Ecuador has conducted one billion dollars in transactions with Sucre compensation system

Posted on December 4, 2012 • Filed under: Business, Economy, Ecuador

Ecuador has performed more than one billion dollars in transactions, using the Unified System for Regional Compensation (Sucre), which came into existence in 2010, official sources reported according to Prensa Latina. Sucre is a compensation system that is valid for trade among the eight members of the Bolivarian Alliance for the Peoples of Our America (ALBA) and its function is to avoid the unnecessary movement of hard currency. Exporters are paid the value of their products in the local currency in their respective central banks, avoiding the need to transfer dollars abroad from the economy of those countries. The dollar equivalent of the transactions performed by Ecuador via this virtual system amounts to nearly $1.5 billion USD through November 30 of this year, at a fixed rate for Sucres of $1.25 US per unit. Read Article

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