Ecuador and Venezuela Negotiate Business in Sucres

• According to ElUniversal.com Ecuador will use the Sucre for all public transactions with Venezuela. The Sucre is a ‘virtual currency’ established to reduce the dominance of the dollar in international markets.
• The Single System for Regional Clearing (Sucre) was created by the Bolivian Alliance for the Peoples of Our Americas (ALBA).
• In July 2010, the first transaction between the two countries was made. Since then USD 102 million in trade has used the Sucre.
• Rafael Correa’s goal is that USD 300 million with the Sucre by December 2011.
• In April 2011 an agreement was signed between the two countries that half of all trade use the Sucre. That figure will grow by 10% each year.
• Private banks are expressing uneasiness this system. According to the president’s official newspaper, the heads of the central banks in Ecuador will meet with executives from private banks on the 21st of June. Read Article