News
Bolivarian Alliance Meets in Nicaragua to Discuss Details of SUCRE
Representatives of the Bolivarian Alliance for the Peoples of Our Americas (ALBA) member countries are meeting in
Nicaragua to discuss details of the Unique Regional Compensation System (SUCRE).
Nicaragua to discuss details of the Unique Regional Compensation System (SUCRE).
Source
ACN
Date
Representatives of the Bolivarian Alliance for the Peoples of Our Americas (ALBA) member countries are meeting in Nicaragua to discuss details of the Unique Regional Compensation System (SUCRE).
The SUCRE will function as a kind of virtual currency for commercial exchange between nations of the group, reports Prensa Latina (PL) news agency.
Included in the meeting’s agenda are topics like the exports’ surplus of the nine ALBA countries (Bolivia, Cuba, Ecuador, Honduras, Nicaragua, Venezuela, Dominica, Antigua and Barbuda, and San Vicente and the Grenadines).
Likewise, participants will analyze the surplus’ potentials and the import requirements of each member country, which will be included in a data base.
The creation of a regional common currency was approved in an ALBA meeting held last April in Venezuela, where the general regulations for the implementation of a Central Chamber for Compensation, a Regional Monetary Committee and a Reserves and Commercial Convergence Fund were set up.
After SUCRE’s outline agreement was created, Venezuelan President Hugo Chavez defined it as the “first concrete economic and financial element in the construction of a regional space.”
The SUCRE will function as a kind of virtual currency for commercial exchange between nations of the group, reports Prensa Latina (PL) news agency.
Included in the meeting’s agenda are topics like the exports’ surplus of the nine ALBA countries (Bolivia, Cuba, Ecuador, Honduras, Nicaragua, Venezuela, Dominica, Antigua and Barbuda, and San Vicente and the Grenadines).
Likewise, participants will analyze the surplus’ potentials and the import requirements of each member country, which will be included in a data base.
The creation of a regional common currency was approved in an ALBA meeting held last April in Venezuela, where the general regulations for the implementation of a Central Chamber for Compensation, a Regional Monetary Committee and a Reserves and Commercial Convergence Fund were set up.
After SUCRE’s outline agreement was created, Venezuelan President Hugo Chavez defined it as the “first concrete economic and financial element in the construction of a regional space.”