Economics

ECONOMICS

New Galicia has a very stable economy that has reached a Gross Domestic Product (GDP) of $16,643.83 USD millions per year aprox. Being Jalisco the State with the highest economic development (its GDP is about 48, 526 USD millions per year). As for the Human Development Index (HDI) the kingdom has a punctuation of 0.825 getting into within the countries with high HDI.

The following is a list of the States showing their HDI and GDP:

STATE HDI GDP (USD millions)

Ags 0.844 9,919

Col 0.852 4,211

Gto 0.812 27,000

Jal 0.842 48,524

Nay 0.828 4,376

Zac 0.805 5,833

Formerly, the official currency had been the New Galicia Crown; this money had certain stability before the US Dollar and before the Mexican Peso, however, since the world financial crisis the Ministry of Economics proposed to the Senate the creation of a new currency which would replace the preceding one, this way it could be avoided a collapse for the new Galician economy or devaluated the money and besides the commercial dynamism of the country could be kept.

Finally, in the beginning of 2009 the Senate approved the creation of the new currency that would take the name of Pound. Currently, the New Galician Pound has the following exchange rate before the Mexican Peso, the US Dollar and Euro:

1 Pound = 1.5015 MXN
1 Pound = $ 0.1144 USD
1 Pound = € 0.0767 Euro
__________________
0.6659 Pound = $ 1 MXN
8.7379 Pound = $ 1 USD
13.0416 Pound = € 1 Euro

THE POUND OF NEW GALICIA

The new currency of the kingdom is the Pound, devided into 100 cents. The Bank of New Galicia has designed nine denominations from 1 pound to 500 pounds in banknotes of 1, 2, 5, 10, 20, 50, 100, 200, 500 pounds. Coins have been designed too for 1, 2 and 5 pounds and for 1, 5, 10, 20 and 50 cents.

The banknotes design includes images of buildings that represent somehow each State of the Kingdom. It was preferred the Cathedrals of each capital city of the states as a sample that identifies them and compares them in a common topic:

1 pound: There is La Minerva and the Arcos de Guadalajara (Arches of Guadalajara), which represents all the kingdom as one.

2 pounds: The Hospicio Cabañas, UNESCO World's Heritage Site, represents the new galician cultura in the world.

5 pounds: Cathedral of Tepic, that represents the State of Nayarit.

10 pounds: Cathedral of Zacatecas, that represents the State of Zacatecas.

20 pounds: Cathedral of Aguascalientes, that represents the State of Aguascalientes.

50 pounds: Basilica of Guanajuato, that represents the State of Guanajuato.

100 pounds: Cathedral of Colima, that represents the State of Colima.

200 pounds: Cathedral of Guadalajara, that represents the State of Jalisco.

500 pounds: Degollado Theater or Opera of Guadalajara, that represents the District of Guadalajara.