Caricom Countries Opt Out Of ALBA ‘SUCRE’ Currency

Member nations of Bolivarian Alliance for the Americas (ALBA) have agreed to implement a single currency to be used among themselves from next year, but the three Eastern Caribbean countries who are part of the nine-member Venezuela-led bloc say they won’t be a part – a position that was accepted by a weekend summit.

The decision to go ahead with the use of the use of the virtual Single Regional Payment Compensation System (SUCRE) as a replacement for the US dollar in commercial exchanges among members was endorsed by the Prime Ministers of Antigua and Barbuda, St Vincent and the Grenadines and Dominica at ALBA’s Seventh Summit in Bolivia.

But according to media reports, the three who already use the EC dollar under the Eastern Caribbean Currency Union, said they would not be participating in the proposed currency at this time.

The intention is to have the SUCRE replace the US dollar as the main trading currency among ALBA members.

There will be no bills issued in SUCRE. It will instead be used for electronic payment, and each country can withdraw the equivalent in its own currency.

A multidisciplinary team from the ALBA nations will begin technical operations for the SUCRE’s implementation on January 1st next year.
 
In addition to the Eastern Caribbean nations, ALBA includes Bolivia, Cuba, Ecuador, Honduras, Nicaragua, and, of course, Venezuela.

Their summit ended with resolute support for ousted Honduran president Manuel Zelaya and opposition to US military bases in Latin America.

According to a statement, the leaders and representatives from the nine participating countries called for the reinstatement of Zelaya, and asserted that they would reject any government elected by the presidential election next month.

The summit discussed a draft declaration to put in place policies and procedures to protect the country and analysed the issue of the expansion of US military bases in Colombia.

www.caribbean360.com

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