Ecuador uses virtual currency (Sucre) to transact some commercial transactions with ALBA countries

Posted on November 23, 2015 • Filed under: Economy, Ecuador reported… Ecuador transacted by $ 2,673.9 million in Sucre

Transactions of the export sector of the country and importer with the Single System of Regional Compensation (Sucre), the virtual currency of the Bolivarian Alliance for the Peoples of America (ALBA), totaling $ 2,673.9 million since July 6, 2010 to November 10 this year, with 5,270 operations, according to the Central Bank of Ecuador (BCE).

Exports in these 64 months were $ 2,530.6 million, with 5,214 transfers received; while imports accounted for $ 143.3 million in 56 transactions. 94.6% of transactions refer to transfers received from exports.

Sucre is a monetary mechanism that serves to channel international payments resulting from reciprocal trade transactions among member countries: Bolivia, Cuba, Ecuador, Nicaragua and Venezuela. Read Article

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