Member nations of Bolivarian Alliance for the Americas (ALBA) have agreed to implement a single currency to be used among themselves from next year.   The decision, made at ALBA’s Seventh Summit in Bolivia, was endorsed by Prime Ministers from Antigua and Barbuda, Dominica, the Grenadines and St. Vincent 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.

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.

Tags: Currency, Economic Development

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