Reserve Bank of Kirav: Difference between revisions

The Reserve Bank of Kirav has its main offices in the [[Valēka#Cantons|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.

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 [[Kiygrava|the Kiygrava]], [[Cascada]], [[Devalōmara]], 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.