| QUOTE |
| Article 1. Name This act may be cited officially as "First National Economic Amendment Act " This act shall ammend the National Economic Reform Act as follows: "Article 2. Currency used in Alexandria, Gotzborg-Alexandria exchange rate, amount of currency in circulation. 1.) The currency to be used by the Empire of the Alexandrians shall be the Alexandrian Écu. It shall be symbolized by “AE” or “E”. 2.) The official Alexandrian écu-GTh rate shall be one Alexandrian écu to 0.5 GTh for a period of three (3) months from the day of receiving Imperial Assent. After which the Rate must be reviewed by Parliament who reserve the right to make the minister of Economics responsible for the management of the rate. 3.) A total of AE 30,000,000 shall be circulated initially and the Ministry of Economics may add or remove currency from circulation at any time." "Article 4. Banking System – Manual; Central Bank of Alexandria 1.) The current Imperial Bank of Alexandria is hereby dissolved and the former economic system shall be dissolved in full. The Imperial Bank of Alexandria shall be replaced by the Central Bank of Alexandria, which will be hosted in a manual banking system. 2.) The Central Bank of Alexandria shall be the instrument of the Alexandrian Government in implementing monetary policy, ensuring the stability of the financial system and the payments system. The Central Bank of Alexandria shall also be the bankers’ bank and the government’s bank. The Government has liability for the actions of the Central Bank. 3.) Other banks may be charted by citizens of Alexandria, as may other non-bank financial institutions, with the approval of the Ministry of Finance and Economics. For all banks other than the Central Bank, bank employees shall have liability. 4.) All banks must ensure that each account holder will be permitted to make transactions, open and close their account at any time, notwithstanding Article 10. 5.) All banks, including the Central Bank, shall maintain a full-reserve system for liquidity purposes. The Minister of Finance and Economics shall regulate all banks in their achievement of this. 6.) All non-bank financial institutions shall maintain sufficient liquidity to deal expected transactions. The Minister of Finance and Economics and shall head a committee overseeing the achievement of this, and enforce its application. 7.) The government shall have a separate account to the Central Bank. 8.) The Central Bank may offer government bonds, which shall be capital guaranteed." These articles shall replace Articles 2 and 4 respectivle. Article 3. This act shall become law upon reciving Imperial Assent |