Peer2Politics

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.