SUCRE - A Latin-American
March 25, 2013 [...]
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The SUCRE is a rather new alternative currency launched by the ALBA member Latin-American countries: Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Nicaragua, Saint Vincent and the Grenadines and Venezuela.
The word SUCRE comes from Sistema Único de Compensación Regional, meaning Unified System for Regional Compensation.
The SUCRE is intended to replace the US dollar as a medium of exchange. It was first used in 2010 as a virtual currency in at least two recognized transactions between Venezuela and Ecuador.
The ALBA members intend to lift the SUCRE to the level of a hard currency.
It's interesting that the name of the new alternative currency was created in such a way that it matches the name of Antonio José de Sucre, a leading historical figure in Latin America.
Important to note that Ecuador's former currency was also called sucre, but was later swapped for the US dollar (due to major economic turmoil).
Operations with the new SUCRE alternative currency increased since 2010. In 2012, transactions with the SUCRE totaled over 675 million US dollars, which was up 150 % compared to the figures recorded in 2011.
It seems that the new currency is gaining ground in front of the dollar.