BerkShares can now be evenly exchanged for federal dollars
A Berkshire County currency known as BerkShares are now directly tied in a one-to-one exchange rate with the U.S. dollar.
BerkShares are an alternate financial means of keeping money inside the region. The nonprofit says that over 10 million BerkShares have circulated since launching in 2006, and are accepted by over 400 local businesses. Schumacher Center for a New Economics Director of Communications Jared Spears spoke to WAMC on behalf of BerkShares.
“This change enables us to be more small business friendly, and hopefully to encourage more participation with small businesses in the area,” he told WAMC. “It just means that someone walking into one of those participating banks today looking to acquire 100 BerkShares would simply exchange $100 U.S. and received that amount.”
For businesses converting BerkShares back to federal dollars, fees have dropped from 5% to 1.5%.
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This story was originally reported by Josh Landes via WAMC Northeast Public Radio, linked here.
