Minoan Monetary Authority (Currency Project OPEN)

[Charlotte Ryberg]

The Minoan Monetary Authority

A consortium of central bank and currency issuers comprising of:

• Minoan Royal Mint
• Minoische Bank (Bank of Minoa)
• Česká Národní Banka (Czech National Bank)
• Chartered Bank of Minoa
• Bank of China (Antjepolis) Limited

I'm indeed a GE&T "newbie" (not to be confused with a "noob"), so some mistakes may be made.

Jump to Current Services section

Base exchange rates:
10.3201 CHF, 8.9170 EUR, 7.8369 GBP, 999.3006 JPY, 364.8401 TWD, 12.6286 USD, 0.0080 XAU (11:29, 15/7/11)
Saver's Rate: 3.5% | Lender's Rate: 0.75%
Nominal gold ratio per tala: 1/125 ounces of gold

Welcome to the Minoan Monetary Authority: The Authority sets interest rates to keep the national currency stable, issues banknotes and coins and works to maintain a stable financial system. The Authority was formed on 1 January 2023, in the dying days of Greek Partition. The first purpose was to ensure that the future Minoan state would have a stable currency after reunification. It introduced the tala the following year to act as an official currency independent of the old Krones of Athens and the worthless Drachmaes of Ionia. Standing at the centre of the Minoan financial system, the Bank has to promote and maintain monetary and financial stability as its contribution to a healthy economy.

Monetary Policy
One of the Authority's two core purposes is monetary stability. Monetary stability means stable prices - low inflation or deflation - and confidence in the currency. Stable prices are defined by the Government's inflation target, which the Bank seeks to meet through the decisions taken by the Monetary Policy Committee. To do this the five banks set interest rates and the gold reserve-tala ratio.

There are two types of base interest rates: the Saver's Rate for savings and investment accounts, and the Lender's Rate, for loans and mortgages.

Banknotes and Coins
The national currency of Minoa (Charlotte Ryberg) is the tala, and is divided into 20 shillings or 200 pence. The division is based on the old Pounds Shillings and Pence System but decimalised for international accounting. It is used as a trade currency by many countries outside Minoa, particularly in countries where currencies are unstable.

The unique feature of the tala is the close relationship with the price of gold. It has been observed that when currencies become unstable people buy gold. From such experiences the Authority ensures that the supply of the tala is reflective of the amount of gold reserves. Currently the mandatory ratio per tala is 1/125 ounces of gold and the ratio is reviewed every month. Four of the Authority's members issue banknotes of the tala because there is no monopoly on who can issue the notes in Minoa, but the mandatory ratio ensures that they do not issue too much money otherwise the currency would destabilise.

The ISO code of the tala is MIT, and the ISO code for the Ryberg is RYB.

Banknotes: 10s, $1, $2, $5, $10, $20.
Coins: ½d, 1d, 2d, 5, 1s, 2s, 5s, 10s.
Coins (legal tender but rarely minted nowadays): $1.

The Ryberg (RIMT)
The Ryberg is a new currency which is designed to rival the Euro. Adoption is optional and does not require the yielding of national currencies. Yielding is also optional. Exchange rates may be free of pegged against the Ryberg. At the moment it is an electronic currency but notes and coins could be issued soon. I have reserved two posts below so I can cover the new currency in more depth later. A central bank for this will also be launched here.

The symbol of the currency is expected to be . And no, that is not the British Rail symbol!

Proposed Banknotes: 1, 2, 5, 10, 20, 50, 100, 200, 500, 1000
Proposed Coins: 1¢, 2¢, 5¢, 10¢, 20¢, 50¢, 1, 2.

Sponsorships:
The Ryberg Currency Project is also sponsored by:

• Reserve Bank of Indonesia and its financial group subsidiaries (investing US$1,500,000,000,000.00)
  
  • Royal Treasury (United Empire of Itailian Maifias) (investing §40,500,000,000)

[Charlotte Ryberg]

*... Continued*

Markets
The Markets area of the Authority is responsible for managing the Authority’s balance sheet. This includes implementing the monetary policy decisions of the Monetary Policy Committee through its operations in the sterling markets and supplying liquidity insurance to the banking system.

