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Old money to the rescue of a Spanish town
A small town in Spain is encouraging people to use the former currency, the peseta, to boost the local economy. Many people still hold pesetas and the shops can accept them since, under Spanish law, Spain’s central bank has to exchange them for euros. Residents from neighbouring districts have been coming to Salvaterra de Mi?�o to support the project, which is organised by the local Chamber of Commerce. Board member Alejandra Rivas explained: “The peseta re-using programme has been extended from one month to three and we want to extend it for another month. As long as there are people from other places who come to buy with the peseta the programme will be continued.” Most shops in the town have joined the scheme especially as it is the Chamber of Commerce that collects the pesetas and takes them to Madrid to exchange them for euros. “People are very happy about the programme because we can use the peseta again. It’s like we can buy things for free.” The Chamber of Commerce says the project has proved an effective way of boosting the local economy but it does not mean the whole of Spain will start using the peseta again. More about: Economic crisis, Euro, Spain