Credit cards worth 200 billion golles approved - Reserve Bank to provide a line of credit to the global economy
His Majesty King Peter has 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 this September 2023.
The plan which was first reported by VSBCnews in February is part of Mount Vema’s long term global growth strategy but was put on hold as it required the approval of the sovereign.
Now, with the royal seal of approval granted, 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 lines of credit will help legal entities of Mount Vema and foreign entities with liquidity when tendering for Mount Vema contracts, although it was first proposed 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.
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, according to VSBCnews sources need to open a bank account with a bank registered with or licensed by the Kingdom of Mount Vema, and then the bank may charge a fee to cover the cost of setting up the line of credit facility, processing the application, performing security checks, and they may also charge a fee for keeping the credit facility open which may be a monthly, quarterly or annual fee called an “unused line fee”, which often is an annualized percentage fee on the money not withdrawn.
Today’s exchange rates: Mount Vema golles ₲1.00 = $1.78 US dollars >>>
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