Ponča: Difference between revisions
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The '''Tierradorian Ponča''' (symbol: ₽; code: TDP; referred to as the ponča, pound, or colloquially qad) is the official currency of Tierrador. From its inception in 1461 to 1603, and once again from 1733 to 1959, the ponča was considered commodity money or bank notes backed by silver or gold. From 1959 until 1981, the currency was solely backed by gold, but following the Revised Currency Act of 1981, the ponča was transformed into fiat money, backed only by the economy in the areas where it is accepted. The ponča is one the world's oldest currency still in use, despite it not being used consistently throughout Tierradorian history. The ponča is also referred to as the “pound” in most Ænglish-speaking areas of Tierrador, since “ponča” is the Tierradorian translation of the word point, and it is divided into 100 çeñas (cents). | The '''Tierradorian Ponča''' (symbol: ₽; code: TDP; referred to as the ponča, pound, or colloquially qad) is the official currency of Tierrador. From its inception in 1461 to 1603, and once again from 1733 to 1959, the ponča was considered commodity money or bank notes backed by silver or gold. From 1959 until 1981, the currency was solely backed by gold, but following the Revised Currency Act of 1981, the ponča was transformed into fiat money, backed only by the economy in the areas where it is accepted. The ponča is one the world's oldest currency still in use, despite it not being used consistently throughout Tierradorian history. The ponča is also referred to as the “pound” in most Ænglish-speaking areas of Tierrador, since “ponča” is the Tierradorian translation of the word point, and it is divided into 100 çeñas (cents). | ||
The monetary policy of the Tierradorian Republic is conducted by the National Bank of Tierrador along with the Tierradorian Federal Reserve System, which acts as a secondary central bank for the nation. | The monetary policy of the Tierradorian Republic is conducted by the National Bank of Tierrador along with the Tierradorian Federal Reserve System, which acts as a secondary central bank for the nation. As of May 2030, there is close to ₽1.9 trillion in circulation, with ₽1.836 trillion in banknotes and ₽64 billion in coins and older-style banknotes. | ||
== History == | == History == | ||