The First Use of the Sucre

On July 7, 2010 the new South American currency, the Sucre, was used for the first time in an international trade transaction.  The Sucre (Unitary System of Regional Compensation) is the currency developed by the Bolivarian Alliance of the Peoples of Our America (ALBA), enabling member states to trade internally without the US dollar.  As explained by Ecuadoran President Rafael Correa, “It is a very simple concept: instead of using a currency from outside of the region to trade in goods and services, we use this compensation system where you pay in national currency to your respective exporters and in that way the international currency isn’t needed.”   Cuba is a member of ALBA, which is why we will not be hearing much about the Sucre in the USA.

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