Reserve Bank of Kirav

The Reserve Bank of Kirav (Coscivian: Ğevmarésix Mēntiuv Kiravsk ) is the central bank of the Kiravian Federacy. It was formally created in 21106 by the Currency Moderation Act as part of the [thing going on at the time]. Over time, the roles and responsibilities of the Reserve Bank of Kirav have expanded, and its structure has evolved.

Organisation & Governance
The seven members of the Control Commission (Ārikorkirstuv) serve for staggered terms of 175 months, with one term beginning every 25 months. Full terms are non-renewable, but Commissioners appointed to fill a vacancy may be reappointed to serve a full term. Commissioners are selected by the Federal Council, and can be removed from office by the Federal Council for misconduct. Both selections and removals require the approval of a two-thirds majority of the Council. The President and Vice-President of the Control Commission are selected by the Council every 42 months, and Commissioners remain eligible for appointment and reappointment to these posts for as long as they remain on the Commission.

The Reserve Bank of Kirav has its main offices in the West Valēka canton of Valēka, where the Control Commission meets and most personnel are based. However, the Bank's official address is that of its Kartika offices in the city's E-District, where the federal government's accounts with the bank are handled.

Shares in the RBK are not transferable and cannot be used as collateral. The States of the Kiravian Federacy are the sole subscribers to and holders of the capital of the RBK.

Today, RBK capital is about ◊11 billion, 50% of which is held by the Government of the Kiravian Federacy, and 50% by the governments of the several States of the Kiravian Federacy as shareholders. The states’ shares of the Bank's capital are calculated using a capital key which reflects each state's share of the total population and gross domestic product of the Federacy. The RBK adjusts the shares every ten years and whenever the number of shareholders changes. The adjustment is made on the basis of data provided by the Secretariat of the Exchequer. Currently, the largest state shareholders are Kaviska, Cascada, Devahoma, and the Sydona Islands. This ownership model was introduced with the XYth Amendment to the Kiravian constitution, which also granted the bank constitutional (rather than merely statutory) status. The XYth Amendment made subscription to the RBK's capital a duty of state governments and a requirement for the elevation of territories to full statehood or the admission of external entities as states. This requirement has deterred many Kiravian territories, especially the remaining territories in inland and northwestern Great Kirav, from seeking full statehood, as paying up their capital share would be prohibitively expensive for most.

When established in 21106, the RBK was a government-chartered entity with capital contributed by the country's principal interstate banking groups. After the rise to power of the Kirosocialist Party, one of the first major actions of the socialist government was to fully nationalise the bank and convert it into a government agency, the People's Bank of Kirav, which took direction from the Economic & Social Soviet. After Kirosocialism, the central bank's name and independence were restored, but the bank remains fully owned by governments (50% federal, 50% state) as of 21209. The Shaftonist-Republican Alliance and the Caritist Social Union have both pledged support for restructuring the bank towards a "distributed ownership" model that would allow for some degree of ownership by interstate banking groups, credit union federations, and other entities, but no concrete plan has yet received broad political approval. The Coscivian National Congress and New Deal Alliance support retaining full government ownership, as do the Social Credit Party and creditist-minded members of the CSU.

Public-sector Banking
The Reserve Bank of Kirav provides accounts and performs normal banking services for the Federal Government and the non-state (e.g. territorial) federal subjects of the Kiravian Federacy, as well as for many state governments on a voluntary basis. Important governmental and semi-governmental organisations such as the Social Pension System, Federal Supplemental Health Endowment, and Kiravian People's Sovereign Wealth Fund also hold accounts with the RBK.

Currency Reserves
The RBK also holds substantial assets that are not specified in saars, including bullion reserves (in copper, gold, silver, platinum, iridium, and rhodium), monetary whiskey reserves, securities in foreign currency, credit with foreign banks, foreign exchange, and others. Currency reserves can be invested for profit and also provide a possibility of intervening in the market if the exchange rate fluctuates strongly.

In 21201, the RBK impanelled a study commission to investigate the potential value of accumulating reserves. In 21204 the study commission recommended that the Bank not pursue this course of action.