Category Archives: ALBA

Launching the Sucre

The Bolivarian Trade Alliance for the Americas (ALBA) recently decided to launch the SUCRE in Nicaragua within the next two months.  The SUCRE is a virtual currency named after Antonio José de Sucre, a Venezuelan independence leader who was a compatriot of Simón Bolivar.  The participating countries, which include Venezuela, Cuba, Bolivia, Ecuador, Saint Vincent and the Grenadines, and Dominica, created the SUCRE with the hope of stabilising regional economies and further distinguishing ALBA trade agreements from the dollar-based FTAA that it was created as an alternative to.  In Nicaragua, the currency will be used for bookkeeping and to allow the country to keep fewer dollars in reserve to back up international trade.  It was first used in isolated trade agreements between Ecuador and Venezuela in 2010.  The launching of the SUCRE in Nicaragua is similar to that of the European union adopting the Euro, although there is not yet a hard currency.  The SUCRE marks another initiative for the autonomy and fuller empowerment of traditional producer nations.

Advertisements