Tuesday, September 20, 2011

Brazilian Script Takes Root in Local Economy

The capivari is one of 63 local moneys—including bills named after the sun, cactus and the Brazil nut—now circulating in needy neighborhoods throughout Latin America's biggest economy. The idea is gaining currency as towns seek a share of current economic growth. This month, a new local currency hit the streets in Cidade de Deus, the Rio slum that was the subject of a blockbuster film and a stop on President Barack Obama's South American tour this year.

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Source: Prada, P (2011, September 20), In Pockets of Booming Brazil, a Mint Idea Gains Currency, Wall Street Journal Online.

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