WIR Bank launched the WIR currency in 1934 to support small businesses during the Great Depression.
The institution was founded in Switzerland by Werner Zimmermann and Paul Enz, who were influenced by monetary reform ideas associated with the economic crisis. WIR stands for Wirtschaftsring, meaning “economic circle,” and also means “we” in German. The system allowed participating businesses to trade with one another using a complementary accounting unit when conventional money and credit were scarce.
WIR is not the Swiss franc and is not issued by Switzerland’s central bank. It functions within a business-to-business network, where members can settle transactions through mutual credit. The system later developed into a regulated bank while preserving its distinctive complementary-currency role.
The WIR model is often compared with local currencies, but its principal users have historically been businesses rather than ordinary shoppers. That business focus is what made it especially relevant to small firms facing liquidity problems.