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What are LETS?
Local Exchange Trading Systems are a way for people to exchange their time and skills with each other using a local currency (Norfolk LETS uses "lokes" or "canaries" - yet to be agreed in the revived scheme). It encourages mutual help in the community and the possibility of creating a, "alternative economy" based on need.
How do LETS work?
• Members identify skills they wish to offer and their current requirements for goods and services, which are listed and circulated in a directory or via a LETS web site.
• Members contact each other directly, arrange a ‘trade’ amongst themselves and agree a price in LETS credits which are transferred online or by writing out a LETS cheque paid into and debited from members’ personal accounts by the LETS trading accountant.
• Members may view or receive statements and newsletters, and social events take place, often hosted by individual members, where people can get to know each other and discover new opportunities for trading.
• The system is managed by an elected committee.

Norfolk LETS is • non-sterling, interest-free and debt free
• a local skill-sharing pool • an enriching, supportive network
• a cash-saving resource bank for charities and organisations

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