Creit

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Creit
Creit
File:TBA
50 Creit banknote
ISO 4217
CodeCET
Number606
Exponent2
Denominations
Superunit
 4Cuatro
 10Diez
 100Cien
Subunit
 ​14Chet
 ​110Dekmet
 ​1100Ceto
Symbolβ
 Ceto¢
Banknotes
 Freq. usedβ1, β5, β10, β20, β50, β100
Coins
 Freq. used, , 10¢, 25¢
Demographics
Date of introduction1622 Hunyo 12
ReplacedX
Various currencies, including:
Paqueon Karat
User(s)Philimania
Issuance
Central bankFederal Reserve
 Websitebop.gov.ph
PrinterPhilimanian Ministry of Finance
 Websitephilimanianmof.gov.ph
MintPhilimania Mint
 Websitephmint.gov.pj
Valuation
Inflation1.63%
 SourceN/A
 MethodCPI
Pegged byN/A

The Creit (currency symbol: β; code: CET) is the official currency of Philimania and its territories. The Coinage Act of 1622 introduced the Creit, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. Philimanian banknotes are issued in the form of Federal Reserve Notes.

The monetary policy of the Philimania is conducted by the Bank of Philimania, which acts is the nations central bank.

As of Disemba 5, 1998, currency in circulation amounted to $1.301 trillion.

Overview

In the Constitution

Article I, Section 4 of the Philimanian Constitution provides that The Philimanian Legislative Council has the power "[t]o coin money." Article I, Section 5 of the Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,". The sums of money reported in the "Statements" are currently expressed in Creits, thus the Philiimanian dollar may be described as the unit of account of Philimania. "Dollar" is one of the first words of Section 5, in which the term refers to the Spanish milled dollar, or the coin worth five Spanish reales.

The Coinage Act

TBA

Monetary policy

The Bank of Philimania is the central bank of Philimania. Its primary task is to conduct the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the Philimanian economy. It is also tasked to promote the stability of the financial system and regulate financial institutions, and to act as lender of last resort.

Monetary policy refers to actions made by the central banks that determine the size and growth rate of the money supply available in the economy, and which would result in desired objectives like low inflation, low unemployment, and stable financial systems.

Exchange Rate

TBA