Hill: InterGalactic Banking Clan to Announce Benchmark Rate in Coming Months
Harnaidan, Muunilinst System
In an announcement that was held rather late in the day, San Hill, the Vice-Chairman of the IGBC, announced a major change that could cause a monumental shift in how the economies of the galaxy structure their debts, bonds, and handle inflationary factors across the Galactic Republic. In place of Chairman Pors Tonith for today's announcement, Hill stated that the IGBC will be establishing what is to be called a "benchmark" rate for lending within the Galaxy, specifically leaving the language open for non-Republic sectors to potentially benefit form this announcement. As the primary institution responsible for the flow and standing of the Galactic Standard Credit, the IGBC establishing a benchmark rate will affix external and public debts to a set rate, which Hill has promised will be a reasonable rate for the benchmark. Analysts from the IGBC that are unaware of the decision making are predicting it to be starting as low as 4.5% for sectors belonging to the Galactic Republic.
"Sector, planetary, and other kinds of debts will be benchmarked to this rate. As guarantor of the Galactic Standard Credit and the Republic's general finances, it serves the interests of all for a reasonable rate to be maintained." Said Vice Chairman San Hill of the IGBC.
Future announcements are expected from the IGBC regarding the benchmark rate, and regular meetings to review it. With no schedule yet released, it is expected that there will be at least quarterly revisiting of this benchmark for debts. Hill has stated that the planned benchmark will be announced shortly, in line with what he has stated as alternative lending options for planets, sectors, and guilds accordingly.