WIR Bank


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WIR Bank

A non-profit bank in Switzerland that finances transactions between members. It encourages members (which consist of medium-sized and small businesses) to trade with each other and provides the financing for them to do so. For its bookkeeping, it uses the WIR euro, a non-circulating accounting currency. It was established in 1934 and is credited with contributing to the stability of the Swiss economy.
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Stodder (2009) shows that WIR bank transactions are also highly countercyclical--more so than the official Swiss money supply itself.
31), who states it as a basic fact about WIR commerce: "Since the WIR Bank operates in competition with conventional credit banks and a WIR loan is less universally useful than a cash loan, the cost of WIR credit must in any case be kept lower than normal interest rates." The second inequality arises from the same fact: since WIR money is less useful, items for sale are often posted at WIR prices higher than their equivalent price in SFr.
It's operated by the WIR Bank, which opened the currency to individual users a few years ago, encouraging them to buy WIR with their francs.
A key difference is that the WIR Bank is a stable and influential financial institution that employs full-time professionals.
11 March 2011 - Swiss WIR Bank raised its net profit to CHF11.9m (USD12.7m/EUR9.3m) in 2010 from CHF11.6m a year earlier, the co-operative bank said on Friday.