The members of the Authority deals in the foreign exchange market as part of its day-to-day management of the "Exchange Equalisation Account" - which holds Minoa's foreign currency and gold reserves, which supports the value of the tala. The reserves are directly owned by the Minoan Government for whom the Bank acts as Agent. The members of the Authority also operate in the foreign exchange market on its own behalf, and on behalf of customers.

Some members of the Authority (Chartered Bank of Minoa and Bank of China (Antjepolis) Limited) act as commercial banks. They hold savings accounts and lend money.

Sponsorships:
At least one member of the Minoan Monetary Authority is a sponsor of:

• The Ryberg Currency

Financial Stability
A stable financial system is a key ingredient for a healthy and successful economy in Minoa. People need to have confidence that the system and the tala is safe and stable, and functions properly to provide critical services to the wider economy every day. It is important avoid problems in particular areas which could lead to disruption across the financial system. Some measures used by the Monetary Authority include the Financial Services Compensation Scheme and the maintenance of gold reserves, which are critical to the supply and stability of the tala.

The Monetary Authority has an obligation to contribute to protecting and enhancing the stability and value of the financial system of Minoa. Members of the Monetary Authority does this through its risk assessment and risk reduction work, market intelligence functions, payments systems oversight, banking and market operations, including, in exceptional circumstances by acting as lender of last resort, and resolution work to deal with distressed banks, including its member banks.

[Charlotte Ryberg]

Current Services

Sale of Surplus Gold

Programme
On 2 December 2010, the MMA endorsed a programme by the Chartered Bank of Minoa to lease out unallocated reserves of gold bullion to its investors. Gold, which supports the tala system, is an incredibly feasible asset, as it is a safe store of value while other major currencies are devaluing. The current trend is that gold has seen a massive surge in value yet the stock of gold exceeds the recommended requirement to secure the smooth production of the tala currency. The CBM sells gold to investors with two options:

• Local: it will sell investors the gold which they can then store: investors are responsible for transportation costs but the CBM will provide security)
• Remote: it will sell investors the gold and store it in our own vaults for a small fee (under the same guarantee by the Royal Minoan Reserve, as their deposits are). The price for storage in CBM's vaults is 3.5% of the value of the gold deposit per month, rounded to the nearest USD. Now, as gold fluctuates, storage fees will also fluctuate so investors will be encouraged to check the most recent prices.

Table of fees:
1 Troy Oz of Gold: 1,822.36 USD (correct to 14 September 2011, 1442 UTC)
Service fee: 0.1% of base price.
Storage fee (for Remote service): 3.5% of base price, per month.

Calculation:

x=o(r+f+s)

x = total fee
o = ounces desired
r = base exchange rate
f = service fee
s = storage fee (for remote service)

By purchasing bullion from Minoan Territory you agree to be bound by current export restrictions issued under Section 86 of the Charter of Minoa and supporting legislation.

Application form:

Code: Select all

Official country name:
State or private purchase?:
Name of company or individual (if private):
Bullion requested (in ounces):
Will it be stored in our vaults? (Y/N)
Total Cost:


Account Holders:
United Empire of Itailian Maifias/Royal Treasury (State purchase) - Remote - 200.5 oz, worth US$312453.19
The Occidental Republic of Costa Fiero (State purchase) - Local - 500.0 oz, worth US$779,185.00

---

Banknotes, direct from printers (New)

Programme
Along with major commercial banks, the Minoan Monetary directly sells new Minoan currency banknotes at mid-market exchange rates. They are usually sold in units of 5,000, so please contact us if you require smaller packs or single notes.

