Southeast Alshar Lira: Difference between revisions

The creation of the Southeast Alshar lira was agreed to during the Southeast Alshar Economic Union 2000 summit of central bankers 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 Corummese lire and established a fixed exchange rate at 535.26 SA Liras to 1 Corummese Lire. A Corummese 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]]. Lastly the principle of free capital movements within the economic union.