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Dear eUNL citizens and other interested,

Please find the eUNL Financial Report from October 5 6h00 (last report) to today October 11, 7h30. This is the second report, which enables a comparison to the first one. If you want any difference explained, feel free to ask using the comments or [url] http://www.enetherlands.nl/viewforum.php?f=101[/url]

Most notable are the facts that after good contact, a lot of NLG in the hands of a foreign investor has been put up the monetary market, and that the income taxes for all sectors have been lowered from 14% to 12%.

Please note that all information given, with the possible exception of explanations, is public and can be viewed by all eRepublik users.

Balances of State Account, DNB and Ministerie van Economische Zak
See “Appendix” at the bottom of message.

Justification of movements made/received by the Ministry of Finance
October 5: 270 GOLD moved from Ministerie van Economische Zak and 30 GOLD from OE_Volksgezondheid to State Account. (Reason: Proposal to issue NLG to counter monetary market situation, see below.)
October 7: 60,000 NLG moved from State Account to the Ministerie van Economische Zak. (Reason: Move printed money into Ministerie van Economische Zak.)
October 9: 21.05 GOLD received in the State Account from OE_Volksgezondheid. (Reason: Get enough gold in the State Account to enable a MPP proposal.)
October 11: 280 GOLD moved from State Companies 2 to Ministerie van Economische Zak. (Reason: Hospital sold. Compensate for the transaction below.)
October 11: 20,000 NLG moved from Ministerie van Economische Zak to OE_Volksgezondheid. (Reason: There was no NLG present to pay the wages of the state companies.)

Justification of other actions performed by Ministry of Finance
October 5: After investors bought all offers of 0.016, 0.017 and 0.018 and put their NLG on the market for 0.018 G, the Ministerie van Economische Zak posted an offer of 10,000 NLG on the market against 0.016 G per NLG. A second offer was made after the first was completely bought up. (Reason: Stabilize the market at the set rate of 1 NLG = 0.016 G.)
October 9: On the forum, it was agreed that printing money was only a short term solution for fighting NLG buy-ups like above. After good contacts with the major foreign investor, he made the money owned available on the monetary market (over 60,000 NLG at 0.016 G per NLG). The Ministry of Finance thanks him for the good dialogue and cooperation.
October 11: 30 GOLD spend from State Accounts to obtain a MPP with Turkey. Although the vote is not yet over, a majority has already voted in favor, so Finance considers the costs as occurred.

* Please note that the government tries to intervene with the market as less as possible. Therefore, if there’s a government offer of 1 NLG = 0.016 G, and a newer offer is made by an individual, company or organization, the government offer will be deleted and put it on the market again immediately after deleting. This way, private offers are mentioned on top of the monetary market list to have a larger chance that the private offer is sold, and to prevent that the government offers “blocks” private offers. This policy will be maintained at least for the rest of this mandate.

News: Financial laws & proposals

October 5 [Rejected] Proposal to reduce Income Taxes from 14% to 11% for Food. The pending vote mentioned in the last report failed with 22 NO voters, against 16 YES voters. Main reasons named were that 3% would be too much (especially when extending to other sectors later) and that the impact on the financial position was too uncertain.

October 6 [Accepted] Proposal to issue 60,000 NLG for 300 GOLD. The vote passed with 34 YES and 5 NO. Initiated by Cocoamok, Minister of State Companies and Goldmarket, and in cooperation with the Ministry of Finance as an answer on the situation on the monetary market (see above). In preparation, gold was moved to the state account by Ministerie van Economische Zak (270G) and OE_Volksgezondheid (30G). Aim was to get the 60,000 NLG into Ministerie van Economische Zak to be able to put NLG on the monetary market for 1 NLG = 0.016 G.
October 7 [Accepted] Proposal to move the 60,000 NLG printed to the Ministerie van Economische Zak. The vote passed with 29 YES and 2 NO.

October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Weapons. Vote passed with 29 YES and 4 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Gifts. Vote passed with 29 YES and 4 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Food. Vote passed with 26 YES and 6 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Moving Tickets. Vote passed with 32 YES and 4 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for House. Vote passed with 32 YES and 5 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Grain. Vote passed with 33 YES and 4 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Hospital. Vote passed with 31 YES and 4 NO.
October 9 [Accepted] Reduce Income Taxes from 14% to 12% for Defense System. Vote passed with 29 YES and 7 NO.
After lowering the income taxes with 3% for Food, a more coordinated action was set up to get all income taxes lowered with 2% over all sectors. All proposals were accepted, which practically means that workers who get paid an amount of NLG receive now more money (costs for companies will stay the same). The impact on the State Account is to be seen over time, but the Ministry of Finance shares the Congress’s confidence in this.

October 11 [Pending] Proposal to move 13,778 NLG from State Account to Ministerie van Economische Zak. NLG and G in the State Account can be taken when we are attacked, so moving into the state org ensure the safety of our national treasury. The amount of 13,778 NLG has been choosen, as game mechanics require that the registration fee for 500 new citizens needs to remain in the State Account - so that’s 500 x 10 NLG for us.

If you have any questions or comments, feel free to comment on this article or on the forum: http://www.enetherlands.nl/viewforum.php?f=101

Kind regards,

Your Minister of Finance,
Boklevski


APPENDIX: Balances of State Account, DNB and Ministerie van Economische Zak

State Account

Gol😛
0.01 G

Local currencies:
5,142.47 NLG (note that 13,778 NLG will be restituted if the proposal fails)
781.48 BEF

Foreign currencies (excluded when less than 100)
164.33 HUF
221.74 IDR
473.45 MYR
120.70 RUB

Value of offers on goldmarket:
none

DNB

Gol😛
939.45 G

Local currencies:
20,909.55 NLG
53,681.47 BEF

Foreign currencies (excluded when less than 100)
none

Value of offers on goldmarket:
none

Ministerie van Economische Zak

Gol😛
370.53 G

Local currencies:
127,090.11 NLG
140.16 BEF

Foreign currencies (excluded when less than 100)
108.00 BGN
100.00 MDL

Value of offers on goldmarket:
3876.04 NLG (on offer at 1 NLG = 0.016 G)
10 G (on offer at 1 G = 66.5 NLG)