SUCRE

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SUCRE (currency)
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This article is about the recent currency. For the old Ecuadorian currency, see Ecuadorian sucre. For other uses, see Sucre (disambiguation).
SUCRE
Sistema Unitario de Compensación Regional de Pagos (
Bolivarian Alliance for the Americas
(ALBA)
Map of participants in the ALBA

The SUCRE (

US dollar as a medium of exchange
.

History

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 and Venezuela.[1] 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.[2]

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

uses the US dollar).[citation needed
]

In the case of ALBA members

East Caribbean dollar,[3] although none of them had agreed to the treaty establishing the SUCRE and the regional payments clearinghouse.[4]

The SUCRE is named after

US dollar
after the economic crisis in 1999).

This currency has code XSU in ISO 4217 standard currency list. ISO 4217 Standard definition:

  • "Data Standards, ISO 4217 - Currency Code Maintenance: Get the Correct Currency Code". www.six-group.com. SIX Group. 2022-10-01. Retrieved 17 October 2022.
  • "List One: Currency, fund and precious metal codes" (XLS). www.six-group.com. SIX Group. 2022-09-23. Retrieved 17 October 2022.
  • "List Two: Fund codes registered with the Maintenance Agency" (XLS). www.six-group.com. SIX Group. 2018-08-29. Retrieved 17 October 2022.
  • "List Three: Codes for historic denominations of currencies and funds" (XLS). www.six-group.com. SIX Group. 2018-08-22. Retrieved 17 October 2022.
  • "Overview Amendments" (XLSX). www.six-group.com. SIX Group. 2022-09-23. Retrieved 17 October 2022.

In 2013 Uruguay joined the currency.[6]

In 2018, the government of Venezuela proposed using the

Petro, instead, for trade within ALBA.[7][8]

See also

References

  1. ^ "Latin American Herald Tribune - Venezuela and Ecuador Make Trade Using New Virtual Currency". Laht.com. Archived from the original on 2021-01-25. Retrieved 2016-12-11.
  2. ^ "Informe de Gestión 2015" (PDF). Sucrealba.org. Archived from the original (PDF) on 2017-06-18. Retrieved 2017-03-07.
  3. ^ "Proposed ALBA currency the sucre poses dilemma for Dominica government". The Dominican.net. Retrieved 2016-12-11.
  4. ^ a b Agencia Latinoamericana de Información, 2009-10-19, Tratado Constitutivo del Sistema Unificado de Compensación Regional de Pagos (SUCRE)
  5. ^ "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.
  6. ^ "Uruguay solicita adhesión al Sucre, sistema monetario de la Alba". www.elcomercio.com. Archived from the original on 26 March 2013. Retrieved 17 January 2022.
  7. ^ "PRESIDENT MADURO PROPOSES THE PETRO FOR THE ECONOMIC AGENDA OF ALBA-TCP PETROCARIBE". Petróleos de Venezuela, S.A. 6 March 2018. Archived from the original on 17 January 2022. Retrieved 23 August 2023.
  8. ^ "Expertos afirman que El Sucre ya es historia" [Experts say SUCRE is history]. Newslocker (in Spanish). Archived from the original on 2023-08-26.
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