Nicaragua: Pressure to Ratify Sucre as Currency
Wednesday, October 24, 2012
Pending in the Nicaraguan National Assembly is adherence to the Unitary System for Regional Compensation Payments, using the Sucre as currency in trade between the member countries of the Bolivarian Alliance.
Alberto Guevara, president of the Central Bank of Nicaragua (BCN in Spanish), urged members of the Committee on Production, Economics and Budget of the National Assembly, to ratify the agreement by which the country adheres to the Unitary System of Regional payments (known as Sucre). reports that "Nicaragua is the only member of Alba that still hasn’t ratified the mechanism yet, so it can not use it. But the rest of the group already has operations in the order of 900 million with the mechanism, 'that's a good sign that the system is already maturing' said Guevara. "

"Guevara says the sucre facilitates trade transactions and reduces transaction costs. The exporter of one country and importer or another can get paid, 'if that is how they wish to', in their local currency, without having to worry about currency exchange.
More on this topic
Nicaragua Adheres to Sucre
November 2012
Nicaragua's National Assembly approved the country's accession to the SUCRE regional payments system.
A press release from the National Assembly of Nicaragua reads:
Nicaraguan Exporters Reluctant Over Sucre
October 2012
The industry is concerned about the currency that is defined by reference to trade with Venezuela through the Unitary System for Compensation of Regional Payments (known as SUCRE).
The Superior Council of Private Enterprise (COSEP), warned that if Albalinisa, which concentrates all exports to Venezuela, decides to use the cordoba in parity with the the sucre, there would be an economic loss because of the need to change from dollars to cordobas.
Nicaragua to Adopt SUCRE
March 2010
The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.
Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.
Alba To Implement Sucre for Payments
January 2010
A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").
The announcement was made by Venezuelan president Hugo Chávez.
Key entities
Alternativa Bolivariana de las Américas (ALBA)Central Bank of Nicaragua Nicaragua National Assembly
International Commerce
International Commerce
Sucre currency
Alternativa Bolivariana de las Américas (ALBA)
Central Bank of Nicaragua
Exports & imports
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