WIR Bank financial definition of WIR Bank
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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
References in periodicals archive
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.