Montecaran libra: Difference between revisions

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| using_countries = {{flag|Montecara}}
| using_countries = {{flag|Montecara}}
| unofficial_users =
| unofficial_users =
| inflation_rate =  
| inflation_rate = 1.80%
| inflation_source_date =  
| inflation_source_date = [[College of State (Montecara)|Secretariat of Finance]] (Q4 2019)
| inflation_method =  
| inflation_method =  
| subunit_ratio_1 = 1/12<br>1/100
| subunit_ratio_1 = 1/12<br>1/100
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|frequently_used_coins = Ł1, Ł2, Ł5, Ł10
|frequently_used_coins = Ł1, Ł2, Ł5, Ł10
|rarely_used_coins =  
|rarely_used_coins =  
|frequently_used_banknotes = Ł20, Ł50, Ł100, Ł200
|frequently_used_banknotes = Ł20, Ł50, Ł100, Ł200, Ł500
|rarely_used_banknotes = Ł500
|rarely_used_banknotes = Ł1,000
| issuing_authority = [[Bànca de Montecara]]
| issuing_authority = [[Bànca de Montecara]]
| issuing_authority_website = [http://banca.go.mc banca.go.mc]
| issuing_authority_website = [http://banca.go.mc banca.go.mc]
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| printer_website =
| printer_website =
| mint =
| mint =
| pegged_with = [[Euclo]] (EUC)
| pegged_with =  
| value = 1 EUC = 5.10 MCL
| value = [https://docs.google.com/spreadsheets/d/1uhnbgoGSEyVMRrApge1Lscs1ZgUjc8ztmuDTV4yHrcc/edit#gid=338417074 Link: real-time value]
}}
}}


The '''Montecaran libra''' is the official currency of [[Montecara]], issued by the [[Bànca de Montecara]]. It is {{wp|currency peg|pegged}} to the value of the [[euclo]] at the rate of 1 EUC to 5.10 MCL.  
The '''Montecaran libra''' is the official currency of [[Montecara]]. It is issued by the [[Bànca de Montecara]]. It has a {{wp|Floating exchange rate|floating exchange rate}} and is one of the ten most-traded currencies in the world.


== History ==
== History ==
The libra is ultimately derived from the {{wp|troy pound}} of silver that formed the basis of the monetary system in the [[Latin Republic]]. The name “libra” is in fact the Latin word for “pound.” From classical times to 1870, the libra was on the {{wp|silver standard}}; between then and 1951, it was on a {{wp|bimetallism|bimetallic}} gold and silver standard, where the price of gold was periodically readjusted to the price of silver. The convertibility of the libra to gold ended in 1982; the [[Bànca de Montecara]] chose to adopt a fixed exchange rate to the euclo upon its debut in 1995.  
The libra is ultimately derived from the {{wp|troy pound}} of silver that formed the basis of the monetary system in the [[Solarian Republic]]; “libra” is the Solarian word for “pound.” From classical times to 1870, the libra was on the {{wp|silver standard}}; between then and 1951, it was on a {{wp|bimetallism|bimetallic}} gold and silver standard, where the price of gold was periodically readjusted to the price of silver. The convertibility of the libra to gold ended in 1982, when the [[Bànca de Montecara]] decided to make the libra a {{wp|Fiat currency|fiat currency}} and let its value float on the international market.


Until 1982, the libra was subdivided into 12 ''onçià'', though coins were last made in that denomination only in 1960. After decimalization, the libra was divided into 100 ''çentimà'' instead, though the unit exists for electronic transfers only and has never been produced in coin or bill form.  
Until 1982, the libra was subdivided into 12 ''onçià'' and each ''ònçia'' was in turn divided into 30 ''scrupi''. Thus, the libra was equal to 360 ''scrupi''. That system was abandoned in favor of a decimal system (for electronic transactions) and ¼ and ½ libra coins for cash transactions.


== Exchange rate ==
Having a floating exchange rate allows Montecara to maintain a sovereign {{wp|monetary policy}} without imposing {{wp|capital controls}}.
The [[Bànca de Montecara]], Montecara's {{wp|central bank}}, sets the rate of exchange between the libra and the euclo. It was last changed on 1 July 2002, when it was lowered from 1 EUC = 5.25 MCL to the current 5.10 MCL.
 
The Bànca has described a number of advantages that Montecara obtains from having a fixed exchange rate to the euclo, including:
* Fiscal predictability thanks to a libra that is tied to a stable {{wp|reserve currency}}
* The ability of the state to buy {{wp|commodities}} on the international market at competitive prices
* Stable terms of trade with Montecara's most important trading partner
 
Economists have conversely noted that, because Montecara does not impose {{wp|capital controls}} because of its important financial sector, the fixed exchange rate leaves it with little to no control over its {{wp|monetary policy}}. Because of the fixed exchange rate, the Bànca must hold the equivalent value in euclo to all libra in circulation. This means that Montecara is an aggressive purchaser of Euclean government debt, and that Euclean bonds form the bulk of the Bànca's foreign reserve portfolio.


