CARACAS, January 6.— Venezuelan Minister of Economics and Finances Alí Rodríguez Araque confirmed on Wednesday that the Unified System for Regional Compensation (SUCRE) will come into effect at the end of January, reported Telesur.
The decision to enact the regional currency was agreed upon during the recent ALBA Summit held in Havana and will be valid for use in the nine ALBA member countries.
The first commercial transaction using the SUCRE —a virtual currency that will gradually replace the dollar in ALBA commercial operations— will be used for exporting Venezuelan rice to Cuba, said Alí Rodríguez Araque.
Speaking to Telesur, Venezuelan economist Rafael Antolinez said that with the beginning of a new year, is the beginning of a new method of trade aimed at creating less dependency on the commercial model enforced by developed countries and based on the US dollar. One of the goals is to emulate the positive experience of the Euro in Europe.
The Bolivarian Alliance for the Peoples of Our America (ALBA) is an international cooperation mechanism based upon the idea of social, political, and economic integration between the countries of Latin America and the Caribbean.
The ALBA was launched in Havana, Cuba in 2005 within the framework of the Hemispheric Social Alliance. ALBA challenges the hegemony of neoliberal integration and provides an alternative to the proposed Free Trade Area of the Americas (FTAA), focusing on the market as the source of efficiency and economic growth and prosperity. ALBA is a form of integration to achieve development build on the cornerstone of the fight against poverty and exclusion, through social reform.
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