[MoF] Bank of England - Financial Report 5th October - 12th October
Day 2,883, 15:47
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Published in United Kingdom 
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by
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by Bank of England
The Books
Treasury: £141,003.99 ---> £164,789.61 (as of 14:30 Day 2,883)
Long-Term Deposits: £100,000
Government Organisations: £28,594.36 (£28,566.00 on Monetary Market)
Tax Income: £8,601.96
Loaned Organisations Income: £2,000.00
MPP Fees: £0.00
Donations: £18,586.00
Introduction
The first report of the term from the Ministry of Finance. Since Day 2,877 we have lost daily tax revenue to Hungary and Netherlands as a result of their occupation of our regions. We have gain additional revenue from our occupation of French regions.
Market Log
A look at recent market trends
Revenue
A track on what is recorded on our Country > Economy Page, Hungary's and Netherlands's
Monetary Market fishing Guide
Monetary Market (MM) fishing is not new and there are many fine guides however here is a brief MoF guide as a refresher and to introduce the concept to younger citizens who may not be aware of it.
At the current market rate it is most optimal for a citizen to invest £2,500.00 into a MM fishing. There is two reasons for this;
1) The current and fairly long-standing exchange rate for 1GBP has been 0.004 Gold.
2) The daily gold limit for most citizens is 10 gold.
Therefore the maximum currency you may sell at the current exchange rate is £2,500.00 for 10 gold.
It will take around 10 days for your currency offer to sell on the monetary market. This will give you 10 gold. It is worth noting that the amount of currency you sell can vary greatly, sometimes all the currency you put on the MM will be bought and sometimes you don't sell any. Offers do expire on the MM however any currency that does not sell is returned to you.
Place this 10 gold onto the monetary market at the current exchange rate (at publication's this was 1 gold for £293.559). This will result in the 10 gold selling for £2,935.59. Once you subtract your initial investment of £2,500.00 you will have generated a profit on your investment of £435.59.
What if I had a bigger boat?
An organisation has no daily limit for gold meaning you can invest more currency into the monetary market therefore increasing the profit you can make on investments every 10 or so days. The Ministry of Finance offers loans of organisations at a rate of £1,000.00 per month. Get in touch with the MoF if you would like to discuss this further.
Close
For any further information don't hesitate to contact me.
Huey George - Minister of Finance and Governor of the Bank of England
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Comments
I personally think MM Fishing should be endorsed, encouraged and an actual section of the government should be doing this, you're injecting money into the government that way.
I believe MoF does this already (they certainly did in the past).
They haven't for a while (or at least not on the same scale) so we're looking to increase this.
By the way, we gathered from congress last month that there is only 100k in long term deposits. The other 100k never left the treasury.
Thank you, Scarfar. I was not aware of this, I have amended the report.
Just 1,000 cc for one month of renting?
Yeah, its been like that for a while.
That is correct.
Wasn't there talk at one point of a profit-sharing scheme where people could deposit gold with the gov, they would use it for MM fishing, then the principal and half the profit would go to the citizen and the other half of the profit would go to the gov? Did that ever happen? Seems like you might get more people to go for that than paying 1,000 CC up front and hoping they make the money to cover it...
😁^
Aye Jiminy, we were going to set a Bank of England trust up to do exactly this some months ago but then the monetary market blew up in our faces and we had to stop trading.
Jiminy, Hail Astrid and Sir Humphrey, I will investigate once again the possibility of setting up a scheme such as a Bank of England Trust and see if I can not include some information in the next MoF Report. It could be a very good scheme for government and private investors as long as we are very careful in the monetary market.
Can anyone explain why eHungary makes a daily revenue of 70k+cc, whereas we only make 1k+cc per day?
They have more regions and different taxes, on top of that they have a far larger active population
So shouldn't we be following suite?
Seriously though, I don't even use my GBP. I'm positive that everyone in the eUK has a surplus of GBP, why isn't it in the countries coffers?
Because people don't want to part with their hard earned cash. I can't remember Hungary's exact tax laws but I'm pretty sure their population is by far the biggest reason they get such a big income compared too us
Do you not believe that to play as a team and contribute more, the country will prosper? I mean.. it's eRepublik, we're not exactly saving up to buy a laptop, a car or a house.
That's exactly what I believe. Not fully down to me though. Congress have to agree to raising of taxes
Hungary have over 3x the active citizen population of the UK, 4x the work tax rate, a higher average wage, a larger more active market and an average citizen level of 47 (compared to the UK's 33). These factor together mean they generate more revenue.
Took too long to type my reply... Sambo has pretty much covered it o/
but as usual you've covered it in more detail 😛