== Coins ==
== Coins ==
{|class="wikitable" style="font-size: 90%"
{|class="wikitable"
|-
|-
!rowspan="2"|Image ||rowspan="2"|Value ||colspan="2"|Description
!rowspan="2"|Image
!rowspan="2"|Value
!rowspan="2" |Diameter<br>(mm)
!rowspan="2" |Thickness<br>(mm)
!rowspan="2" |Mass<br>(g)
!rowspan="2" |Composition
!rowspan="2" |Edge
!colspan="2"|Description
|-
|-
!Obverse||Reverse
!Obverse||Reverse
|-  
|-  
|align="center"|[[File:Libra1.png|100px]]||Ł1 ||Denomination, bank mark, and year ||Heraldic arms of {{wp|Saint Stephen}}
|align="center"|[[File:Libra1.png|100px]]
|Ł1
|20
|1.60
|4.31
|{{wp|Nickel silver}}
|Smooth
|Denomination, bank mark, and year ||Heraldic arms of {{wp|Saint Stephen}}
|-  
|-  
|align="center"|[[File:Libra2.png|120px]] ||Ł2 ||Denomination, bank mark, and year ||Wreath of coral and trident
|align="center"|[[File:Libra2.png|120px]]
|Ł2
|22.4
|1.80
|6.08
|Nickel silver
|Smooth
|Denomination, bank mark, and year ||Wreath of coral and trident
|-  
|-  
|align="center"|[[File:Libra5.png|150px]] ||Ł5 ||Denomination, bank mark, and year ||Scallop shell and waves
|align="center"|[[File:Libra5.png|150px]]  
|Ł5
|25
|2.00
|8.41
|Nickel silver
|Smooth
|Denomination, bank mark, and year ||Scallop shell and waves
|-  
|-  
|align="center"|[[File:Libra10.png|200px]] ||Ł10 ||Denomination, bank mark, and year ||[[Coat of arms of Montecara]]
|align="center"|[[File:Libra10.png|200px]]  
|Ł10
|28
|2.24
|9.67
|{{wp|Nordic Gold|Nordic gold}}
|Smooth
|Denomination, bank mark, and year ||[[Flag and coat of arms of Montecara|Coat of arms of Montecara]]
|}
|}


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!colspan="2"|Image
!colspan="2"|Image
!Value
!Value
!Dimensions<br><small>(mm)</small>
!Dimensions<br>(mm)
|-  
|-  
|align="center"|  
|align="center"|
|align="center"|  
|align="center"|
|Ł20  
|Ł20
|116 × 72
|148 × 70
|-  
|-  
|align="center"|[[File:MC-L50obv.png|300px]]  
|align="center"|[[File:MC-L50obv.png|300px]]  
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|Ł500  
|Ł500  
|200 × 125
|200 × 125
|}
|-
 
|align="center"|
== Pre-decimal system ==
|align="center"|
Before decimalization in 1982, the lìbra was divided into 12 onçià. Each ònçia was in turn divided into 8 dramà, and each dràma was divided into 3 scrupi. Thus, the table of conversions was:
|Ł1,000
 
|216 × 131
{|class="wikitable"
! ''lìbra''
! ''ònçia''
! ''dràma''
! ''scrupo''
|- align="right"
| 1 lìbra
| 12 onçià
| 96 dramà
| 288 scrupi
|- align="right"
|       
| 1 ònçia
| 8 dramà
| 24 scrupi
|- align="right"
|
|
| 1 dràma
| 3 scrupi
|}
|}


Latest revision as of 17:43, 9 February 2023

Montecaran libra
lìbra Montecarà (Montecaran)
MC-L50obv.png
A currently issued 50-libra note
ISO 4217
CodeMCL
Denominations
Subunit
 1/12
1/100		ònçia (historic)
çèntima (electronic only)
Plurallibrà
 ònçia (historic)
çèntima (electronic only)		onçià
çentimà
SymbolŁ
 ònçia (historic)
çèntima (electronic only)		ø
none
Banknotes
 Freq. usedŁ20, Ł50, Ł100, Ł200, Ł500
 Rarely usedŁ1,000
Coins
 Freq. usedŁ1, Ł2, Ł5, Ł10
Demographics
User(s) Montecara
Issuance
Central bankBànca de Montecara
 Websitebanca.go.mc
Valuation
Inflation1.80%
 SourceSecretariat of Finance (Q4 2019)
ValueLink: real-time value

The Montecaran libra is the official currency of Montecara. It is issued by the Bànca de Montecara. It has a floating exchange rate and is one of the ten most-traded currencies in the world.

History

The libra is ultimately derived from the troy pound of silver that formed the basis of the monetary system in the Solarian Republic; “libra” is the Solarian word for “pound.” From classical times to 1870, the libra was on the silver standard; between then and 1951, it was on a bimetallic gold and silver standard, where the price of gold was periodically readjusted to the price of silver. The convertibility of the libra to gold ended in 1982, when the Bànca de Montecara decided to make the libra a fiat currency and let its value float on the international market.

Until 1982, the libra was subdivided into 12 onçià and each ònçia was in turn divided into 30 scrupi. Thus, the libra was equal to 360 scrupi. That system was abandoned in favor of a decimal system (for electronic transactions) and ¼ and ½ libra coins for cash transactions.

Having a floating exchange rate allows Montecara to maintain a sovereign monetary policy without imposing capital controls.

Coins

Image Value Diameter
(mm) 		Thickness
(mm) 		Mass
(g) 		Composition Edge Description
Obverse Reverse
Libra1.png Ł1 20 1.60 4.31 Nickel silver Smooth Denomination, bank mark, and year Heraldic arms of Saint Stephen
Libra2.png Ł2 22.4 1.80 6.08 Nickel silver Smooth Denomination, bank mark, and year Wreath of coral and trident
Libra5.png Ł5 25 2.00 8.41 Nickel silver Smooth Denomination, bank mark, and year Scallop shell and waves
Libra10.png Ł10 28 2.24 9.67 Nordic gold Smooth Denomination, bank mark, and year Coat of arms of Montecara

Banknotes

Image Value Dimensions
(mm)
Ł20 148 × 70
MC-L50obv.png MC-L50rev.png Ł50 135 × 82
Ł100 165 × 106
Ł200 181 × 115
Ł500 200 × 125
Ł1,000 216 × 131
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