The full name of the Bulgarian United Reserve was the "Bulgarian United Reserve Committee." Its establishment marked Bulgaria's entry into a new era of currency issuance!
Of course, things were not that simple. The joint issuance of lev by the three major banks involved many issues that still needed to be discussed.
Whether it was the distribution of decision-making power, the proportion of reserve gold each side contributed, or the currency issuance fees each party would collect, all of it needed clear rules!
After all, issuing currency had costs as well. Profits could be transferred into the government's hands through seigniorage, but they could not expect everyone to operate at a loss!
Naturally, none of this had anything to do with Ferdinand anymore. Once he approved the establishment of the Bulgarian United Reserve, the remaining practical work became the responsibility of the cabinet and the Ministry of Finance.
To smoothly coordinate the relationships between the various parties, Finance Minister Kennedy had no choice but to personally serve concurrently as the first president of the "Bulgarian United Reserve Committee," presiding over the currency issuance work!
The Bulgarian United Reserve could in fact be regarded as a replica of the Federal Reserve. The only difference was that it answered not to Congress, but to Ferdinand.
It was responsible for formulating Bulgaria's current monetary policy, including setting reserve requirements, approving discount rates, and managing and supervising domestic Bulgarian banks, other member banks, and holding companies.
Its function was to control currency and credit, using the three levers of open-market operations, bank borrowing discount rates, and statutory reserve ratios for financial institutions to regulate Bulgaria's economy.
The Bulgarian United Reserve held independent decision-making authority over monetary and financial policy and reported directly to Ferdinand. To a certain extent, it had already broken free of