Mount Vema plans to drop dollar peg was confirmed today after two years since the government first announced the decision and reassured the market that the Kingdom of Mount Vema is not cutting ties with the US currency.
The decision to unpeg the golle is part of a plan to track a basket of currencies, according to the Central Bank of Mount Vema who said in a statement that the cap, introduced in 2006, is no longer justified. As of tomorrow, all commodities within the Mount Vema market, will be priced in golles.
The state of the economy of Mount Vema for the next three decades is very good and it is likely to continue for some time. Said the Mount Vema Central Bank who kept interest rate unchanged at 3.45%, maintaining the amount investors pay to hold deposits in golles. The Central Bank said, the economy will continue to be stable and predictable, to entice current investment, without the need to keep changing currency policy from one day to the next.
VSG ₲1=$2 USD
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination