Candour
The Bank says what is, and what is intended. Its statements are dated, and it corrects them openly when they change.
The monetary institution of Aletheia.
The Reserve Bank of Aletheia is being established as the central banking institution of the Sovereign Covenant State of Aletheia.
Why a reserve bank
A currency is only as sound as the institution that issues it. The Bank is intended to issue the Aletheian Guilder under published rules, and to account for it in public.
Every modern nation entrusts its money to a central bank, because money must be managed for the long term and for everyone, not for the needs of a single budget or a single moment. The Reserve Bank of Aletheia is being established on the same footing: independent in its decisions, accountable for its results, and open about its reasoning.
Six articles
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Rules before money
Currency is issued only under rules that have been adopted and published. No exception is made for convenience.
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Separation
The body that issues money does not spend it. The Bank is kept apart from the Treasury, and does not finance the budget.
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A public record
Every issue and withdrawal of currency is recorded in a register, and the register is published.
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Independent review
The Bank’s accounts and register are examined by an independent auditor, whose reports are published in full.
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Restraint
The Bank makes no undertaking it does not have the means to keep, and says so plainly.
What the Bank is to do
The Bank is intended to be established by law of the Sovereign Covenant State of Aletheia, and to be governed by a board answerable for its decisions in public.
- The Aletheian Guilder
- To issue the Guilder in banknotes and in digital form, and to safeguard its integrity against counterfeiting and misuse.
- Monetary policy
- To set the policy that governs the Guilder, with the aim of stable prices, and to explain each decision in public.
- Banknotes
- To design, commission, issue and withdraw the State’s banknotes, and to keep the series secure.
- Statistics
- To compile and publish monetary and financial statistics to international standards.
- Cooperation
- To work with other central banks and international institutions, and to represent Aletheia in monetary matters.
Independent and accountable
Independence lets the Bank take the long view. Accountability makes sure it uses that freedom well.
The Bank is intended to decide monetary policy within its legal mandate, without instruction on individual decisions. In return it explains every decision, publishes its accounts and reports regularly to the institutions of the State.