Reserve Bank of Efransa

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Reserve Bank of Efransa
Banqoe Reserve od Elfransa
Logo of the Reserve Bank
Logo of the Reserve Bank
Headquarters Economic District, Parsrid, Efransa
Established May 6, 2020
Superintendent The Countess of Machy
Central bank of Efransa
Currency Efrasachin Fraseta


The Reserve Bank of the Kingdom of Efransa (Efrasachin: Banqoe Reserve du Rouiame od Elfransa), is the central banking authority in the Kingdom of Efransa. The Bank is overseen by the Superintendent, assisted by the Executive Council, comprising Assistant Superintendents for Treasury, Currency Circulation, Fiscal and Economic Affairs, Financial Welfare, Production, and National Credit.

The Board of Governors of the Reserve Bank oversees the Governing Council and nominates the Superintendent. The Board consists of the Superintendent, the King, a Parliamentary-appointed Governor, and a Governor elected at each general election.

History

The Reserve Bank was founded as the National Bank of Efransa, in April of 2019. It was later replaced by the Federal Reserve Bank of the Empires. The Central Bank of Tribarcas minted the Tribarcasian dollar, while the Reserve Bank of Maradia-Fienomige created the Mara.

The Republic of Ludisirga and the Union of Efransa had no central monetary authority apart from the Minister of Finance directly. The current Reserve Bank was established by the Public Finance, Economic, and Business Regulations Act, on May 6, 2020. The Reserve Bank serves as one of two primary credit unions within Efransa, along with the First National Bank of Sussie.

Structure

The Reserve Bank is governed by the Superintendent and the Board of Governors, which consists of the Chief Financial Officer (ex officio by resolution of Parliament; one Governor technically elected by Parliament), the King, the Superintendent, and an elected Governor. The Executive Council consists of the Assistant Superintendents in charge of the various divisions of the bank.

The Assistant Superintendent for Treasury Relations manages the communications between the Bank and HM Treasury. The Assistant Superintendent for Currency Circulation is ex officio Comptroller of the Currency, regulating private banking authorities and managing the value of the Fraseta. The Assistant Superintendents for Fiscal and Economic Affairs, and for Financial Welfare act as their names imply. The Assistant Superintendent for Production is ex officio Director of the Royal Mint, while the Assistant Superintendent for Credit manages government-issued credit.

The Reserve Bank is a subordinate authority to the First Ministry and its Financial and Economic Department. The Reserve Bank is also treated with semi-autonomy, with the Superintendent mostly reporting to the Prime Minister (although, as of 2020 the office holders are one and the same.


See Also