Xanthal
22-04-2006, 19:23
After months of closed-session debate, planning between the Alphin and the Council, and consulatation with foreign governments, the Socialist Republic government issued a joint statement today confirming that Xanthal will indeed open the long-anticipated Universal Bank, possibly as early as late next year.
The basic function of the bank, laid out in government plans made public just hours ago, will be centralized around the idea of easing international exchange. The Universal Bank, official name not yet announced, will issue a uniform currency to governments, businesses, and people in return for precious metals not yet determined. The currency price will float upon the value of the metals used to purchase it, and serve as an alternative for states that want to promote international trade but not adopt a universal currency for domestic commerce.
Current plans call for the Universal Bank to charge a transaction fee of five percent to the purchaser of currency in order to remain profitable in the face of depreciation. The bank will accept membership agreements from any sovereign entity, which must agree to keep the Universal Bank's currency on reserve and exchange it for their own national currency so that transactions across borders can be made. Universal Bank currency will be fully redeemable for precious metals, and there are no plans to charge for such transactions.
The Universal Bank will also provide other services, not fully detailed at the current stage. Among the most touted is "contract payment," aimed mostly at the civilian audience, where the Universal Bank can accept payment from buyers and hold it until the selling agent has completed its end of a contract. "Our aim," said project manager Heimdal Thasa, "is to make an institution that not only serves as a much-improved substitute for bulky precious metal reserves and inefficient bartering, but can in the long run stand on its own two feet by providing a variety of financial services on the state, institutional, and individual levels."
The Xanthalian government has not yet finalized a charter for the Universal Bank, but planning officials say it is not too early for states and stateless corporations to sign on. "The Universal Bank will not operate efficiently without a broad membership base," noted First Triumvir Yatzil Omsai. "We encourage all governments interested in easing their trade through membership in the Universal Bank to give input to the project so we can make it a success."
-Public statement provided for international dispatch by the Xanthalian Ministry of Economics. International broadcast provided by the Xanthalian Ministry of Transportation.
The basic function of the bank, laid out in government plans made public just hours ago, will be centralized around the idea of easing international exchange. The Universal Bank, official name not yet announced, will issue a uniform currency to governments, businesses, and people in return for precious metals not yet determined. The currency price will float upon the value of the metals used to purchase it, and serve as an alternative for states that want to promote international trade but not adopt a universal currency for domestic commerce.
Current plans call for the Universal Bank to charge a transaction fee of five percent to the purchaser of currency in order to remain profitable in the face of depreciation. The bank will accept membership agreements from any sovereign entity, which must agree to keep the Universal Bank's currency on reserve and exchange it for their own national currency so that transactions across borders can be made. Universal Bank currency will be fully redeemable for precious metals, and there are no plans to charge for such transactions.
The Universal Bank will also provide other services, not fully detailed at the current stage. Among the most touted is "contract payment," aimed mostly at the civilian audience, where the Universal Bank can accept payment from buyers and hold it until the selling agent has completed its end of a contract. "Our aim," said project manager Heimdal Thasa, "is to make an institution that not only serves as a much-improved substitute for bulky precious metal reserves and inefficient bartering, but can in the long run stand on its own two feet by providing a variety of financial services on the state, institutional, and individual levels."
The Xanthalian government has not yet finalized a charter for the Universal Bank, but planning officials say it is not too early for states and stateless corporations to sign on. "The Universal Bank will not operate efficiently without a broad membership base," noted First Triumvir Yatzil Omsai. "We encourage all governments interested in easing their trade through membership in the Universal Bank to give input to the project so we can make it a success."
-Public statement provided for international dispatch by the Xanthalian Ministry of Economics. International broadcast provided by the Xanthalian Ministry of Transportation.