ALBA to Discuss SUCRE in Nicaragua

ALBA to Discuss SUCRE in Nicaragua

 Managua, Aug 12 (PL) - 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, Venezuelan 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 Guillén, Trade and Foreign Investment vice minister.