Central Bank of Gwladcoeden
| Headquarters | Trepederyn |
|---|---|
| Established | 6 September 2021 |
| Governor of the Bank | Harvey Michaels |
| Central bank of |  Gwladcoeden |
| Currency | Ceiniog |
| Preceded by | Established |
The Central Bank of Gwladcoeden is the central bank of Gwladcoeden. Established on 6 September 2021, the bank is ‘regulated by the Senedd, while governed by the Governor of the Bank.’
It is the sole bank in Gwladcoeden; responsible for issuing and printing banknotes, as well as designing banknotes and coins, and consumer banking services.
History
The bank was first conceived in a Senedd session for Harvey Michael's BILL TO ESTABLISH A CENTRAL BANK, A CURRENCY, PUBLIC SECTOR INCOME, PRICING AND BUDGETS[1] on 11 August 2021, as part of the Republican Party's agenda to create an economy for Gwladcoeden, the bill is used as to regulate the governance and functions of the bank, the bill took five days to debate before it passed.
On 25 August 2021, after the election of Pendraig Ned Fram, Harvey Michaels was nominated as Governor of the Bank. Harvey Michaels was then elected by a supermajority in the Senedd, officially appointing him. Michaels officially established the bank on 6 September 2021.
Responsibilities
Pendraig
The Pendraig, the head of state, is responsible for appointing the Minister of Finance and nominating the Governor of the Bank. They are also responsible for assenting the monthly budget proposed by the Minister of Finance and Governor of the Bank.
Senedd
The Senedd, which regulates the bank, is responsible for electing the Governor of the Bank by a supermajority. It is also responsible for setting the income of Public Sector Jobs as well as deciding which jobs qualify as Public Sector Jobs. Additionally, the Senedd sets basic income, fixes prices, and passes monthly budgets.
Governor of the Bank and Minister of Finance
The Governor of the Bank is the executive leader of the bank. The Minister of Finance is in charge of the government's finances. The governor advises the Cabinet of the Senedd, Premier, and Pendraig on public finances, the economy, and public sector; as well as the ability to propose amendments to the Senedd relating ‘to public finances, public sector income, and all other money bills.’ They are unable to vote on the motions, bills or amendments unless they are already an Aelodau’r Senedd.
The Governor of the Bank and the Finance Minister are responsible for presenting a monthly budget, addressing ‘public sector income, public sector jobs, pricing and other ventures of the Government.’
Banknote issues
Governance of the Central Bank of Gwladcoeden
Ministers of Finance
Governors of the Bank
References
- ↑ "BILL TO ESTABLISH A CENTRAL BANK, A CURRENCY, PUBLIC SECTOR INCOME, PRICING AND BUDGETS". As passed by the Gwladcoedeg Senedd. 17 August 2021. Retrieved 18 September 2021.