CURRENCY DROPS BY 0.4 POINTS IN RESPONSE TO REGIONAL FINANCIAL UNCERTAINTY
EXEGRAD, ALAYENIA
The Radiatian Tsenyen (Z) has dropped by over 0.4 points from 1.8394 Universal Standard Dollars to US$ 1.7919 following uncertainty over the regional economy, caused by the recession in Battlion.
The value of the Tsenyen has fallen against the Universal Standard Dollar
The currency is at its lowest rating since LET 35, as part of a steady slide downwards since the beginning of the year, with contributing factors including the recession in Battlion, as well Radiatia's growing trade deficit - believed to be the largest in the region.
"Radiatian consumers are essentially keeping overseas exporters afloat," Said one economist. "Increasingly the other markets are turning to ours given that we're the only country that looks likely to ride out the recession, given that we're still arguably in the post-communist boom."
The Federal Ministry of Finance are denying that the weaker Tsenyen is bad news.
"The weaker currency makes our exports more competitive - people are slightly more likely to buy Radiatian given that it's become that tiny bit cheaper." Said Prime Minister Soden Larssen - who is also the Federal Minister of Finance.
Despite the shaky overseas situation, Radiatian consumer confidence is still high with most Radiatians blissfully unaware of the international situation.
With most Radiatians looking forward to the arrival of Soden Larssen's promised tax cuts, the service and retail sectors are still functioning well, with Radiatians now ranked the largest consumers in the region.
However the United Democrats and the Workers Party are calling for the government to create a "Buy Radiatian" campaign in order to curb the trade deficit and insulate Radiatia from any adverse international effects.
"Volatile times such as these are the worst possible time for the government to be opening the economy - not that there is ever a good time." Said United Democrats leader and former Finance Minister Nevan Kaspar.
"The government needs to be concentrating on increasing production, not consumption." Said Opposition leader Luther Mikhailov.
So far the Prime Minister has denied that he will be holding a meeting of the Humanitarian League Finance and Economic Development Council.
"The situation isn't as bad as people think. That's the message I give to them. If you keep talking apocalyptically then of course your markets will suffer because you'll destroy business confidence. I will be continuing to open the country to foreign trade and investment, which will benefit not just us but the entire region."
- RPNN