Reserve Bank will provide a line of credit worth 200 billion golles to the global economy this year – sources
The Reserve Bank of Kingdom of Mount Vema plans to provide a line of credit worth 200 billion golles to the global economy to start either late this year or by early 2024, according to multiple sources familiar with Mount Vema’s long term global growth strategy.
One source familiar with spread sheets and with in-depth knowledge of the Mount Vema growth plan told VSBCnews that if the plans are approved by the sovereign, the territory will be providing lines of credit with a limit of up to 30 billion golles to individuals worldwide may be in form 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.
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 during the city of Mount Vema construction period. Those with a Mount Vema line of credit will be able to purchase just about anything from its warehouses to meet their day-to-day needs.
According to VSBCnews sources excessive stock for the Reserve Bank, are 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. 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 Interest will be paid only on money actually withdrawn.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 another source need to open a bank account with a Mount Vema bank, and 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 there may also be 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.
The Legal Entities of Mount Vema
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