Eko Community Currency

Ekopia launched a new community currency in May 2002 - the Eko, with the support of the Hygeia Foundation.

The Eko is a local currency system designed as a working alternative to £s Sterling in economic transactions, to be a viable replacement for the pre-existing "blue money" system and as a complement to LETS.

Community organisations that  accept Eko notes include:

• Phoenix Shop
• Findhorn Bay Holiday Park
• Blue Angel Café
• Findhorn Foundation

Since the successful trial, 15-20,000 Ekos have been in permanent circulation and we are now into a third issue (due to expire on 28 February 2011).

Total trading turnover of the notes has exceeded £400,000 to date, and several new traders have started accepting the currency. As a result of the surpluses created we have been able to make a grants of £400 each to the community Festivals Group and the Youth Project.

The issue is at par with sterling i.e. 1 Eko = £1, and notes are in one, five, ten and twenty denominations. Individuals may not redeem the notes in sterling from Ekopia, although traders may redeem the Eko currency in sterling from Ekopia according to certain set criteria.

From the sale of the notes to community members, Ekopia has made low interest loans to various community organisations.

Visitors can receive the notes in a number of ways, including purchasing Ekos from the Findhorn Bay Holiday Park reception and the Visitors Centre.

Aims of the Eko Currency Issue

1. To provide low cost financing for new projects through low interest loans and surpluses generated by the currency project itself.
   
2. To enable existing businesses to make savings on bank charges (surprisingly perhaps, this benefit may outweigh the value of the low cost financing), and to stimulate trade amongst community business, residents and visitors.
   
3. To promote these businesses and projects, and the Ecovillage in general as a place of innovation and sustainable economy
   
4. To inspire both guests and residents with the demonstration value of a locally based currency, and to get the users thinking about how and where they spend their money.
   
5. To create gift capital for local projects.