Southeast Alshar Lira

The SA lira or Southeast Alshar Lira is the name of the official currency used in three independent nations of the Southeast Alshar Economic Union: Rusana, Canpei and Tanhai. The SA lira is pegged to the Daxian Lire, allowing it to be a stable and credible currency compared to other, independent Alshari currencies. As part of agreements with the Southeast Alshar Economic Union, sixty percent of the reserves of the Bank of Southeast Alshar are held by the Daxian central bank.

History
Starting in 1996, then Daxian Chancellor Linge Chen began pushing for the idea of a common economic space in southeast Alshar with common economic institutions. Economically dependent nations like Rusana and Canpei agreed to participate while others like Metzetta chose to stay away, wary of Daxian economic imperialism. The Bank of Southeast Alshar was established in 1998 and a cooperation started with the Alshar Development Bank. A final agreement on the economic union was inked in 1999 during the leader's summit on Mirzak. Economic and political pressure achieved Tanhai's acquiescence to joining the union.

The creation of the Southeast Alshar lira was agreed to during the central bankers summit of the Southeast Alshar Economic Union in Dhaydah and officially introduced in August 2002. The Dhaydah Memorandum that outlined the adoption of a unified currency established four main pillars, it pegged the SA lira to the Daxian lire and established a fixed exchange rate at 535.26 SA Liras to 1 Daxian Lire. A Daxian guarantee of unlimited convertibility of SA lira to lires. The centralization of foreign exchange reserves, with the new Bank of Southeast Alshar required to deposit sixty percent of reserves in Corumm's central bank. Lastly the principle of free capital movements within the countries of the Southeast Alshar economic union.

Criticism
Critics of the introduction of the SA lira argue that it is a tool of economic colonization and undermining of the monetary sovereignty of the nations that adopt it. The Daxian central bank has a defacto veto on the membership composition of the Bank of Southeast Alshar's central board and therefore a large degree of influence over the zone's monetary policies. Daxian central bank policies that prioritize anti inflationary measures have been blamed for stifling growth in nations that use the SA lira currency. Usage of the SA lira also encourages capital outflows away from user nations and towards Corumm.

The SA lira has been lambasted as not much different from the ad-hoc Daxian 'invasion money' that conquered Cronan peoples are forced to use by Daxian military forces.