Imperial Bank of Essexia
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|Imperial Bank of Essexia|
|Established||18 July 2018|
|Central bank of||Essexia|
|Currency||Essexian Yen (EXY)|
The Imperial Bank of Essexia is the official bank of Essexia, and is the only business that is permitted by Emperor Terry to print the Essexian Yen. It is managed by the Chancellor of the Exchequer, Nicolás Millán.
The RBE was founded in July 2018 by Emperor Terry and Earl Jack of Molrams to manage, print, and distribute the Essexian Yen after it was decided that the aforementioned currency would be made public to the citizens of Essexia. The Bank maintains an online presence on the Essexia discord, and distributes digital Essexian Yen among the citizens until physical Yen can be mass produced and distributed.
After the Federalist Coup of September 16, the Royal Bank of Essexia became the Federal Bank of Essexia, however after the Treaty of Chelmsford established Emperor Terry as the ceremonial head of state, and the FBE became the RBE once again.
Despite the King becoming Emperor on the 17th June 2019, and Royal assets becoming Imperial ones, it was decided that the RBE should retain Royal in its name until a later date, for simplicity and heritage. This was changed by Earl Jack as the Minister of the Treasury on the 11th January 2020, and the logo is yet to be updated.
On the 22nd July 2019, Lord Commissar Jacob of Essexia, of the Military Junta Government, decided to merge the roles of Warden of the RBE and Chancellor of the Treasury, providing the latter with control over the former. Therefore Earl Jack became head of the RBE.
It was leaked that after the Danbury Conference Earl Finn (And subsequently Earl Jack) intended to create a sub currency of the Essexian Yen called the "Flawn" which would be 1/20 of an Essexian Yen making 1 Flawn equvialent to 1 pence GBP.
On the 11th January 2020, the RBE became the Imperial Bank of Essexia (IBE) as a late result of the Danbury Conference, however a new logo is yet to be implemented.
In the second quarter of 2019, Chancellor Finn began setting the official bank rate, at 0.75% in order to keep compatibility between the Essexian Yen and British Pound as close as possible, as the two are inextricably linked. On the 29th November 2020, Chancellor Nicolás Millán altered the rate to 0.1%, as a late reaction to the Bank of England altering it's rate to such in early 2020.