WIR Bank

DEFINITION of 'WIR Bank'

A complementary currency system based in Switzerland that serves local businesses. The WIR Bank specifically works with small and medium-sized businesses, and allows these businesses to circulate their inventory through the WIR Bank's bookkeeping system in order to maintain sales volume. It started with only 16 members but has now grown to over 62,000.

BREAKING DOWN 'WIR Bank'

WIR Bank ("wir" means "we" in German) was created in response to the lack of available hard currency in the wake of the stock market crash of 1929. The bank allows inventory to continue to be exchanged even during times in which currency cannot be accessed. Businesses have to be members of the organization in order to participate.

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