Kirib: Difference between revisions

During the reign of King [[Galfridus]], electronic lectronic systems emerged that made it easier for people to communicate and usurped the telegram. They had the effect of making banking vastly easier and reducing the dependence on physical currency for large transactions. The [[Auroran Imperial War]] was incredibly costly for the Bank of Staynes. Now, it was not individuals and business that would demand gold and silver, but entire governments. The Bank of Staynes dreaded the probability that the Kirib Monetary Union would effectively collapse. Moreover, the member states of the Kirib Monetary Union were on opposing sides of the war. Thus, the Bank of Staynes declared monetary neutrality, protecting the hard currency balances of participating states even if they were not allies of Great Morstaybishlia. This drew a lot of public criticism against the bank both from within Great Morstaybishlia who felt that the Bank of Staynes betrayed them and by foreigners who felt that the Bank of Staynes could be manipulated by the Morstaybishlian government to their detriment. When the war ended, all of Morstaybishlia's enemies were defeated. But it wanted to prevent the collapse that would lead to instability in the KMU. Thus, it was decided that the value of kiribs would no longer be fixed to gold at all - effectively ending the gold standard. Instead, the demand and supply forces on commercial markets would dictate how much it was worth. Moreover, gold and silver as means for transactions were totally banned, relegating them to assets as any other.

 

The KMU's member states and their successors held a meeting in [[Sani Bursil]] in which the Bank of Staynes ceded control to the newly established [[Auroran Central Bank]] that would sit in that city. This body was an international organisation that controlled the kirib and represented all member states. To prevent the transition from causing turmoil, the ACB regulated the value of the new kirib. This era has lasted to the present day. This era saw many changes to the kirib. The [[Ethalria (Republic)|Republic of Ethalria]] and the [[Ethalria (Matriarchy)|Matriarchy of Ethalria]] joined the kirib in 1975 as the [[Grand Matriarchy of Ethalria]] was dissolved. When [[Salovia]] dissolved in 2005 following the [[Salovian Civil War]], [[Tuvaltastan]], [[Tivot]], [[Blueacia]], [[Kostromastan]], and [[Baykalia]] adopted the kirib. The Oan Isles joined in 2017 when it joined the [[United Nations of the Auroran Continent]] and abandoned its own currency, the Oan tara. Following fears that the Matriarchy of Ethalria would attack Sani Bursil during the [[Auroran-Pacific War]], the KMU agreed to move the Auroran Central Bank to [[Tivot]]. In light of the divisions sowed by the war and a desire to reunite the continent, Great Morstaybishlia renounced its right to the ACB and the KMU voted to keep it in Tivot where it moved to a specially built skyscraper. When the Ethalrian nations collapsed following the end of the APW, [[Faethalria]], [[Vothetria]], [[Thalria]], [[Kothalria]], [[Durentrus]] and [[Sarentria]] joined the kirib, while [[Asilica]] stayed out and used its own currency. When [[Kostoria-Obertonia]] was annexed by Faethalria that area used the kirib under Faethalria. When Kostromastan collapsed, [[Nolova]] joined the KMU while [[Volova]] continues to use the kirib unofficially. The part of Kostromastan that was absorbed by Tuvaltastan was represented by that nation. Following the unification of Vothetria and Kothalria in 2021, the [[North Ethalrian Confederacy]] adopted the kirib.

 

== Physical currency ==