Kirib
| |
| Abbreviation | KRB |
| Symbol | ♅ |
| Banknotes | 500, 200, 100, 50, 20, 10 and 5 KRB |
| Coins | 2 and 1 KRB, 50, 20, 10, 5, 2 and 1 albon |
| Issuing authority | Auroran Bank |
| Printer | Staynish Bank Note Company |
| Mint | Royal Staynish Mint |
| Subunit | Albon |
| Users | See below |
| Inflation | 3.8% |
The Kirib (symbol: ♅; ISO code: KRB) is a multinational currency used by countries of the continent of Aurora. It is one of the largest reserve currencies in the world.
History
The Kirib is the world's oldest currency still in use.
Morstaybishlia
The Morstaybishlian Kiribin was a unit of account in Morstaybishlian Staynes, equal to 128 silver albon and equivalent to one pound weight of silver. It evolved into the modern Auroran currency, the Kirib.
The origin of the Kirib lie in the reign of King Gustav I (1383-1462), who introduced the monetary system in 1422. On the 15th of April 1893, the Bank of the Morstaybishlian Empire decimalised its currency following its impracticality and adoption in several new nations.
Legal framework and issuing authority
The Auroran Bank issues the kirib and, by extension, regulates the quantity and availability of kiribs. As such, it has an indirect influence on inflation, interest rates and purchasing power of the Auroran member states as a whole. The Auroran Bank is founded through the Charter of the Auroran Bank. This document sets out the structure and operating mechanisms of the bank and provides the legal framework for the existence of the kirib. The bank has only one role: to issue and regulate the kirib.
The Board of Directors has supreme power over all matters concerning the bank. Each member has one representative on the board, with one vote. All members have an equal amount of shares in the bank. It elects a Governor to oversee its operations and administer its instruction. The incumbent Governor is Karn Edvon from Staynes. The bank is seated in Tarov, the capital and ecumenical city of the pseudo-city-state, Tivot. The bank and the kirib exist outside of the political arrangements and mercurial alliances of the Auroran continent, insulating it from political pressures.
Value and users
The kirib is a fiat currency. That means it cannot be exchanged for a resource, its value represents (and subsequently fluctuates) the strength of the economy of Aurora. The average value of the kirib during the 2017/2018 financial year is 1 KRB = 1 South Hills dollar. The value of the currency is guaranteed by the hard currency reserves of its member states, which is Absurdistan, Axdel, Baykalia, Dragonia, Emberwood Coast, Faethalria, Frorkstolm, Great Morstaybishlia Kothalria, Kostoria-Obertonia, Kostromastan, the Necraties Islands, Oceansend City State, Thalria, Tivot, Tuvaltastan, Vothetria, Xagrurg, Xiopothos and the Yor Isles.