Products:
$2,500 in 10'- banknotes, worth 33,097.78 USD
$5,000 in $1 banknotes, worth 66,195.55 USD
$10,000 in $2 banknotes, worth 132,391.10 USD
$25,000 in $5 banknotes, worth 330,977.77 USD
$50,000 in $10 banknotes, worth 661,955.50 USD
$100,000 in $20 banknotes, worth 1,323,911.00 USD
(Prices correct at midnight UTC, 1 September 2011)

By purchasing banknotes from Minoan Territory you agree to be bound by current export restrictions issued under Section 86 of the Charter of Minoa and supporting legislation.

Application form:

Code: Select all

Official country name:
Name of treasury, company or individual:
Order details:
Total Cost:


[Charlotte Ryberg]

Technical Notes for the Minoan Economy (OOC)

Working out the value of the tala (MIT):

Calculation:

0.25[(10×CHF)+(9×EUR)+(8×GBP)+(XAU÷125)]

USD = US dollars you get for one Swiss Franc
EUR = US dollars you get for one Euro
GBP = US dollars you get for one Pound
XAU = US dollars you get for an ounce of Gold

[Yohannes]

---

To : Central Bank Governor of Minoan Monetary Authority
From : John Cregten. Governor of the Reserve Bank of Indonesia and its affiliated subsidiaries

---

Hereby, the Reserve Bank of Indonesia and its financial group subsidiaries officially announced its offer to back the strong national currency of Ryberg.

---

And with that official announcement of sponsorship, we will hand you a total initial transfer of direct monetary credit worth US$1,500,000,000,000.00 (US$1.5trillion).

---

We hope that our financial and monetary backing will ensure the success of the renown international currency of Ryberg both regionally, and abroad.

---

We hope that a further close co-operation between our both entities shall provide a long lasting stability for the peace and positive financial future for our global financial and trade monetary market.
Towards that end, we are officially endorsing the Minoan Monetary Central Banking Authority, the official central bank of Charlotte Ryberg.

---

Sincerely

-John Cregten-
Governor the Central Bank.

[Charlotte Ryberg]

---

To : Central Bank Governor of Minoan Monetary Authority
From : John Cregten. Governor of the Reserve Bank of Indonesia and its affiliated subsidiaries

---

Hereby, the Reserve Bank of Indonesia and its financial group subsidiaries officially announced its offer to back the strong national currency of Ryberg.

---

And with that official announcement of sponsorship, we will hand you a total initial transfer of direct monetary credit worth US$1,500,000,000,000.00 (US$1.5trillion).

---

We hope that our financial and monetary backing will ensure the success of the renown international currency of Ryberg both regionally, and abroad.

---

We hope that a further close co-operation between our both entities shall provide a long lasting stability for the peace and positive financial future for our global financial and trade monetary market.
Towards that end, we are officially endorsing the Minoan Monetary Central Banking Authority, the official central bank of Charlotte Ryberg.

---

Sincerely

-John Cregten-
Governor the Central Bank.

Minoan Monetary Authority is the name. Thanks.

Okay, so I've started a central bank and since I'm quite new I had to limit the participation to RIMT members for now. I am aiming to get this open to all nations when I've negotiated the learning curves.

[Charlotte Ryberg]

Bumped due to changes in RP status, but also following a MPC decision on 2 December 2010, the Saver's Rate is frozen at 3.25% and the Lender's Rate is frozen at 0.5%. In addition, the MMA is endorsing plans by Chartered Bank of Minoa to lease out unallocated reserves of gold bullion to its investors. Gold, which supports the tala system, is an incredibly feasible asset, as it is a safe store of value while other major currencies are devaluing. The current trend is that gold has seen a massive surge in value yet the stock of gold exceeds the recommended requirement to secure the smooth production of the tala currency (1/95 oz. per MIT).

The plan is that the CBM will sell gold to investors with two options:

1. Local: it will sell investors the gold which they can then store: investors are responsible for transportation costs but the CBM will provide security)
2. Remote: it will sell investors the gold and store it in its own vaults for a small fee (under the same guarantee by the Royal Minoan Reserve, as their deposits are). The price for storage in CBM's vaults is a fixed fee of about 5% of the value of the gold deposit, rounded to the nearest USD. Now, as gold fluctuates, storage fees will also fluctuate so investors will be encouraged to check the most recent prices.

