Polish town proposes own currency

A new currency may appear in Poland, the Otwock mark. It aims to support local businesses, as well as help older people and students. Three percent of the marks issued would go into the powiat (county) budget.

Otwock city council member Marek Leśkiewicz has filed the appropriate applications with the Ministry of Finance. In these documents he stresses that the parallel currency could be the ideal solution for the problems with financing the Family 500 plus program from the state budget. “The program could be carried out in the local currency and not burden the state budget,” Leśkiewicz said. The minister of finance will decide whether Otwock can issue its own currency. The parallel currency is to be covered by taxes and property of the gmina and powiat. It would be inconvertible and function without interest, in order to prevent speculation and encourage circulation of the currency.