Problems unfold as Credit falls

Amongst recent worries over the falling value of the Prsänëan Credit by holders, citizens and government officials, accounting mistakes have been found in the Prsänëan Bullion Depository’s silver reserves.

The issue, discovered first thing during the New Year, has been the confusion between use of the Ounce and the Troy Ounce between Republic records and the Republic’s source of metal values, Coinflation.com. The values, which are stated in “$__/oz”, did not give notice to their actual use of the Troy Ounce instead of the commonly used Ounce.

This oversight by the Internal and Government Affairs Office means that values of Credit silver reserves will drop by almost 10% when the corrections are made. Such an issue may not have been as problematic for the stability of the Credit if the prices of silver had not already dropped by almost 30% in recent months since Prsänëa began issuing currency, to its current 27.80$ per troy ounce.

Banknotes with official value had been issued previous to this discovery, albeit limited in circulation, which will affect its later value if exchanged for macronational currency once more. “Although we cannot compensate for the falling value in the Credit overall,” Premier James Wilary stated, “we will ensure to pay back any losses caused by this error in our books.”