1 Troy Oz of Gold: $1,385.25 USD
Storage fee: $70 per ounce.

By purchasing bullion from Minoan Territory you agree to be bound by current export restrictions issued under Section 86 of the Charter of Minoa and supporting legislation.
Application form:

Code: Select all

Official country name:
State or private purchase?:
Name of company or individual (if private):
Bullion requested (in ounces):
Will it be stored in our vaults? (Y/N)
Total Cost:


[Itailian Maifias]

Out of curiosity, are we deciding a common currency for RIMT? Or no?

[Yohannes]

Out of curiosity, are we deciding a common currency for RIMT? Or no?

Ooc : This is a storefront, please try to converse in a more diplomatic and IC way.

[Itailian Maifias]

Out of curiosity, are we deciding a common currency for RIMT? Or no?

Ooc : This is a storefront, please try to converse in a more diplomatic and IC way.

OOC: It was a question, I am not posting some long communique if no is the answer

[Charlotte Ryberg]

The MMA wishes to point out that some of its member are likely to consider selling banknotes directly to currency exchange markets in near-future when notes and coins are designed and introduced.

[Phing Phong]

We would be interesting in expanding the Phing Phong People's Bank overseas, and were wondering if the MMA had any opposition to the establishment of a branch in Antjepolis, dealing in Phing Phong Baht as well as tala.

[Charlotte Ryberg]

We would be interesting in expanding the Phing Phong People's Bank overseas, and were wondering if the MMA had any opposition to the establishment of a branch in Antjepolis, dealing in Phing Phong Baht as well as tala.

According to the Financial Services Authority in Antjepolis, that would be okay.

[Charlotte Ryberg]

Bumped for opening applications for purchasing gold. Customers' list will be added in due course.

[Artoba]

Dear Minoa Monetary Authority;

We are not part of RIMT, however, we are interested in expanding the Federal Bank of the People (Zentralbank des Menschen). I must ask the aims of this organization? Are we intending to harmonize banks and banking systems around the world? Are we intending to create a new currency? Are we intending to install branches of our national banks in each member state? (i.e. would we have to send a branch of the Central Federal Bank to your nation, and you send a branch of your bank to our nation?)

We will decide on whether to join depending on your reply;

Ja Inwe
Central Federal Bank Executive Agency
An Office of the Federal Government

[Bestaton]

To the Most Honourable leader, president, chairman or chairwoman of this Most Noble organization.

Greetings unto you and unto all ye who are of relevance to this matter. We wish to join your consortium of Banks, and thus open a division in your Country. I must ask however, are we a consortium of banks who will aim to set currencies inline with each other or are we simply trying to increase international relations with each other through our banking sectors? Or even, are we trying to form a new currency which we alone will use.
In any case, the Federal Senate and the Federal Ministry of Banks, Banking Services and the National Economy have asked me to approach you on this matter;

I remain, awaiting your response.

Pavlo Milukovichi
Chief Executive of the Federal Central Bank
An Executive Office of the Federal Government

[Itailian Maifias]

Official country name: United Empire of Itailian Maifias
State or private purchase?: State
Name of company or individual (if private): Royal Treasury
Bullion requested (in ounces): 200.5
Will it be stored in our vaults? (Y/N) Y
Total Cost: §281,450

The Empress has seen fit that since we are a member of the RIMT we should sponser the MMA and as such would like to invest a total of §40,500,000,000 (marks) to back the MMA. We hope the MMA will accept our investment

OOC: I'd double check my math, I probably did it wrong

[Charlotte Ryberg]

Official country name: United Empire of Itailian Maifias
State or private purchase?: State
Name of company or individual (if private): Royal Treasury
Bullion requested (in ounces): 200.5
Will it be stored in our vaults? (Y/N) Y
Total Cost: §281,450

The Empress has seen fit that since we are a member of the RIMT we should sponser the MMA and as such would like to invest a total of §40,500,000,000 (marks) to back the MMA. We hope the MMA will accept our investment

OOC: I'd double check my math, I probably did it wrong

I apologise for the delays due to WA stuff, but I've accepted Itailian Maifias' application and the invoice is for $292,092.41.

