ALBA to Discuss SUCRE in Nicaragua
Managua - The Bolivarian Alliance for the
People of our Americas (ALBA) will discuss
on Wednesday in this capital about the
Regional Single Compensation System (SUCRE).
The SUCRE will work as a sort of virtual
currency for trade exchange among the bloc's
nations.
They will tackle, among others issues in the
meeting, export surplus from the nine
countries that shape the ALBA (Bolivia,
Ecuador, Honduras, Nicaragua, Venezuela,
Dominica, Antigua and Barbuda, Saint Vincent
and the Grenadines and Cuba, according to
reports.
The potential surpluses and import
requirements of each member country will be
also discussed to create a data base.
The common currency was approved during a
meeting in April in Venezuela, where the
general rules were agreed to start a Central
Chamber of Compensation, a Regional Monetary
Committee and a Reserve and Trade
Convergence Fund.
When the Single System outline agreement was
reached, Venezueloan President Hugo Chavez
defined it as the "first economic and
financial concrete element in the creation
of a regional space."
Venezuelan Economy and Finance Minister Ali
Rodriguez said the currency is the
cornerstone of agreements that are beginning
to be presented in other parts of the world.
In this reference, they mentioned the case
of Russia and China, with the objective of
creating a new world financial architecture.
Ideally, the whole Latin American and
Caribbean regions would have their own
common reserve, the official said.
Implementation of the SUCRE does not mean a
new physical currency will be issued, but it
will be an electronic way to exchange to
make transactions among member countries
easier.
Representatives of all the ALBA members are
participating ion the meeting, which is
starting on Wednesday.
The Venezuelan delegation is being presided
over by Trade Minister Eduardo Saman,
accompanied among others, by Vice Foreign
Minister Yamercy La Rosa.
The Cuban delegation, which arrived in this
capital on Tuesday night, is being led by
Orlando Hernandez Guillen, Trade and Foreign
Investment vice minister. |
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