Brazil: local currencies to the rescue of the impacts of the pandemic
Audio 7:30 p.m.
Local favela currency, CDD, “City of God” in a slum supermarket.
(Photo: Mayor of Rio de Janeiro, Eduardo Paes shows the local currency, September 15, 2011).
(Illustrative image) © Joao Paulo Engelbrecht/RIO CITY HALL PRESS OFFICE/AFP
By: Sarah Cozzolino Follow
It was in 1998, in one of the poorest favelas in the Northeast of Brazil, that the idea of creating a community bank was born.
By launching a local currency, Banco Palmas has changed the face of this favela and inspired 150 other Brazilian cities, which now have their own local and solidarity currency.
While Brazil was hard hit by the Covid-19 pandemic, this solidarity economy model proved its worth by distributing a basic income to the inhabitants.
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“Brazil: local currencies to the rescue of the impacts of the pandemic”, a Great report by Sarah Cozzolino.
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