Currency · external value reference
SDR anchor and reference parity
Under the proposed monetary architecture, CE$ 1.000 = 1 SDR functions as a value reference for the design of the Escudo. Today there is no official quotation, foreign-exchange market or right to exchange CE$ 1.000 for 1 SDR. The reference also does not imply any relationship between Candeia and the IMF.
Constitutional proposal · not promulgatedNo presumed external convertibilityGOV informs · OS provides access · Sistema Candeia executes when active
Today · design reference, not a quotation
The relationship CE$ 1.000 = 1 SDR is a parameter provided for in the monetary design. It is not a market quotation, promise of conversion, redemption right or institutional relationship with the IMF.
When the monetary reference is in use
The SDR calculation and source must be reproducible and used within the monetary rules actually in force in Candeia.
In brief
CE$ 1.000 = 1 SDR
It is a parameter provided for in the monetary design, not a quotation or promise of conversion.
SDR as a reference
The future Central Bank must use the official value or a reproducible calculation under the methodology then in force.
Automatic redemption
Ownership of CE$ does not confer a general right to demand SDRs, dollars, euros or an external asset.
Only in an extreme circumstance
The SDR may be replaced only if it permanently loses its objective function, with reinforced safeguards.
How it works
Use a public and reproducible source and methodology.
Publish the Escudo's reference value in operational currencies when necessary.
A material and persistent deviation requires a public diagnosis and a proportionate plan.
No diagnosis creates an individual right to drain reserves or demand external conversion.
Limits and what this page does not do
- Reference to the SDR does not assert that Candeia is a member of the IMF.
- It does not assert that Candeia possesses, receives or may hold SDRs.
- It creates no obligation of the IMF towards Candeia.
- Fiscal crisis, inflation or loss of reserves does not authorise abandoning the parity for convenience.
What this means for you
The anchor is intended to discipline monetary policy and provide a public reference of value. It must not be confused with a State foreign-exchange desk offering unlimited repurchase.