Local currency

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Local currency

Regional currencies represent a democratization of currency issue, supporting local businesses and educating consumers about how their money circulates in the local economy. These currencies serve as tools to keep local money local: money spent within a specific community stays in that community, where the money can directly benefit community members.

Commonplace during the early s, local currencies are once again being recognized as a tool for sustainable economic development. Local currencies make a distinction between businesses that accept the currency from those that do not, fostering stronger relationships between the responsible business community and the citizens of the region.

The people who choose to use the currency make a conscious commitment to buy local, and in doing so take a personal interest in the health and well-being of their community by laying the foundation for a truly vibrant, thriving economy.

Much of this tendency for money to leave the rural areas and be sucked into urban financial centers results from the centralization of banking, which took place in the early part of this century under the Federal Reserve Act of and the pressure of World War I. Previous tolocal banks created their own funds based on their gold reserves. They were not dependent on the Federal Reserve Board to control reserve requirements-the amount of credit or money available within local regions.

During the early part of the nineteenth century, this fact played a very important role in the rapid development of the U. In the early 's, Schumacher Center founder Robert Swann worked with Ralph Borsodi to issue Constants, a commodity-backed currency, on an experimental basis in Exeter, New Hampshire. Dubbed a "great economic experiment" by the New York Times, BerkShares are a tool for community empowerment, enabling merchants and consumers to plant the seeds for an alternative economic future for their communities.

In the Schumacher Center for a New Economics worked with businesses, banks, and private citizens in its home region of the Berkshires to incorporate BerkShares, Inc. Organized as a non-profit corporation with membership open to anyone in the region, the board of directors is elected by members at an annual meeting.

BerkShares, Inc. BerkShares are exchanged for federal currency at 16 branches of four local participating banks and spent at locally owned participating businesses. In its present form, BerkShares local currency is a sophisticated buy-local program, distinguishing local businesses from their global counterparts and building pride in Berkshire sourced goods and services. The loans will be required to meet the social and ecological criteria of BerkShares, Inc.

BerkShares can be obtained at participating bank branches in exchange for U. These federal dollars remain on deposit at the BerkShares Exchange Banks in order to allow citizens to redeem BerkShares for dollars at the same exchange rate. For example, 95 dollars yield BerkShares and BerkShares yield 95 dollars. There are businesses in the Berkshire region that accept BerkShares.

Du Bois, pioneering woman farmer Robyn Van En, writer and environmentalist Herman Melville, and beloved illustrator Norman Rockwell are all celebrated. BerkShares local currency come out of a long history of experimentation with local currency and models for increased economic self-reliance in the Berkshires. Here are some examples of currencies used in the early s:.

Deli Dollars were issued by deli owner Frank Tortoriello to finance the move of his business from one location to another. Berkshire Farm Preserve Notes were jointly issued by two Great Barrington farms, The Corn Crib and Taft Farm, to finance start-up in the spring, and could be redeemed once produce was ready to be harvested. The Advent of Artisanal Cash.

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Since its founding in the Schumacher Center has been a leading voice for building local economies. The Schumacher Center for a New Economics is a c 3 tax exempt organization. Donations are tax-deductible and can be made for general support or for specific programs. Local Currencies Program.

How Does It Work? An invaluable tool for both researchers and citizen activists, the LC Archives make possible the comparative study of various currency models such as TimeBanking, barter systems, and HOURS.

Consolidation: Presentation Currency vs. Functional Currency vs. Local Currency

Perhaps most importantly, the internal documents, newsletters, and correspondence contained within the archives chronicle the efforts, trials and tactics of those working to bring economic exchange back under regional and community control. Search the Archives.Currency risk, also called FX risk where FX stands for "foreign exchange"is the risk that an investment denominated in a foreign currency will lose value as the foreign currency itself loses value against the dollar.

The opposite can also happen—if a foreign currency increases in value against the dollar, this will add to your positive return on investment. Emerging market bonds provide an interesting and potentially profitable example.

Investors have two options when it comes to investing in emerging market bonds. Dollar-denominated simply means that the bonds are issued in U. The result is that there is no impact from currency risk on top of the typical volatility associated with emerging market bonds.

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Bonds that are denominated in local currencies rather than U. In this case, the investor will have to convert dollars to foreign currency, such as the Brazilian real, prior to buying the bond. S dollar exchange rate. When the investor sells the bond and converts back to U. The right scenario for you depends on your own investing needs.

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The potential benefit of local currency funds is two-fold. First, it allows investors to diversify their holdings away from the U. Second, it allows investors to benefit from the cumulative positive effect of emerging market nations with stronger economic growth. At the same time, currency exposure adds another layer of volatility. This becomes particularly important during times when investors are looking to avoid risk.

An example of how the performance of the two segments can differ: During Septemberintensifying concerns about the European debt crisis sparked a flight to safety from higher-risk assets. In the same time period, ELD which holds local currency debt returned Conversely, during the first two months of —an exceptionally positive period for the financial markets, ELD returned 7.

