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. >>>