Kaalakiota Currency Board Devalues Scrip By 2%
New Eden News - Sat, 03 Apr 2010 - 00:00
Nonni - The Kaalakiota corporate bank's currency board voted to devalue Kaalakiota corporate scrip by 2% today, causing panic in several major Kaalakiota enclaves and making clear the ongoing troubles in the Caldari State. While the company's stock has declined nearly 10% in the last week, the board's action appears to have halted the decline for now.
The currency board stated that the change was made to rebalance the corporation's ISK holdings, blaming illegal currency exchanges in the Intaki Syndicate for destabilizing the amount of Kaalakiota scrip in circulation. Despite the financial turmoil, however, the currency board assured the company's investors that no further measures would need to be taken in order to secure the company's ISK holdings. This action has reduced fears that Kaalakiota would need to take significant ISK loans from one of the major independent banks in order to shore up its reserves, which has become a larger worry in light of Caldari Funds Unlimited's ongoing troubles with the CBT.
While the 2% devaluation was significant, many analysts had expected it to be larger, as much as 6% by some estimates. As a result, many investors breathed a sigh of relief even as the other megacorporations expressed concern that Kaalakiota was overextended and urged the company to take a more conservative posture.
Meanwhile, the mood in many of Kaalakiota's major enclaves has been extremely tense, as Home Guard troops have been deployed in force. This troop movement came after at least twelve clashes between corporate police and citizens trying to exchange their Kaalakiota scrip for ISK on various colonies throughout the State, including New Caldari Prime. No serious injuries have been reported, however, and Home Guard commanders have told the Scope that the situation is expected to return to normal within the week.
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