Over time, however, the difference tends to even out. Looking at the two PIMCO funds as an example, the five-year average annual return of the local currency fund and dollar-denominated funds were 7. Investors who are looking to allocate a portion of their portfolio to foreign bonds must make a choice between dollar-denominated or local-currency bond funds or establish some desired combination of the two. Some fund companies offer both. Many funds are managed to move between dollar- and local-currency-denominated bonds.

Investigate any potential bond fund investment thoroughly to make sure you understand the currency denominations of the bonds in its portfolio to confirm that the fund fits your risk profile and is compatible with your overall investment strategy. The Balance does not provide tax, investment, or financial services and advice. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

Bond Investing Income Investing.Or Alex Ferguson, or Kenny Dalglish? Inventing an alternative to sterling might sound far-fetched, even illegal. But it's not that strange. In the UK we think of the pound like fish think about water, which is to say not at all. It might never have occurred to many of us that there are other types of exchange that can stand in for ragged bank notes tucked away in pockets, or other objects that can stand in for those notes.

Not every country is so lucky. In crisis-hit Greece, where the euro can be hard to come by, businesses and citizens have turned to bartering using a points system where goods like pianos, pot and pans can be exchanged for security services or loaned farming equipment. In India last year, desperate people burned sacks of illegal cash after the government withdrew two high-denomination notes as part of a crackdown on corruption. Hoarders woke up to discover the banknotes under their mattresses were suddenly worthless.

The pound has been trading at its lowest level since since the UK voted to leave the European Union and there are fears that it could dip further as Brexit ensues. Timebanks, local exchange trading systems LETS and digital inventions like bitcoin can provide alternative ways for people to pay for goods and services when mainstream currencies hit crises. But they will only work if Britons are ready to accept that they have the power to invent their own currency.

McCann is a long-time advocate of alternative means of exchange. He is behind the ScotPound, a proposal for a new national currency for Scotland that emerged after the referendum on Scottish independence. It's an idea he no longer thinks will work, because the debate, since Brexit, has shifted from the currency issue back to ideas about Scottish independence. Today, he's preaching to the converted.

local currency

Alex Walker, the chairman of the person Ekopia community in Northern Scotland, listens at the back. The Eko has been the main means of buying everything from beer to bananas in Ekopia since Walker founded it 20 years ago.

On an adjacent table, Tracy Duff, a community learning and development worker from Clackmannanshire Council, digs out some papers. She runs the Clacks Youth Timebank, a scheme where to year-olds can earn credit for volunteering. Taking notes up front is Ailie Rutherford, one of the people who organised the meeting. Rutherford runs the People's Bank of Govanhill, a currency that changes value depending on the income of the user.

Everyone has gathered to decide what a Glasgow Pound might look like at a time when many are asking if local currencies can work at all.

Councillor Redmond says Glasgow has been closely watching existing alternative currencies like the Brixton Pound in London, which was introduced in So they printed a currency that would have the same value as the pound, but could only be traded in independent Brixton shops, where the shopkeeper would also have to spend it locally. This year the Brixton Pound got its own cashpoint, from where people can withdraw local banknotes bearing colourful images of local heroes, like David Bowie and secret Agent Violette Szabo, to spend in over local shops.

It can also be used by residents to pay council tax and by employers to pay wages. No two local currencies are exactly the same. But the Brixton Pound and other recent schemes follow the example ten years ago of the Totnes Pound, a 'complementary currency': that is, one supplementing the national currency. As fears for financial stability took hold during the recession, complementary currencies grew in popularity.

The Bank of England does not consider these forms of currency legal tender, but the notes hold value in the same way as a gift-card from a department store, with the same kind of restrictions about where they can be spent.

Proponents say complementary currencies boost spending in smaller geographical areas, which can have environmental benefits as businesses cut transport distances to deal with local suppliers. Detractors say they have no real economic impact and work only as a game for the middle classes, who can afford to buy from independent shops rather than chains.

Hull has its own local digital currency that can be earned from volunteering and used to pay council tax. Kingston, Birmingham and Liverpool have schemes underway.

Glasgow could be next.The BNote is local, complementary currency for Baltimore, helping to level the economic playing field. Downloadable pdfs to view or print — get both double-sided pages and find out where to get and spend BNotes all across Baltimore:.

If you know a business owner who supports local buying, please encourage them to check out our For Businesses page and get in touch with us if they would like to be in our print and online Directories. Posted: April 30th, under Uncategorized. Comments: none. After much hard work and coordination, we are so proud to finally be able to reveal the designs for the Second Series BNotes!

The designs were revealed in a press event at Oyin Handmade, N. Our fundraiser to get these designs printed and into circulation will run for another 10 days or so — please contribute whatever you can to help us print these great designs! We look forward to exchanging them into circulation starting on April 30th, at our launch party event at Gallery — hope to see you there! Posted: April 15th, under Uncategorized.

local currency

See the great perks we have for our backers, including framed Second Series BNote sets, BNote business network tote bags, uncut First Series print sheets, and more — help us get to our goal today! Posted: April 1st, under Uncategorized. Click for printable pdf version — Spread the word! Posted: March 30th, under Uncategorized.

