Pacitalia
20-09-2004, 05:18
TIMIOCATO (PPA) - Today marked the day that the Confederacy of Iostata dropped its old, confusing monetary system with the base unit of the "creole" and merged its currency and monetary operations with Pacitalia. It was less of a merge and more of an annex by Pacitalia, as the douro is retained as the name and value of both nations. Pacitalia takes over currency operations for Iostata effective immediately.
Iostatan citizens should find this currency system very simple to use. There are no odd prices - usually everything is priced on a whole douro, half douro, quarter douro or tenth douro (D1.00, D10.10, D25.25, D50.50). As well, there are 100 fouta to 1 douro.
This annexation should sharply increase the value of the Pacitalian douro against other currencies, although the douro is already ranked as one of the strongest currencies in the world. At current market prices, you'll need US$1.45, UK£1.09 or EUR$1.36 to buy PAC D1.00. Before the switch, the most recent since European countries switched to the Euro, you would have needed four Iostatan creoles to buy D1.00, a fixed rate since 1995.
Finance Minister Abrigo Cannavaro: "Today is a positive step for both countries. Welcome, Iostata, to the douro system, may you find it easier and simpler to use than the old system of creoles."
Iostatan President Stewart Mackay: "The reason for the switch is very simple really. The Creole, which had been in use for generations had become impractical, due to it's complicated system, which is similar to how the british pound used to be. It only made practical sense to switch to a more simple, and easy to produce currency, such as the douro. You'll recall that the Creole used to need very specific ink for the bills, and expensive alloys for the coin. Rather than rethinking that, we simply decided to change currency."
This is the PPA reporting live on the wire.
Iostatan citizens should find this currency system very simple to use. There are no odd prices - usually everything is priced on a whole douro, half douro, quarter douro or tenth douro (D1.00, D10.10, D25.25, D50.50). As well, there are 100 fouta to 1 douro.
This annexation should sharply increase the value of the Pacitalian douro against other currencies, although the douro is already ranked as one of the strongest currencies in the world. At current market prices, you'll need US$1.45, UK£1.09 or EUR$1.36 to buy PAC D1.00. Before the switch, the most recent since European countries switched to the Euro, you would have needed four Iostatan creoles to buy D1.00, a fixed rate since 1995.
Finance Minister Abrigo Cannavaro: "Today is a positive step for both countries. Welcome, Iostata, to the douro system, may you find it easier and simpler to use than the old system of creoles."
Iostatan President Stewart Mackay: "The reason for the switch is very simple really. The Creole, which had been in use for generations had become impractical, due to it's complicated system, which is similar to how the british pound used to be. It only made practical sense to switch to a more simple, and easy to produce currency, such as the douro. You'll recall that the Creole used to need very specific ink for the bills, and expensive alloys for the coin. Rather than rethinking that, we simply decided to change currency."
This is the PPA reporting live on the wire.