The Bank Of the Federated Micronations (BOFM) was founded in 2008 as Common Bank of Capricornia and Musograd (CBCM) and oversaw the introduction of the Common Wallaroo (CW, sub-unit bit with 1 CW equalling 100 b).
The tasks of the BOFM are:
- Guaranteeing the value of the Common Wallaroo
- Management of the key interest rate and foreign exchange rate of the Common Wallaroo
- Issuing CW coins and bills
- Management of the foreign exchange reserves of the Republics of the FM
- Supervision of the banking system of the Federated Micronations
For these tasks, the BOFM has been granted executive authorities by the Republics of the FM.
The Common Wallaroo is gold based since 2011.08.15, with 1000 CW equalling one ounce of gold. External exchange rates are managed by BOFM, though, and may vary depending on circumstances.
The board of directors of BOFM has received the Medal of Valor of the Federation for their measures to protect the assets of the F.M. and its citizens during the 2012 financial crisis, both due to their actions in regards to Hellenic bonds and also due to their major investment decisions in that year.
BOFM is researching digital currencies under the project name "Black Wallaroo", but with no implementation date planned as of today (2021).
After the declaration of Climate Emergency on 2019.02.01, BOFM has also been tasked with managing and supplying financial means for certain organisations in the worldwide Climate Resistance movement.