Prince’s Government welcomes success of Carlo initiative

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As part of the various measures adopted to support the economy, the Prince’s Government repeated the Carlo initiative at the end of 2021. The initiative involved paying a one-off bonus, directly converted into gift vouchers, to around 10,000 civil servants, State and Commune employees, retired civil servants and non-medical staff at Princess Grace Hospital via the Carlo app.

The bonus, which varied from €350 to €650 per person, can only be spent in shops in the Principality before 31 March this year. For each transaction, the customer receives 5% cashback, which they can then spend again in the shops that are part of the Carlo network. The initiative aims both to increase the purchasing power of staff and to boost local consumption and support the Monegasque economy.

A virtuous circle

Of a total of €6.5 million paid out in State bonuses last December, €4.3 million have already been spent in the 395 businesses that are partners of the Carlo app. This is direct support that has been injected into the local economy during the month of January, which was hit by a resurgence of the epidemic.

The Prince’s Government further welcomes the new involvement of 14 private businesses and organisations, who have also decided to award bonuses to their staff in the form of Carlo gift vouchers.

Since the initiative was launched on 1 December, the number of daily transactions has doubled compared with last year.

The app has been used for a record 96,000 transactions, representing a total of €9 million injected directly into the local economy and generating €630,000 in cashback, which will in turn be spent with partner traders.

These results confirm that the strategy of using local consumption to boost economic recovery has been successful. The virtuous circle that the Government sought to create is now an integral part of the buying habits of customers in the Principality.