The Central Bank of Atlantis
AtlantiZone
Click Here to go to the Governing Council.
The Central Bank of Atlantis (CBA) is the central bank for all nations using the Atlantis Drachma (AtlantiZone nations) as their currency and is responsible for conducting monetary policy for the AtlantiZone. The creation of the AtlantiZone and the establishment of the CBA was agreed at the Summit of the 43rd Atlantiad and is an important milestone for Atlantian Integration. While the Central Bank and the currency union is based in Atlantis, any nation is able to participate.
The ACB Headquarters is located in The City of Atlantis, a neutral territory guaranteed by the Treaty of Atlantis. The governing authority of the Bank is the Governing Council, consisting of one voting representative for each member of the AtlantiZone and non-voting representatives from partially-participating nations, observers and other interested parties. The Governing Council is the highest decision making body responsible for the Bank and holds the Executive accountable.
The Executive is responsible for the day-to-day management of the Bank and consists of the President of the Central Bank of Atlantis and at least one Vice-President. These are elected by the Governing Council. The President may also appoint other Officers to assist in the duties of the Executive. The Vice-President(s) are responsible for assisting the President and has the ability to veto any decisions of the President.
The Central Bank of Atlantis Executive:
President: Lemmingtopias
Vice-President: Madrocea
President: Lemmingtopias
Vice-President: Madrocea
Powers and Objectives of the ACB
The ACB is responsible for supervising the National Central Banks of AtlantiZone nations and for directing them in the issue of Atlantis Drachmas. The ACB directs National Central Banks (NCBs) in their conduct of foreign exchange operations and operates the Atlantis Payment System used for the settlement of payments between the NCBs.
The Single Currency System
NCBs print and mint money, the amount of which is directed by the ACB, with the Atlantis Drachma design on the Obverse and their own national design on the Reverse. While operating in practice as a single-currency, technically each nation's currency is a separate currency pegged to the Atlantis Drachma 1:1 and is accepted in all nations that participate.
Keeping the currencies fixed into a single currency is the responsibility of the ACB, which buys and sells it's members currencies to keep the ratio 1:1.
While originally a free floating currency, the Atlantis Drachma is now fixed to the currency of Lemmingtopias, a move made to protect the currency from rising too high.
Joining AtlantiZone
The process of joining the AtlantiZone, and thus becoming part of the Atlantis Central bank System, will be set by the Executive within restrictions mandated by the Governing Council. At present, any nation may join the AtlantiZone. Forms for Joining are in the second post.
The AtlantiZone will not formally open its doors or set the initial value of the currency Zone until one of the following pre-requisites are met:
- 1. Both,
- Seven days have passed, and
- At least two nations have joined.
- 2. Both,
- three days have passed, and
- At least five nations have joined.
The Full System rules and workings will at that point be proposed to the Members, who will vote to accept them and adopt the Currency in Common. Those who will not accept the Rules and Workings of the System will at this point be able to withdraw without contributing to the Bank.
Projected Exchange Rate based on current Members: ₯1 Atlantis Drachma = $1.83 NSD
