Currency Act
Be It Enacted By The Crown-In-Council:
Section 8.101 — Short title.
This act may be cited as the "Currency Act".
Section 8.102 — Definitions.
As used in this act:
(a) "Business day" means a day of the week that is not Saturday, Sunday, or an official holiday.
(b) "Exchange rate" means the value of one franc on a given date, expressed in United States dollars and calculated pursuant to this act.
(c) "Monetary policy" means any policy or policies relating to the supply of the national currency or that are designed or intended to influence or affect the economic conditions of the state.
Section 8.103 — Franc; create; symbols.
(1) The money of account of the state shall be expressed in francs.
(2) The symbol of the franc shall be "₣". The symbol shall appear before the numeration.
(3) One franc shall be divided into 100 cents.
(4) The symbol of a cent shall be "¢". The symbol shall only be used for amounts not greater than 99 cents and if the numeration is not in decimal form.
Section 8.104 — Franc; use as legal tender.
The franc shall be treated as legal tender for all debts public and private.
Section 8.105 — Franc; printing of banknotes; printing of coins.
(1) The Crown Treasury may print franc banknotes in the following denominations:
(a) ₣1.00
(b) ₣5.00
(c) ₣10.00
(d) ₣20.00
(e) ₣50.00
(f) ₣100.00
(2) The Crown Treasury may mint coins in the following denominations:
(a) ₣0.01
(b) ₣0.05
(c) ₣0.10
(d) ₣0.25
(e) ₣0.50
(f) ₣1.00
Section 8.106 — Franc; form prescribed by Crown Treasury; notice to Council of State required.
The Crown Treasury shall establish the form of franc banknotes.
Section 8.107 — Franc; exchange rate; components; calculations; publication of exchange rate by Lord High Treasurer.
(1) For 1.00 United States dollar, the exchange rate in francs is the sum total of the following components, as calculated on a given date using the prevailing market quotation for each component, rounded to the nearest hundredth:
(a) The value of 1.00 United States dollar, multiplied by 5.0.
(b) The value of 1.00 Canadian dollar expressed in United States dollars, multiplied by 2.5.
(c) The value of 1.00 euro expressed in United States dollars, multiplied by 1.5.
(d) The value of 1.0 troy ounce of gold expressed in United States dollars, divided by 31.1035 and multiplied by 0.75.
(e) The value of 1.0 ounce of platinum expressed in United States dollars, divided by 28.6495 and multiplied by 0.25.
(2) Beginning not later than January 1, 2027, the Lord High Treasurer shall publish the exchange rate in a conspicuous physical or electronic location not later than 12:00 UTC each business day.
Section 8.108 — Crown Treasury; require to maintain reserve holdings; components of reserve holdings; allow holding of reserves in international markets.
(1) The Crown Treasury shall maintain reserve holdings equal to not less than 100% of all francs in circulation.
(2) Reserve holdings must consist of the components provided for under ECL 8.107 as follows:
(a) Deposits or securities denominated in United States dollars, Canadian dollars, or euros.
(b) Physical, allocated, or exchange-traded gold or platinum bullion of standard fineness or equivalent commodity instruments.
(3) The Crown Treasury shall maintain reserve holdings directly or through authorized custodial institutions in recognized international markets.
Section 8.109 — Review of exchange rate by Lord High Treasurer; corrections recommended to Council of State.
The Lord High Treasurer shall regularly review the valuation provided for under ECL 8.107 and recommend to the Council of State any corrective adjustments to the reference quantities of component assets deemed necessary based on the average market value of the franc.
Section 8.110 — Crown Treasury; authorization to promulgate monetary policy; two-thirds vote of Council of State required to reject changes.
(1) The Crown Treasury may, subject to subsection (2), promulgate any monetary policy deemed to be necessary and proper for the sound management of the national currency.
(2) A policy change proposed under this section shall enter into effect unless the Council of State, by a two-thirds majority vote of its membership, votes to reject the proposed policy change.
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