Bànca de Montecara
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| Headquarters | Vìa dei Conti 1, Montecara | ||
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| Established | 16 March 1608 | ||
| Executive body | Governing Council | ||
| Central bank of | Montecara | ||
| Currency | Montecaran libra MCL (ISO 4217) | ||
| Reserves | 593 billion Euclo 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 Euclo in a fixed exchange-rate mechanism and also has certain financial regulatory powers. It is noted for the extensive gold reserves in its vaults, one of the world's largest holdings. The bank works with the Secretariat for Finance to manage the state debt.
The bank was founded in 1608 when the Senate of Montecara, overwhelmed by war costs, requested a loan from a group of leading banking families. During the negotiations that followed, it was agreed to form a new bank that would have sole authority to coin Montecaran state money with the families as shareholders. In return for this concession, the families controlling the bank would agree to loan funds to the Montecaran government upon request in perpetuity. The descendants of these original families still control large numbers of shares in the bank today.
Governance
The bank is managed by a five-member Governing Council appointed by law. The foremost member is the President of the Governing Council, a first-among-equals leader who sets the agenda and terms of debate for the rest of the council. Members of the council serve six-year terms, renewable indefinitely, and ordinarily may not be dismissed during their term. These measures are intended to shield them from short-term thinking and political influence.
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).