Bànca de Montecara

Bànca de Montecara

Coat of arms
Headquarters	Vìa dei Conti 1, Montecara
Established	16 March 1608 (1608-03-16)
Executive body	Governing Council
Central bank of	Montecara
Currency	Montecaran libra MCL (ISO 4217)
Reserves	593 billion ANL 2,400 tonnes gold (1 January 2017)
Website	banca.go.mc

The Bànca de Montecara is the central bank and de facto currency board of Montecara. It is responsible for issuing the Montecaran libra and setting its value against the Aininian louré in a fixed exchange-rate mechanism. It also has certain financial regulatory powers. The bank is managed by a five-member Governing Council appointed by law. It is noted for the extensive gold reserves in its vaults, one of Esquarium's largest holdings.

Tarçise Croçi, President of the Governing Council

Bànca de Montecara Group

The bank is the central institution of the Bànca de Montecara Group (Grupo da Bànca de Montecara), which also includes the Montecaran Fund for Assistance and Development (Càsa Montecarà per asistènse e silupo) and the Montecaran Fund for Climate Action (Càsa Montecarà per aziòn climàtica).

Securities

The bank works with the Secretariat for Finance to manage the state debt. This duty includes placing for sale and buying back government securities, several varieties of which are available for purchase by investors.

Bearer bonds

These instruments are sold in paper form to anonymous buyers and must be physically held, in essence functioning like cash. They offer the advantage of secrecy and the ability to hold a large value in a compact, portable, and fully negotiable format. They are periodically sold via auction with a face value of Ł10,000 for a term of 15 years and paying an annual coupon of 2.25%.

Ordinary bonds

The Bànca offers ordinary bonds at a range of maturities.

• 1 year
• 2 years
• 5 years
• 10 years
• 15 years
• 20 years
• 25 years
• 30 years
• 50 years

Bills

Montecaran state bills are securities that mature within one year of issue.

• 4 weeks
• 12 weeks
• 24 weeks
• 52 weeks