tourism which as an industry, was never included in the estimates before.
For the economy to function as it is designed, Mount Vema will need more than 250,000 temporary workers within the next 10 years, with each district providing accommodation to just over 25,000 people to meet that target.
When the government published estimates, which are changed every quarter in line with economic developments, the market always anticipated that tourism estimates were coming. The new estimates today just confirmed what brokers and economists at Gollexi – The Mount Vema Stock Exchange have been commenting for years.
As developments entered a new stage, the Mount Vema Center for Statistics and Risk Assessment decided that it has enough data to include tourism. So, businesses serving 250,000+ customers including more than 1.5million estimated visitors per month, each spending just about 500 golles, they are likely to generate just over 50 million+ golles (more than $100 million+ US dollars) every month.
After fees and expenses there will be still about 40 million golles a month to be shared between traders serving the residents. The data explains why there is so much interest in business licenses and the increasing number of foreign companies and foreign governments investing in Mount Vema companies and government bonds either at the Gollexi or privately through lucrative deals with the Vema Seamount Authority. The key is to be always one step ahead of the market and identify the opportunities before the market catches up.
Peter Goldishman – The Vema Seamount Authority today authorised the Mount Vema fishing industry to initiate commercial fishing activities from November at the same time as the scientific and construction sector, as part of a new plan to make sure the project pays for itself.
Just the fishing industry alone can generate more than 400 million golles in foreign exchange annually, but because the annual target will be less than the figures planned for 2025 onwards, the government expects to generate a comfortable USD $500,000,000 figure per year before 2025.
The fisheries plan was first introduced in 2014, but it was cautioned by the Vema Seamount Authority who was at the time reluctant to engage in commercial fishing activity over Vema Seamount, as he was more interested in good management of fisheries as essential to meet international obligations in terms of food supply. Now with all the resources available Peter Goldishman feels the time is right to start.
The 2018-2024 fishing revenues will be used to fund the City of Mount Vema project starting with the breakwaters, and the Port of Mount Vema. However, from 2025 His Mount Vema Majesty plans to join the list of top fish exporting countries as part of a long-term initiative to help combat hunger with fish and fishery products. The territory plans to reach and maintain annual targets of 200,000+ tons by 2025, to generate more than 400 million golles of fish stocks from both capture and aquaculture.
Back in 2014, the Vema Seamount Authority concerns were justified due to a report that fish trade was not only helping poor countries shore up their food security situation but was also increasing international demand that was at times resulting in excessive fishing pressure, leading to the over-fishing and wasteful use of stocks.
The Vema Seamount Authority aim since the creation of the Kingdom of Mount Vema, was to ensure that demand is always balanced with sustainable management. Today’s announcement is an indication that the territory is ready and that the Royal Mount Vema Coast Guard, supported by private armed security firms will finally be deployed to ensure that no more unregulated fishing activities take place within the Vema Seamount Territorial waters and the City of Mount Vema can be completed on schedule.
Mount Vema has introduced a new policy that establishes some economic barriers to entry. The barrier is a cost that must be incurred by a new entrant into the Mount Vema Market when incumbents do not have or have not had to incur.
The policy was introduced to protect those who come first, such as distributors or retailers, trademarks, servicemarks, patents owners and the supply chains. The policy is part of a plan to support those companies who are joining the project at this crucial stages of development.
Companies will need distributor agreements, an exclusive agreement which must be made with licensed distributors or licensed retailers. Potential entrants will require access to equally efficient production technology as the one already in use in order to freely enter the market. Trademarks, Servicemarks and Patents owners have the legal right to stop other firms producing a product for a given period of time, and so restrict entry into the market. Also exclusive agreements with key links in the supply chain will be required.
Mount Vema will be a small market, but the key is to be one step ahead and identify the opportunities before the market catches up. In this type of environment, the early investors always enjoy the rewards.
Considering that for the economy to work just in terms of management of its natural resource (fish), a single district will provide accommodation to 25,000 people, which is roughly the number of accommodations allocated for each district that will total 250,000+ residents.
These are the residents that will manage seafood production, distribution, sales and marketing to the world, revenues, investments, maintenance of the fisheries infrastructures, including ships. They will all need to do their daily shopping, banking, take children to school, socialize and be entertained from time to time.
If you are a business serving 250,000+ customers including visitors, spending just about 500 golles a month each, that can generate more than 12.5 million golles (about $25 million dollars) every month, with some fees and expenses maybe just about 10 million golles a month that will be shared between government and traders.
Small income for some, but steady and reliable income for others. These figures do not include the real estate market, or any other sector. So if you are a good businessman or businesswoman, you could aim to secure at least a share of this income. A business generating at least 500,000 golles a month ($1 million dollars or $12 million US dollars a year) can go a long way.
The Government has confirmed rumours that it has authorized W-Contractors to spend 1.6 million golles to pay for a floating dry dock before the end of October. The purchase is part of a plan to acquire three large floating dry docks for building, maintenance, and repair ships, boats, and other water craft in Mount Vema.
The docks will be used during the construction of large structures for the City of Mount Vema, as they have always been the key in construction of large structures. One example is the dry dock on the artificial island of Neeltje-Jans used for the construction of the Oosterscheldekering, the large dam in the Netherlands that consists of 65 concrete pillars weighing 18,000 tonnes each. The pillars were constructed in a drydock and towed to their final place on the seabed.
The dry dock will be the work place for architects, project engineers, naval architects and foremen, and will be key to ensuring the safe, timely and well-resourced completion of projects in many areas including buildings the Port of Mount Vema, the Yacht Harbour, the floating city ducks and breakwaters.
Dry docks will continue to be used after the construction of the City of Mount Vema, by naval architects to design, build and repair floating structures and homes for the City of Mount Vema project, including build and repair ships boats and other seafaring vessels and offshore structures including ferries, high-speed craft, merchant ships - tankers, cargo ships, passenger liners, pleasure craft - yachts, power boats, working vessels - fishing boats, and rescue boats.
Economic report data compiled by The Royal Mount Vema Department of Statistics and Risk Assessment every month on credit, liquidity programs and the balance sheet of the Vema Seamount Territory, released at the end of every quarter by the Reserve Bank indicates that the Mount Vema economy grew 12.16% this last quarter.
The data is one of the most reliable sources of information published every quarter and shows that the economy of Mount Vema is entering a new phase of development as the economic activity increases overseas and the government spreads its wings in the international arena pushing for policies that facilitate jobs creation and growth.
When compared to the April economic data for the previous quarter, the report shows that the economy is booming and grew faster this last quarter than any previous quarter and faster than any other year combined since the creation of the Kingdom of Mount Vema in 2006.
The report shows that more businesses increased investments in Mount Vema related projects globally than any other year. The data suggests that the Mount Vema economy is in good health and will continue to grow and expand not only fast but steadily.
The financial and services sector led the overall growth, thanks to demand for foreign exchange and legal services as investor confidence in the economy continues to strengthening the country’s investor base.
The report figures again could not pass the 20% mark estimated for this time of the year, but the pace of general economic activity increased and is expected to pass the mark later this year according to the government general plans and targets report.
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination