Venezuela: 'A fist full of Panales' — Community launches own currency in Caracas

Residents of El Panal community in a popular district in the west of Caracas, started using their own currency, the Penal, launched by two local collectives, on Friday. The organisations Colectivo Fuerza Patriotica Alexis Vive and Comuna el Panal created a communal currency named 'Panal' in order to pay for goods inside the shops of the commune. According to members of the organisation, this is... Еще an alternative to avoid inflation and speculation with the price of food. «We start strengthening a productive logic, but also the commercialisation of goods and services of our community», explained one of the members of the organisation. On Friday, they began distributing notes of one, five and ten 'Panales.' The ten Panales note features the face of former Venezuelan President Hugo Chavez, who had encouraged these type of initiatives in the past.

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