Banco Palmas

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= in Brazil, banking initiative which supports local currencies

URL = http://www.bancopalmas.org

Description

Hans Schuhmacher:

"The Banco Palmas in the Palmeira precinct of Fortaleza/Brazil is a bank that emits a local currency. The bank offers credits in the local currency (interest-free) and in Brazil's national currency (interest rate 2%). For a fee of 1%, amounts in local currency can be swapped with the national currency (ratio 2:1). Stemming from a grassroots movement, the Banco Palmas operates a school (Palmatech) that imparts the concept of the bank to the local citizens and offers education and training.

The Banco Palmas succeeded in enhancing the circulation of goods in the region, this was further advanced by the creation of a brand (PALMA). The brand guarantees that the products were manufactured locally in an ecologically sustainable and socially acceptable way. In the bank's environment, the production activities it supports are organised in a way that advances transfer of knowledge and know-how. At a weekly barter fair, local citizens can offer their goods and services. The majority of financial transactions as well as payment of wages take place using the local currency."

See Also