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Southeast Alshar Lira: Difference between revisions
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==History== | ==History== | ||
Starting in 1996, then Corummese 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 Corummese 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]]. | |||
The creation of the Southeast Alshar lira was agreed to during 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 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 countries of the Southeast Alshar economic union. | The creation of the Southeast Alshar lira was agreed to during 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 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 countries of the Southeast Alshar economic union. | ||
==Criticism== | ==Criticism== | ||