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Community Currencies: The Story of Banco Palmas in Brazil

Submitted by on May 19, 2010 – 11:53 pmNo Comment

The story of Banco Palmas in Brazil is a great example of how local currencies can stimulate the local economy.  With the help of NGOs, people in Palmeiras, an impoverished district in Fortaleza, Ceara, Brazil organized and set up a community credit bank.  The currency of this bank is called Palma and it is in this currency that inhabitants there sell, buy and stimulate the local economy.   1,200 new jobs have been created with a lot of dignity.