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The Commonwealth Bank (Auratian: el Banco de la Mancomunidad), officially the National Bank of the Commonwealth of Auratian Catholic States (Auratian: el Banco Nacional de la Mancomunidad de los Estados Católicos Oratianos), the central bank and highest national monetary authority in Auratia. The Commonwealth Bank is part of the Euclean Central Bank System. The bank is headquartered in Villadad and maintains an office in Cienflores, the nation's capital.
Established in 1905 to replace the Banco Nacional de Puerto del Rey, the Commonwealth Bank once played a pivotal role in setting all forms of monetary policy, as well as printing Auratia's currency, the real. Before the Commonwealth Bank, the federal government did not have a proper national bank to set monetary policy. The Banco Nacional de Puerto del Rey, widely seen as corrupt and ineffective, was disbanded its inability to respond to various financial crises that gripped the nation around the turn of the 20th century. The Commonwealth Bank is widely seen as the brainchild of Premier Aleixo Alto, whose administration passed the Commonwealth Bank Act 1905. David Dormo, a prominent banker, was selected to become its first president. The Commonwealth Bank proved to be too weak to implement quantitative easing following the Great Collapse of 1913. After the collapse, the bank's scope and authority were expanded to allow it to more quickly, independently, and efficiently respond to economic troubles. The bank's weaknesses, particularly its corrupt and impotent leadership, were once again laid back during the Auratian economic crisis of 1980, where the bank's inaction contributed to an economic collapse and recession. (See more...)
