OAN NEWS
CURRENCY WARS
Governor of the Bank of the Oan Isles, Pauro Toangakau, has announced that he will ask the Auroran Central Bank to issue a formal complaint against Packilvania for artificially under valuing its currency, the Packilvanian dinar. He has also proposed that the ACB should explore using monetary policy to strong-arm the PCB into revaluing its currency at market-appropriate rates.
The Packilvanian Central Bank has often adopted an unfair currency exchange regime that has undermined industries in smaller countries through an increase in the influx of cheap low-quality low-value added imports from Packilvania.
The PCB has undermined competitive trade by unfairly leveraging the enormous size of its economy and focus on low-cost goods to undervalue the Packilvanian dinar. This is particularly harmful as many nations maintain trade deficits with Packilvania which is notorious for imposing unfair import tariffs to stifle the import of goods. Furthermore, Packilvania continues to place unfair restrictions on foreign companies wishing to set up shop on Packilvanian soil.
This unfair and uncompetitive behavior results in a dead-weight loss for society that cannot be tolerated.