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The Vekllei Ministry of Commerce (COSMOSOL) regulates and initiates trade in the country. Despite the functional moneylessness of the Commonwealth, COSMOSOL remains among the busiest ministries of the Interior Government, since all economic policy, international trade and entitled renumeration (the Vekllei turn-of-phrase for withdrawing from the Labour Bank) occurs through its subordinate commissions. Common responsibilities of COSMOSOL include:
- Regulation and taxation of international trade, particularly through Government ‘White Bonds’ and Labour Bank ‘Blue Bonds’.
- Banking the Commonwealth state apparatus.
- Advising the Parliament on economic policy and foreign trade.
- Monitoring and reporting on the health of foreign markets.
- Printing and transporting currency.
Vekllei has a reputation as a financial capital for its political neutrality and location between Europe and the Americas, and is among the largest facilitators of international commerce and exchange in the world.
Bank of Vekllei #
The Labour Bank of Vekllei (commonly “Bank of Vekllei”) is the central bank and currency store of Vekllei. It is operated by the Ministry of Commerce and maintains branches in most major borough capitals in the Home Islands, as well as across all member states of the Vekllei Commonwealth. It is not autonomous and is beholden to the policy decisions of COSMOSOL and, in certain cases, the Interior and Commonwealth Parliaments. Its sworn purpose, as instructed by the Floral Constitution, is to advocate for Floral Economics.
The Bank of Vekllei was founded 1642 as the Royal Bank in Lola, and is the fifth oldest bank in the world.
Most banks in Vekllei are institutional or industrial, since the average Vekllei person is unmoneyed and, in a conventional definition, unbanked. Nonetheless, Vekllei maintains several commercial banks under the Bank of Vekllei umbrella, tasked primarily with:
- Cashing and underwriting White and Blue bonds.
- Selling government and financial (bureau) bonds internationally.
- International placement and borrowing services.
- Trading, settling and selling foreign currencies.
Vekllei citizens are entitled to an equal share of the money stored in the Labour Bank, and in certain circumstances may withdraw their balance to emigrate or travel abroad.
Despite foreign perception of Vekllei economics, the liquid and asset holdings of the Bank of Vekllei make it the second-largest bank in the world.
Commonwealth Bank of Vekllei #
The Commonwealth Bank of Vekllei (COMMBANK) is an international investment subsidiary of the Bank of Vekllei, tasked primarily with banking in Commonwealth members and international markets. It has branches across every Commonwealth member-state and in most major economic hubs around the world, including throughout Europe, the Americas, and Asia. It also serves as the Central Bank of the Kalina Isles.
Import-Export Bank of Vekllei #
The Import-Export Bank of Vekllei (VEKEXIM) is a state policy investment bank used to fund projects outside of the Commonwealth, particularly in developing countries. It is the primary investment mechanism of Vekllei foreign aid system, which uses export credits and low-interest bureau loans to build infrastructure overseas. It is among the most influential export banks in the world, and contributed to the Pan-African Railway and Hundred Dams projects as part of Vekllei’s ongoing Trade Democracy economic scheme.
Development Bank of Vekllei #
The Development Bank of Vekllei (DEVBANK) is a policy bank designed to organise and allocate funding for large-scale political projects, particularly in infrastructure. The Development Bank works as the engine of the Interior Government’s policies, funded mostly with White Bonds issued internationally and labour-guaranteed certificates (a type of Blue Bond). It also creates loan arrangements, evaluates, and underwrites national government projects.
Petty Bureau Labour Bank of Vekllei #
The Petty Bureau Labour Bank of Vekllei (SISTERBANK) is the commercial lending bank of ‘petty bureau’ company syndicates and their workers. Its primary function is bureau negotiation and lending in order to facilitate the economic development of private business in Vekllei. It also acts as an intermediary between petty bureau companies and other banks or government financial apparatuses.
Sisterbank is the primary mechanism by which private business is done in Vekllei, facilitating loans, placement and logistics for small to medium-sized businesses.
Bureau Proper Labour Bank of Vekllei #
The Bureau Proper Labour Bank of Vekllei (MOTHERBANK) is the commercial lending bank of ‘bureau proper’ company syndicates and their workers. Similar to the Sisterbank, it facilitates economic activity of bureaus and private industry primarily through asset management and mediation with the government and Bank of Vekllei.
National Mint of Vekllei #
✿ Read more: The Vekllei Crown
The National Mint of Vekllei (also the Mint) is the sole producer of currency in Vekllei, tasked with minting and melting the Vekllei Crown. It also regulates gold bullion in the country, and manufactures bullion for use in the International Market. It is headquartered in Vekllei Proper, in the Home Islands. The Mint also produces paper government certificates and security documents.
The Mint is the custodian of the Commonwealth Bullion Depository, which holds reserves of over 6,000 tonnes of gold bullion belonging to the Commonwealth and over 60 other countries, and is among the largest such reserves in the world.
The Mint is well-regarded internationally for the purity of its metals and intricate commemorative coins, leading international numismatics in colour and variety.
Vekllei Securities Commission #
The Vekllei Securities Commission (VECSEC) regulates securities in the Vekllei International Market. It advises fiscal decision-making to the Interior Parliament and legislates trade practices in the country, including the issuing and ownership of government bonds and bureau securities.
Since Vekllei citizens do not usually participate in the domestic securities markets, VECSEC lacks traditional legal authority over many of the foreign participants in its supervised markets, but does extradite and prosecute financial crime through the EUROVEK and USVEK extradition treaties. It includes the following departments.
- General Council: Advisory board to the Commonwealth.
- General Procuratorate: Enforcement of penalties and prosecution of financial crimes.
- General Inspectorate: Investigations into fraud, abuse and corruption in Vekllei markets.
- Department of Financing and Stock Exchange: Regulation and monitoring of the Vekllei Stock Exchange and miscellaneous securities within the country.
- Department of International Markets: Regulation and monitoring of the Vekllei International Market and government bonds.
- Department of Investments and Trusts: Regulation and monitoring of the investments, securities and financial contracts of Vekllei citizens and companies.
Vekllei Trade Commission #
The Vekllei Trade Commission regulates consumer protections and antitrust law, and organises trade information from other ministries and supervisory bureaus into policy recommendations and legislation. The Trade Commission also monitors and reports the health of foreign markets, and conducts research into broader geopolitical financial interests, particularly as they compete with domestic interests. It includes the following departments.
- Department of Consumer Affairs: Regulation of the consumer rights.
- Department of Market Affairs: Protection of fair markets and regulation of Bureau and Petty Bureau companies, including state monopolies.
- Department of Market Research: Analysis and research of domestic and international markets, compiled and forwarded to other Interior Ministries.
- Bureau of Economics: Macroeconomic research relevant to international trade.