September 08, 2020 – Mount Vema – The Bank of Mount Vema is likely to hold interest rates this month after the debit ceiling was left unchanged by the Reserve Bank yesterday, sources at the Gollexi told VSBCnews.
The Reserve Bank of Mount Vema indicated on Monday that the Vema Seamount Authority will make no changes to the debit ceiling this year. A decision made annually by the Reserve Bank on behalf of the Sovereign around this time of the year.
Every year in August after Independence Day Celebrations, the administration reports the state of the Vema Seamount and the community, a tradition that will be followed by every Prime Minister in the future to outline the legislative proposals for the upcoming year, when proposing a new budget to request an increase to the debit ceiling.
In the absence of a Prime Minister, the Capital House (Office of the Prime Minister of Mount Vema) which is currently virtually administered by a team of staff responsible for outlining the legislative proposals for the upcoming year, proposes new budgets and requests increases to the debit ceiling. Because the budget is currently proposed and presented directly to the sovereign as the Acting Prime Minister of Mount Vema, there are no state of the territory speeches.
The Reserve Bank announcement on the debit ceiling is usually followed by the Central Bank (Bank of Mount Vema) own decision on interest rates which is currently at 3.45%.