Currently the mandatory ratio per tala is 1/125 ounces of gold and the ratio is reviewed every month. As long the exchange rate is about US$10-15 it's okay.

[Costa Fiero]

The Occidental Republic of Costa Fiero
La República Occidental de Costa Fiero

Dear CBM
The Occidental Republic of Costa Fiero, acting upon the interests of both the State Treasurer and Banco Nacional, Costa Fiero's largest banking institute, formally request that the purchase of surplus gold bullion be made available.

Official country name: The Occidental Republic of Costa Fiero
State or private purchase?: State
Name of company or individual (if private):
Bullion requested (in ounces): 500oz
Will it be stored in our vaults? (Y/N) No
Total Cost: US$692,625.00

Sincerely,
Luis Del Santos
President of the Occidental Republic of Costa Fiero

Antonia Camino
President-Elect of the Occidental Republic of Costa Fiero

[Charlotte Ryberg]

(application, see post)

Accepted.

The third OP has been updated with an easy to use calculation formula.

[Charlotte Ryberg]

I wish to update this thread so that I can offer more products including paper money.

As of 8 September 2011, the Monetary Policy Committee has decided to keep interest rates unchanged. It has also been decided to leave the currency formula unchanged because the rise against the Swiss franc has been considered insignificant.

[Itailian Maifias]

Dear Whoever Receives This Letter,

As some of your officials at the Minoan Monetary Authority may have heard about, the Empire has recently undergone a very large civil unrest period and we have just gotten through it. As a result of our .... civil unrest, the Imperial Currency Agency has fallen apart either due to the deaths of leading officials or lack of employees. Last week the Senate disbanded the Imperial Currency Agency and it has lead us to you, wondering if the Minoan Monetary Authority would be willing to handle the responsibilities of monitering and maintaining the Imperial currency, the mark .
The Senate is ready to hand over control to the MMA, should you consent. If you are in need of additional information, the Royal Treasury is willing to hand over neccasary documents so you may reach a decision swiftly

Translation provided by the Itailian Department of Foreign Affairs

Regards ,
Peturvio Tragar
Secretario di Tresario

[Charlotte Ryberg]

Dear Whoever Receives This Letter,

As some of your officials at the Minoan Monetary Authority may have heard about, the Empire has recently undergone a very large civil unrest period and we have just gotten through it. As a result of our .... civil unrest, the Imperial Currency Agency has fallen apart either due to the deaths of leading officials or lack of employees. Last week the Senate disbanded the Imperial Currency Agency and it has lead us to you, wondering if the Minoan Monetary Authority would be willing to handle the responsibilities of monitering and maintaining the Imperial currency, the mark .
The Senate is ready to hand over control to the MMA, should you consent. If you are in need of additional information, the Royal Treasury is willing to hand over neccasary documents so you may reach a decision swiftly

Translation provided by the Itailian Department of Foreign Affairs

Regards ,
Peturvio Tragar
Secretario di Tresario

The Minoan Monetary Authority wishes to point out that all countries are welcome to peg their currency to the tala, at par or otherwise. We would prefer pegging regardless of whether we can accept the deal, as it will be the first step towards currency stability.

[Libereco en Azio]

To: Central Bank Governor of Minoan Monetary Authority, Charlotte Ryberg
From: Rusty Shackleford, Chairman of the Libereco En Azio Federal Reserve

The Democratic Republic of Libereco en Azio is interested in a state purchase. Our nation relies on the golden standard to insure we have enough money in our budget. Although it will be going in the vaults of the reserve, a group of Azioan billionaires will be purchasing the gold, it is in their best interest to avoid a debt crisis. The man writing the check will be Adam Skinner, wealthy C.E.O of Atomic Standard Uranium Mining Co. We request 20 oz. of gold. It will not be stored in your vaults. The total cost of this transaction will be $36,483.64 U.S dollars. Thank you for your time.