Reserve Bank of Beerax Chartered
IC Date: Thu Mar 31 2405
BEERAXI, BEERAX IX (INW) -- The charter for the Reserve Bank of Beerax was approved by the Beeraxi senate today. The bank will be headquartered in the capital city of Beeraxi, where it will offer a local currency to compete with the Galaxy Alliance credit.
First Consul L'vralus had championed the cause of a new bank, remarking, "As I urged before during my campaign for Galaxy Alliance Chancellor, the credit suffered at the hands of foreign states such as the Romulans and Cardassians pegging their currencies to a set exchange rate. If we cannot change the credit, we can free ourselves from it!" The measure passed 14-0 with several consuls absent from voting. No consuls are on record opposing the measure.
Grick, a former member of the Ferengi Commerce Authority and one of the interim governors of the Reserve had this to say: "As we all know, the once-favored credit has fallen considerably in value over the last decade at the hands of the Galaxy Alliance government and the Intergalactic Bank. The people of Beerax have removed themselves from one, and we intend to remove them from the other, though not entirely. It is our belief that through sensible macroeconomic policies designed to favor the economy rather than political whims, the local Beeraxi credit can enable Beerax to considerably expand its GNP over the next five years and beyond."
The governors met immediately after the chartering and issued an initial prospectus, offering a wide variety of government-backed securities. Notably for consumers, the Reserve Bank of Beerax is presently offering an interest rate for investors of 1.49%, more than double the steady .65% APY the Intergalactic Bank has offered so long, failing to keep pace with even the lowest inflation rates.