British bristol to launch own currency

16.08.2012 18:48
British bristol to launch own currency

YEREVAN, August 16. /ARKA/. The British city of Bristol said it will launch its own currency -the Bristol pound -- usable only with member businesses in the city in southwest England --in September, RIA Novosti reported.

Hundreds of businesses have joined, from the acclaimed Arnolfini arts centre to the Chandos deli chain, and the launch had to be postponed from May to September 19 because of the level of interest.

The notes feature symbols of local pride from nineteenth-century religious writer Hannah More to the Concorde aircraft, partly developed in Bristol, and images of the St Paul's Carnival Caribbean street festival.

Businesses can pay local taxes in Bristol pounds and the council has offered its 17,000 staff the option of receiving part of their pay in the currency. Stores selling products from cider to skate shoes said they were considering joining the scheme. Eighty percent of the money leaves the area if it is spent with a multinational -- but 80 percent stays if it is spent at a local trader, according to a local expert.

The Bristol pound will not be legal tender and must be exchanged through the Bristol Credit Union, with a three percent charge for conversion back to sterling. This and charges on electronic transactions will pay its running costs. -0-


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