Exchange Rates – Brixton Gets Own Currency
As towns look for ways to encourage people to shop locally, Brixton has introduced its own currency, which can only be spent at participating shops in the area. Brixton isn’t trying to complicate its economy – exchange rates for the Brixton pound remain set at £1 value for each Brixton pound – but it is trying to ensure that people support local retailers.
Exchange Rates and Local Currency
Exchange rates exist so that large economies can trade effectively and are one of the things that represent the health of each economy concerned. In Brixton, residents are equally concerned with the economy and are choosing to take matters into their own hands by shopping locally and keeping money within the town. Able to exchange sterling for Brixton pounds and then spend them in a range of shops, including cafes, grocers and department stores, residents who are taking part in the scheme say that it has encouraged them to shop closer to home rather than travelling to supermarkets and that there has been more of a community feel in the area as a result. Exchange rates will remain set at £1=1BP because this is a straight-swap currency and there’s no need for trading. Brixton is the third place in Britain to introduce its own local currency, including Lewes in East Sussex.
Exchange Rates Outside Brixton
Because the Brixton pound is only valid currency inside the town, there’s no need for residents to worry about the potential complications of trading the currency elsewhere. Outside Brixton, people use sterling as normal, and Brixton pounds are not accepted as valid tender for foreign currency. It is possible that other towns may follow suit as they try to encourage local people to support the businesses that are operating on their doorstep. So far, the Brixton scheme has only been in operation for a few weeks, so observers will be keeping an eye on whether it remains popular or whether it was just a gimmick.
Exchange Rates at Crown Currency Exchange
At Crown Currency Exchange, we don’t sell Brixton pounds, but we can give you excellent exchange rates on established global currencies. Whether you’re buying a property overseas, have a sales office outside the UK or make regular foreign currency payments, we can help. With competitive exchange rates and no commission, we’re a great choice for private and corporate transactions. Order currency online today, or call us on 0800 612 7273.
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