Local shops have confirmed that their sales have increased since the Mumbuca program first started.
Maricá’s mayor explains that this scheme avoids “wasteful spending or its diversion to ‘unconventional’ businesses.” The monthly benefit will gradually increase to 100 in 2014, and up to 300 by 2016.
That is becoming a considerable minority, given a population of just over 125,000.Īt present, each beneficiary receives 85 Mumbucas (US$37) per month, which can only be used to purchase food, medicines, and other basic goods in local, small businesses. Now, after six months, the number of low-income citizens who are receiving this new form of local state aid is 9,507. Citizens of Maricá pay with Mumbuca through debit cards. To manage this fund, local authorities decided to create the People’s Community Bank of Maricá. A reader in Tokyo sent a link, giving the news that the city of Maricá in Rio de Janeiro is celebrating the six-month anniversary of its first state-aid currency, the digital Mumbuca – which is alleviating extreme poverty, while also boosting the local economy.Īs over 70 percent of families were earning less than three times the minimum wage the local government decided to put forward an income-distribution program that could provide the citizens with the means to purchase basic goods from local businesses. The program is financed with Maricá’s high oil royalties, and it’s distributed via a monthly stipend.
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