for the period of March-September 2018
Dear Minexcoin community members and crypto-market participants.
Being entirely aware of our responsibilities in reaching the main goal of Minexcoin project, namely, consolidation of MNX status as a reserve currency on crypto-market, MINEXBANK appeals to you with this Memorandum.
Since the launch of MNX exchange trading on November 1, 2017, MINEXBANK has consistently implemented an integrated financial policy which made it possible to achieve the following macroeconomic indicators:
In a short time reached the 20 USD/MNX average exchange rate (through the basket of the top ten cryptocurrencies).
Upon reaching the rate mentioned above, ensured the MNX to USD growth rate based on 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 – the first half of 2017.
As was promised in the previous memorandum dated October 31, 2017, MINEXBANK reviews the average annual MNX to USD growth rate based on realities of the cryptocurrency market development in the second half of 2017.
Given a significant growth acceleration of the combined market capitalization in the second half of 2017, MINEXBANK sets a new benchmark for the MNX to USD growth rate (based on the reached level of 20 USD/MNX). It sets at a rate of no less than 84.88% per annum. It means that MINEXBANK will pursue a monetary policy to maintain an average annual growth of USD/MNX rate not lower than 84.88%. If the market conditions dictate a higher level of this indicator, MINEXBANK will not perceive this as a deviation from declared macroeconomic parameters. The interest rates for MNX parking policy will be aimed exclusively at preventing the deviation of the average USD/MNX annual growth rate from the level of 84.88% downwards.
The basic interest rate remains at 70% per annum.
MINEXBANK will achieve announced indicators by using appropriate MNX parking rates, and if necessary, by direct interventions of BTC or MNX.
This Memorandum shall enter into force at the moment of its publication on the Minexbank official website and is valid for six months before the publication of the new Memorandum. In case of extraordinary occasions in the crypto-industry, MINEXBANK reserves the right to revise this memorandum prematurely.