Nadiya

[Svetlana]

The NCB announces the successful stabilization of financial institutions and the economy as the NRB skyrocketed in value, national debt falls from 135% to 112%: the reforms aren't over yet

Petrograd, Kozaki. The 5666 economic report and the 5667 economic forecast from the NCB were what everyone was talking about in Nadiya for the past months as they would determine if the 2 years of extensive reforms to the Nadiyan financial institutions have been beneficial and not a PR stunt. So when the NCB received the reports from the teams of independent economists and experts that were sent across all of Nadiya and even were allowed to diagnostic the central bank itself, the nation held its breath as Evelina Maximovna headed to Zarvosopol where a joint meeting between the presidential council, Tsarina Anastasia & Tsar Artemio, alongside a joint committee of the 3 chambers of parliament, and the members of government in which Evelina was expected to read the report and give her opinion on it. The report opened with the issue of NRB stabilization efforts and its effectiveness, Evelina said, "When I first started my governorship of the bank 2 years ago, our finances were absolutely horrific with the ruble being catastrophically low in comparison to the Canrille Fleur, as a matter of fact 1 CFR equated to 800 NRB according to official rates but on the black market it was 1 CFR = 1500 NRB which is an absolutely catastrophic situation we were in thanks to years of mismanagement and lax policies from the previous governors. As such, I began stabilizing the NRB by halting the printing of any new bills or coins and I cracked down on black market currency exchanges with the help of the government which allowed us to significantly eradicate those illegal exchange points by redirecting Nadiyans to exchange points ran by the central bank that had way more favorable rates compared to the unofficial ones. Not only that, the bank also hiked up intrest rates on our loans and pushed the government toward meeting its +7% surplus on the 5666 budget alongside handing over loan to small and medium sized companies which allowed them to grow at an organic rate. The value of the NRB in turn increased from 1 CFR= 800 NRB to an acceptable 140 NRB = 1 CFR. But the issue we are facing now is a historic inflation of +8% and it peaked in March of last year at 25%, the bank in collaboration with the government will work on addressing that issue so our population can afford to live in the confederation." She then continued with, "When it comes to financial institutions, we are doing wonderfully on that point", "In 5665, the number of financial institutions involved in illegal or opaque activities was 240, now I'm glad that only 12 institutions are left, with most of the ones that took part in those deals were either dismantled in favor of forming new clean institutions or purged their own ranks from their corrupt members including their CEOs and executive boards with the held of CERD. This purge of corrupt bankers, creditors, and trustees has allowed us to stabilize our financial sector and economy by making us a trustworthy nation when it comes to loans." She then followed with, "Speaking of loans and debt, our national debt has fallen from 135% of GDP to a mere 112%, all of that thanks to economic stimulus of the Konstantinovna administration and their budget surpluses. We are expecting a decrease of the debt from 112% to a humble 73% by 5670 if we maintain the current +13% surplus that's part of the 5667 budget. Our credit rating already went up from BB to BBB then A+,  so if we keep on paying off our debt and stimulating the economy, our target of an AA rating will be met within the next 10 years."