This article needs to be updated. Please update this article to reflect recent events or newly available information. (April 2012)
Map of participants in the ALBA
Transactions in Sucre. The graph shows the evolution of trade using the Sucre 2010-2016. Data for the trade volume between all participants are from the Informe de Gestión 2015. Data for Ecuador from the Central Bank of Ecuador.
The SUCRE was first used as a virtual currency in 2010 in two transactions between Ecuador
International trade between member states in SUCRE reached its maximum in 2012 with 2,646 transactions worth almost 1,066 million US dollars. In each following year trade in SUCRE shrank. In 2015 there were 752 transactions worth around 345 million dollars.
The plan for the introduction of the SUCRE, initially as a virtual currency, paralleled the European Union
's introduction of the euro
in 1999, which was preceded by the European Currency Unit
The SUCRE was intended as the unit of account for all transactions in a clearinghouse. Its value derived from a basket of currencies from the member countries, weighted according to the relative size of the economies.
The treaty explicitly limited the backing assets of the basket of currencies to financial securities denominated in the respective currencies of the member states. Prohibition of alternative forms of currency backing (such as commodity
backing) presented an inequity for Ecuador that, alone in the group, does not have its own national currency (it uses the US dollar
The SUCRE is named after Antonio José de Sucre
, a leading figure in Latin America
's independence struggle. Agreement
in general terms for the currency was declared in 2009. The formal treaty
establishing the regional payments clearinghouse was signed by the six Latin American presidents in Cochabamba
, on October 17, 2009. (The former currency of Ecuador
, one of the SUCRE's users, was also called the sucre
, but was abandoned and replaced by the US dollar
after the economic crisis in 1999).
This currency has code XSU
in ISO 4217
standard currency list.
In 2018, the government of Venezuela proposed using the Petro
, instead, for trade within ALBA.
- ^ "Latin American Herald Tribune - Venezuela and Ecuador Make Trade Using New Virtual Currency". Laht.com. Retrieved 2016-12-11.
- ^ "Informe de Gestión 2015" (PDF). Sucrealba.org. Archived from the original (PDF) on 2017-06-18. Retrieved 2017-03-07.
- ^ a b [dead link]
- ^ "Proposed ALBA currency the sucre poses dilemma for Dominica government". The Dominican.net. Retrieved 2016-12-11.
- ^ a b Agencia Latinoamericana de Información, 2009-10-19, Tratado Constitutivo del Sistema Unificado de Compensación Regional de Pagos (SUCRE)
- ^ "Acuerdo Marco del Sistema Único de Compensación Regional de Pagos" (PDF). Gobierno de Bolivia. 2009-04-16. Archived from the original (PDF) on 2009-12-20. Retrieved 2016-12-11.
- ^ [dead link]
- ^ 
- ^ "PDVSA".
- ^ https://www.newslocker.com/es-ec/region/sucre/expertos-afirman-que-el-sucre-ya-es-historia-en-la-agenda-2001comve/view/
Last edited on 4 April 2021, at 09:53
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