Downloadable pdfs to view or print — find out where to get and spend BNotes all across Baltimore:. Posted: March 8th, under Uncategorized.

The Charles Villager Winter The Daily Record January 5, Posted: February 17th, under Uncategorized. Posted: February 12th, under Uncategorized. More great Baltimore businesses are joining the BNote business network every week — if you know a business owner who supports local buying, please encourage them to check out our For Businesses page and get in touch with us if they would like to be in our print and online Directories.

Here are the latest downloadable pdfs to view or print, so you can find out where to get and spend BNotes all across Baltimore:.

Posted: August 20th, under Uncategorized. Why let corporate chains take your money and run? Keep more of your money in your community by buying local and using BNotes every day. Posted: April 16th, under Uncategorized.The Thai Baht is the currency of Thailand.

Below, you'll find Thai Baht rates and a currency converter. Notice: The THB rate shown below is the international off-shore rate. Rates used within Thailand may vary. Early Currency in Thailand Standardized factory minted coins and banknotes were officially issued for the first time in Thailand during the Rattankosin era; with paper money appearing in the form of royal promissory notes in This was soon followed by banknotes issued by foreign banks.

InThailand acquired its first minting machine and Thai silver coins began to be minted in the area. Coinage was streamlined inwhen the 11 denominations were simplified into two satang and baht under a decimalized silver standard system.

After the war, the currency changed its peg to Financial Crisis InThailand fell into financial crisis. The Baht lost half of its value prompting the adoption of a floating exchange rate regime. Since the economic collapse, the Thai Baht has stabilized. To see the rates we quote for money transfer, please use our money transfer service.

Initiate auto-refresh. Did you know? You can exchange money online with us. Click on a currency code to learn about it. XE Currency Converter More currencies. Click Here!! Why are you interested in the THB? I want to Thai Baht History Early Currency in Thailand Standardized factory minted coins and banknotes were officially issued for the first time in Thailand during the Rattankosin era; with paper money appearing in the form of royal promissory notes in Popular Currency Profiles.

More currencies.If the wrong currency type is being identified, you should click to choose U. Dollars USD as your selected payment currency during checkout. You can also change the currency of your card on the payment selection page by clicking My card is a different currencyand selecting the currency type. While we're unable to respond directly to your feedback, we'll use this information to improve our online Help. Select Local Currency or U. Dollars USD or your local currency.

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local currency

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local currency

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Local currency, also called complementary currency, is money that is designed to be used within a community, town, or city.

Whereas national currencies, like the US Dollar, are now loaned into existence, necessitating their repayment with interest to a bank or financial institution, local currencies exist solely to facilitate commerce within a community and to preserve and restore the social nature of trade and business. It lets our money benefit us first, by favoring local businesses.

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The arrival in a community of Wal-Mart, Home Depot, CVS, and other national corporate chains can directly lead to local businesses shutting down. This is one way to counter that effect.

List of community currencies in the United States

A local currency will not end up at large chains — it only supports and grows local businesses. The money we spend at national chains may end up in Delaware or Texas; the money we spend at local businesses continues to circulate in the community and perpetually creates more value.

Imagine the flow of money into and out of your community — paychecks bring a lot of it in, and some of it stays with local businesses, but a lot of it flows out to these national chains, and mainly benefits their shareholders. Having a local currency is like building a reservoir to hold more of the money right here and keep it circulating as it facilitates all of the things the community wants to accomplish.

Local businesses find that as their sales grow, they can expand what they offer and more effectively keep people from considering going to the corporate chains. The currency acts as a counter-balance to economies of scale, where the bigger you are, the more effectively you compete. It provides resistance against globalizing forces that take away our sense of place and of community.

It increases business in general and can lead to the creation of new jobs The argument is sometimes made that the economy is a zero-sum game — that increasing business for some merchants will take away from the rest. In practice, however, this is a system that is designed to increase the overall level of commerce within the community and eventually, within the city as a whole. Using a local currency, the value of the labor that is done in the community and the value of the services that are provided there, stay in the community.

Businesses have more sales, can provide more services, have more turnover of their stock as people seek to use the BNotes they have, instead of saving or hoarding them. As the system becomes more widespread, residents realize that their use of BNotes is strengthening the community, that there are now local supply chains being created by people and business owners who may be their friends or neighbors, and they seek to use them more often.

This is the economic feedback effect, the weaving together of the community economically and socially, to make it economically stronger and more resilient, by creating closed loops of trade wherever possible. So, local currencies promote cooperation instead of competition and money use instead of hoarding or accumulation.

It will take people working in their own communities, region by region, to create the kind of systemic change that will lead to sustainable economic practices — practices that foster ecologically responsible production of goods and a more equitable distribution of wealth — and this is a tool to bring about such change.

BNotes and other local currencies are about building community while building the local economy. About Local Currency Local currency, also called complementary currency, is money that is designed to be used within a community, town, or city.

local currency


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