Gaduridos

[Elena1012]

Gaduridos to formally move away from the Canrillaise Fleur; The Gaduri Peso to be gradually introduced over the End of the Year and into the New Year.
----------------------
November 18th, 5719
----------------------
When de la Cruz endorsed currency reform in 5718, many have wondered how that would be introduced to Gaduridos. The country has been on the Fleur for a considerable amount of time. Too long. Wouldn't a change damage the economy more? Normally, yes, if introduced recklessly. This is something that the PSSG has been well aware of as a botched currency reform would undo any progress made at economic growth. That is why the de la Cruz administration has looked to take a very cautious and gradual approach to currency reform. And this week, it's culminated in the "Currency Autonomy and Sovereignty Act" (CASA), which will look to formally phase out the Canrillaise Fleur (CFR) as the formal currency of Gaduridos and move towards the Gaduri Peso (GPO). The transition will be gradual, occuring from the end of the year (November and December) and extend through to the New Year and late winter.

As such, the CFR will be converted at a fixed ratio to prevent psychological inflation and ensure ease. Furthermore, the State Bank of Gaduridos will allow the Gaduri Peso to float but will intervene to prevent volatility. Furthermore, the State Bank of Gaduridos will receive some operational independence, albeit with a clear mandate of ensuring price stability and currency stability, as well as transparent reporting mechanisms. Furthermore to ensure inflation isn't an issue with the transition, inflation targeting will occur, and public quarterly reports. To ensure that banks can handle and support the transition however, automatic conversion of deposits will occur, as well as liquidity guarantees during the transition and light capital controls. Currency reform lives or dies based on banks. 

To ensure that the system doesn't collapse over night, these will be gradually introduced over the months. Make no mistake, this won't be a smooth transition, but the de la Cruz administration is determined to make this transition not be as bumpy as it has to be. Ideally by the start of Spring, Gaduridos will have fully adapted to a new currency, but expectations are looking at late spring.
----------------------
In Other News;

De la Cruz confirms interest in amending the Civil Rights Act and expanding it; The social in social democrat is starting to emerge.

His Majesty, Víctor de Valcorico shows interest in expanding diplomatic relations abroad; If His Majesty is in favour, why not?
----------------------
El Mensajero de la Mañana (Morning Courier) is the nationwide daily morning newspaper, located in Gadur.