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DispatchBulletinPolicy

by The Austria of New Chilokver. . 45 reads.

OSEAN - Economics (WIP)

OSEAN | Economics

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| Overview | Charter | Member States | Economics | Misc. |
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The OSEAN Standard Unit

The OSEAN Standard Unit (OSU; ₴) is the official currency of OSEAN. Though its adoption by OSEAN members is not mandated by the Organisation, member nations of the OSEAN Standard Cooperation Area (OSCA) utilise the OSU for all trade between members of OSCA. The currency was first introduced in on the 10th of July 2018 with the founding of OSEAN, and was formally recognised as the Organisation's legal tender with the ratification of the revised OSEAN Charter on the 10th of August 2019. The OSU is divided into 100 cents (¢) per OSU, and may be further sub-divided into 1000 mills (₥) per OSU for accounting purposes.

Banknotes* of the OSEAN Standard Unit; ranging from ₴5 to ₴50 OSU.

As the sole currency used for the purposes of trade within OSEAN, as well between OSEAN and other members of the OSEAN Standard Cooperation Area, the OSU is among the most highly traded currencies used by foreign exchange markets. Owing to the OSU's extremely stable value and its high usage in international transactions, it also serves as one of Strangereal's primary reserve currencies. As a result of the OSU's stability, the OSU can be considered Strangereal’s de facto universal currency against which the exchange rates of other national currencies can be pegged.

The OSU is issued by the OSEAN International Bank (OIB), headquartered in Burshimur, Tommatito, and minted under strict quotas by select national mints of OSEAN members. Coinage of the OSU is issued in denominations of ₴2, ₴1, 50¢, 20¢, 10¢, 5¢, 2¢, and 1¢, while banknotes are issued in denominations of ₴5, ₴10, ₴20, ₴50, and ₴100 OSU. The design of the OSU’s physical tender is intended to be easily distinguishable to the visually impaired—both the coinage and banknotes were designed with tactile features that enable them to be distinguished by touch alone. Additionally, all OSU bills are printed on long-lasting polymer banknotes with sophisticated anti-counterfeiting measures which make them resistant to widespread counterfeiting. As of August 2019, with over 1.5 trillion OSU in circulation, the OSEAN Standard Unit has one of the highest combined values of banknotes and coins in circulation in the world.


*Credits to Penult for the designs of the OSEAN banknotes.



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Copyright © 2019 OSEAN

The Austria of New Chilokver

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