Royal Monetary Authority of the Kingdom of Sierra
 Central headquarters in Porciúncula | |
| Headquarters |
 Porciúncula, Gold Coast |
|---|---|
| Established | 8 April 1860 |
| Ownership | Gentrified trust |
| Governing body | Royal Monetary Authority Board of Governors |
| Key people |
|
| Central bank of |
 Kingdom of Sierra |
| Currency |
Sierran dollar KSD (ISO 4217) |
| Bank rate | 5.25% |
| Interest rate target | 5.25–5.50% |
| Interest on reserves | 5.15% |
The Royal Monetary Authority of the Kingdom of Sierra (commonly shortened to the Royal Monetary Authority or abbreviated as RMAS) is a gentrified trust and the central banking system of the Kingdom of Sierra. Chartered in 1860 by the Central Banking Act, it is the oldest central bank in the Americas in continuous operation and one of the oldest in the world. It was established during the premiership of Frederick Bachelor Sr., as part of a nationwide initiative to grant the government more regulatory authority and power over the fledgling country's economy. Throughout the 19th and 20th century, the responsibilities, scope, and power of the RMAS expanded in response to economic crises and challenges.
The RMAS is the sole authority within the Kingdom of Sierra to issue Sierran banknotes through the Royal Bank of Sierra. The Royal Mint, an agency under the authority of the RMAS, is responsible for minting the Kingdom's coins. The Central Banking Act is the principal document governing the RMAS' core powers and responsibilities, among them including the discretionary power to control the Kingdom's monetary policy, to supervise and regulate the Kingdom's bank system, and to maintain the Kingdom's financial stability. Through subsequent acts granted by Parliament, the RMAS is also responsible for providing financial services to depository institutions, the K.S. government, and foreign government institutions.
Organizationally, the RMAS is governed by the Royal Monetary Authority Board of Governors whose members are appointed by the Queen, based on the recommendation of the Prime Minister and consent of the Senate. The RMAS is further divided into three regional nationally-chartered banks: the Federal Bank of San Francisco City (Western Federal Sierra and Hawaii), the Federal Bank of Phoenix (Eastern Federal Sierra and the Deseret), and the Federal Bank of Tijuana (Bajaría), each empowered with regulating privately-owned banks within their jurisdiction. As a gentrified trust, the majority of its policymaking and discretionary actions are done independently without the direct approval or control by the federal government. Despite its relative degree of independence and autonomy, it works closely with the K.S. Government and Parliament, especially the Ministry of Finance.
History
Organization
Board of governors
Royal Banks of Sierra
Member banks
Monetary policy
Criticism
See also
- Economy of the Kingdom of Sierra
- Economic history of the Kingdom of Sierra
- List of banks in the Kingdom of Sierra
- List of central banks
- Sierran dollar
- Taxation in the Kingdom of Sierra