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In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, while a community currency might be local or be used for exchange within an online community. A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. Such currencies may not be backed by a national government nor be legal tender. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database.
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Ireland, Australia, New Zealand and other British Commonwealth countries.
The Australian dollar is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia. Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. The $ symbol precedes the amount. It is subdivided into 100 cents.
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is one of the currencies known as the dollar or the euro.
The Israeli new shekel, also known as simply the Israeli shekel, is the currency of Israel and is also used as a legal tender in the Palestinian territories of the West Bank and the Gaza Strip. The new shekel is divided into 100 agorot. The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1.
Sterling is the official currency of the United Kingdom and its associated territories.
The pound was the currency of the Republic of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £. The Irish pound was replaced by the euro on 1 January 1999. Euro currency did not begin circulation until the beginning of 2002.
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling.
The Indian rupee is the official currency of India. The rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
The pound is the currency of the Isle of Man, at parity with sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States. Digital cryptocurrency is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries.
The Totnes pound (t£) was a complementary local currency, intended to support the local economy of Totnes, a town in Devon, England. It was in circulation from March 2007 to June 2019, when it was discontinued due partly to an increasingly cashless economy.
The United States dollar is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.
The Lewes pound is a local currency in use in the town of Lewes, East Sussex. Inspired by the Totnes pound and BerkShare, the currency was introduced with the blessing of the town council in September 2008 by Transition Town Lewes as a community response to the challenges of climate change and peak oil.
The Stroud pound is a local currency in use in Stroud, Gloucestershire. Unveiled on 12 September 2009, the scheme is the third local currency scheme introduced in England in recent years after the Totnes pound and the Lewes pound.
Fiscal localism comprises institutions of localized monetary exchange. Sometimes considered a backlash against global capitalism or economic globalization, fiscal localism affords voluntary, market structures that help communities trade more efficiently within their communities and regions.
The Bristol pound (£B) is a form of local, complementary, and/or community currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local, independent businesses in Bristol, and for those businesses to in turn localise their own supply chains. At the point of the close of the digital scheme in August 2020, it was the largest alternative in the UK to official sterling currency, and is backed by sterling.
The Exeter pound (£E) was a form of local complementary currency, or community currency launched in Exeter, UK on 1 September 2015. Its objective was to ensure more money was spent with local and independent businesses. It was one of the many alternatives in the UK to the official sterling currency. It was discontinued on 30 September 2018.
The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by both the COVID-19 pandemic in Lebanon and the 2020 Beirut port explosion. The roots of the crisis run deep and the country experienced liquidity shortages in the years prior to 2019 but the full extent of the fragility of the economy were concealed by the financial engineering of the governor of the central bank. Lebanon's crisis was worsened by U.S. sanctions targeting Syria's government and Iran-backed Hezbollah.
References
- ↑ "Liverpool. Petition of members of the common council of the town on the stagnation of credit". bopcris.ac.uk. Archived from the original on 27 September 2006. Retrieved 18 September 2017.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ↑ "Did you know that Liverpool had its very own currency???". Merseyside Reporter. Retrieved 18 September 2017.
- ↑ Christie, Sophie (27 July 2017). "From Liverpool to east London: Local currencies are making a comeback". The Telegraph . Retrieved 18 September 2017.
