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International Bank of Jupiter (Ad Astra) is under construction. Therefore, please excuse its informal appearance while it is being worked on. We hope to have it completed as soon as possible. Thank you.
Note: Please do not edit or alter this page unless you have permission from the pages' author(s). Some minor grammar and spelling fixes are allowed if you find any errors of the type. |
History[]
Organisation[]
The International Bank of Jupiter sits at the top of the hierarchy of the Jovosystem, which consists of the central banks of its 11 member countries, and the IBJ.
Board of Governors[]
The Board of Governors is the main decision-making body of the Jovosystem. It consists of the governors of the 11 member central banks of the Jovian Currency Area. The members of the Executive Council also attend meetings of the Board and regularly contribute, but do not posses a vote on the Board.
Executive Council[]
The Executive Council is responsible for the implementation of monetary policy (defined by the Board of Governors) and the day-to-day running of the bank. It consists of the President of the Bank, and 7 other members. Members of the board are assigned a portfolio of responsibilities by the the CEO.
Board of Supervision[]
The Board of Supervision consists of 11 members, each selected by and to represent 1 of the 11 members of the Jovosystem. The purpose of the Supervisory Board is to oversee the activities of the IBJ, and in particular the actions of the Executive Council, to promote transparency in the IBJ, and to investigate incidents of unethical behaviour at the IBJ.
Currency Transition Committee[]
The Currency Transition Committee exists to assist in the transition of new members to the Ducat, such as by fixing the exchange rates of currencies being replaced by the Ducat. The Committee will continue to exist so long as new members join the Jovosystem. The Committee consists of a panel of experts appointing by member nations, as well as the President of the IBJ, and representatives of a country joining the Jovozone.
Mandate[]
Currency & Financial System[]
The currency issued by the IBJ is called the Ducat (Ð). It is used by the 11 countries of the Jovian Currency Area, colloquially known as the Jovozone. The Ducat does not have any native subdivisions. However, a number of national central banks issue their own subdivisions of the Ducat with a 100% reserve ratio to ensure no new money enters into circulation without the IBJ's approval. These nationally-issued subdivisions are legal tender only within their nation's jurisdiction. Therefore, all transactions between member nations are conducted with Ducats.
National Subdivisions[]
Some subdivisions of the Ducat issued by the central banks of Jovozone members include:
- Oro: Issued by the Bank of Helada. 1 Ducat is worth exactly 120 Oros.
- Ecu (Ξ): Issued by the Bank of Najac. 1 Ducat is worth exactly 100 Ecu.
- Tilder (₸): Issued by the Reserve Bank of Neu Hammelberg, the Tilder is worth exactly 1/10th of a Ducat. The RBNH previously issued the Guilder (₲) which was a continuation of its pre-Ducat currency, worth exactly 1/100th of a Ducat. This was discontinued due to inflation and replaced with the Tilder.
Financial System[]
At the top of the Jovozone's hierarchy of money is the International Bank of Jupiter. It has the exclusive right to issue Ducat banknotes. WIP
Relationship With Nico[]
The cryptocurrency Nico (₦) is legal in all 11 members of the Jovosystem. Its status as the primary currency in all of Jupiter's minarchic countries makes it a significant force in the financial system of the Jovozone. It has been estimated that up to 15% of all transactions in the Jovozone are conducted in Nico instead of Ducats.
While tolerated, authorities in the Jovozone have attempted to crack down on the use of Nico in unrecorded transactions and anonymous accounts as a way of avoiding taxation. The IBJ maintains no fixed exchange rate with the Nico but does maintain Nico reserves as part of its foreign currency reserves.