The Credito

The complementary monetary system of Damanhur.

The Credit has the aim of developing a new form of economy based on ethical values of co-operation and solidarity.

The Damanhurian complementary monetary system has a high ideal value and has been created to give back to money its original meaning: to be a means to facilitate change based upon an agreement between the parties. For this reason it is called Credit: to remind us that money is only a tool through which one gives, in fact, 'credit', that is to say, trust. Thanks to this monetary system, the Damanhurians want to give nobility to the concept of money, by not considering it an end in itself but only a functional tool for exchange between people who share ideal values.

The use of the Credit, in fact, allows all those who are part of this system to see themselves as part of the cultural, social, economic and ethical values linked to the sustainability of the planet, respect for human beings and every living creature, to the quality of work and the added value of products thought of and realised with care and love.

A wide network of local producers and consumers – formed of around a hundred businesses and over 2,000 people – have chosen to use the Credit through a system of agreements. In this way, the Credit encourages an economic and social revitalisation of Valchiusella because it facilitates keeping capital inside the area so that it can be re-invested to the benefit of the local economy, businesses and activities.

Upon arriving in Damanhur, it is possible to convert one’s money at the Welcome Office or at the special change machines located around the territory. Any unused Credits can be changed back into Euros at any time.

One of the organisations that favour the use of the Credit is the Damanhur Crea Consortium, to which the Damanhurian co-operatives belong. The Consortium guarantees the quality and ethics of their products and permits a strengthening of the network of trade and production.

Linked to the project of the Credit and as a complement to it, there is DES, a system of social loans which accepts deposits and issues financing both in Euros and in Credits. DES arose from the idea of a finance service to serve the shared wellbeing, to make use of the money to start up development projects with ethical and social aims (organic and GMO-free foods, eco-building, renewable energies, excellence in craftsmanship, art, culture, research…). It is possible to participate in these projects by opening a savings account, available to members, with advantageous rates of interest.

In purely technical terms, the Credit is a unit of a working account, used within a predetermined and predefined circulation. Today, in its sonventional form, the Credit has the same value as the Euro.

In full respect of the Italian laws, not withstanding the administrative obligations on the part of the individual operators involved, purchases from all of the business activities present in Damanhur, foresee and favour the use of the Credit as the internal currency.

1 Credito=1 Euro