New England Online > Economy > Monetary Policy > Central Bank of New England
Central Bank of New England
| Central Bank of New England | |
|---|---|
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| General Information | |
| Headquarters: | Armidale |
| Currency: | New England Crown (ISO 4217: NEC) |
| Administration | |
| Governor: | Katherine Greene |
| Secretary: | Gerard Strong |
| Economic Data | |
| Reserves: | C4.5 billion |
| Current Account Rate: | C1.28 billion surplus |
| Cash Rate: | 5% |
| Interest Rate: | 4.75% |
| Inflation: | 1.9% |
| History | |
| Established: | 2014 |
| Preceded By: | Reserve Bank of Australia |
The Central Bank of New England is, as the name suggests, the central banking authority of New England charged with the responisbility for managing monetary policy. The bank was founded by the government in 2014 as part of the reforms that split the economies of Australia and New England and created an independent New England economic market.
Today, the bank has the authority to carry out a number of tasks including, a monopoly on the issuing of New England's currency (the Crown), acting as the Government's banker, a lender of last resort for New England's banks, management the country's foreign exchange and gold reserves, acting as the Government's stock register, regulation and supervision of the banking industry, and finally the setting the official interest rates used to manage both inflation and the country's exchange rate.
- Policies & Objectives
- Inflation
- Exchange Rates
- Cash Flow
- Board
- History
Policies & Objectives
Inflation - The current objective is a policy of inflation targeting aimed at maintaining the annual inflation rate at between one and three per cent on average over the business cycle. At of the April quarter of 2052, the official rate of inflation stands at 1.9%.
Exchange Rate -
Cash Flow -
Board
The Central Bank of New England is run by a Board of Governors, consisting of thje governor, the Secretary to the Trasury and six members chosen by the King on the advice of the Minister of State for the Treasury. These additional members are selected to terms of seven years (unless removed by the King), with the ability to serve for no more than one term. However, if someone is appointed to serve the remainder of an uncompleted term of another member, they may be reappointed to serve one additional seven year term.
Likewise, a governor is elected to a term of seven years, with the ability to serve for no more than one term. A governor may serve the remainder of another governor's term in addition to his or her own full term.
The current members of the Board of Governors are:
- Katherine Greene (Govenor)
- Gerard Strong (Secretary to the Treasury)
- Kym Macintyre
- Howard McPherson
- Ian Underwood
- John Phelps
- Kieren Neill
- Owen Timmons
The following is a list of govenors of the CBNE:
History
The CBNE was established by the Central Bank Act of 2013, and came into existance on the 1st January 2014. The creation of bank coincided with the change-over from the Australian Dollar to the New England Crown.
