BACKGROUNDS

This integration project aimed to strengthening trade ties between the member countries of ALBA-TCP, arose in the city of Caracas, on November 26th, 2008, during the Third Extraordinary Summit of Heads of State and Government of the ALBA-TCP. And the Framework Agreement for the creation of SUCRE, was approved unanimously by the States of the ALBA-TCP on April 16th, 2009, at the VII ALBA Summit held in Cumana, and thus the formation of a regional currency in Latin America went from being an idea to become a reality. A similar experience was experienced by the European Union with the creation in 1979 of the unit of account of the European Monetary System, called ECU (European Currency Unit), which 20 years later would lead to the Euro, one regional currency that directly benefited those transiting the Euro Zone by not having to change these currencies for their mutual settlements, promoting the economic integration of these countries.

SUCRE´S MILESTONES

On November 26th, 2008 and in the framework of the Third Extraordinary Summit of Heads of State and Government of ALBA-TCP, it was agreed to build a Regional Monetary Area, which includes:

 

* Establishing the Common Account Unit SUCRE.
* A Central Clearing House Payments.
* A Stabilization, Reserve and Development Fund.
* On April 16th, 2009, is signed the Framework Agreement of SUCRE.
* On October 16th, 2009, is signed the Constitutive Treaty of SUCRE.
* On January 27th, 2010, comes into force the Treaty of SUCRE and the Regional Monetary Council of SUCRE (CMR) is installed in the I Meeting of the Executive Board of the WRC, where was appointed its Chairman and approved the issuance of 152 million "sucres", distributed among the States Parties.
* On February 3rd, 2010, the first commercial operation for an export from Venezuela to Cuba, was made the first payment which runs on "sucres".

 

The Unitary System of Regional Compensation (SUCRE), was born as a fundamental step for trade integration among Latin American and Caribbean countries, and to the progressive disengagement of the use of the dollar in intra-regional trade. This initiative is being promoted within the framework of the Bolivarian Alliance for the Peoples of Our America (ALBA), and to this end a Framework Agreement was signed between the States of Bolivia, Cuba, Ecuador, Honduras, Nicaragua and Venezuela, for the creation of the four components of the SUCRE, which are the SUCRE Regional Monetary Council, the highest decision-making body; Common Account Unit "sucre"; Reserves Fund and Commercial Convergence; and the Central Clearing House Payments.

 Countries of the Regional Monetary Council

Address: Av. Tamanaco de la Urbanización El Rosal,

Edif. La Unión, Local 3, PB.

Municipio Chacao - Estado Miranda

Phone:  Master (+058) 212-9528618

Fax: (+058) 212-9528618

Contact : contacto@sucrealba.org

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Address: Av. Tamanaco de la Urbanización El Rosal,

Edif. La Unión, Local 3, PB. Municipio Chacao - Estado Miranda

Phone:  Master (+058) 212-9528618  / Fax: (+058) 212-9528618

Contact: contacto@sucrealba.org

Derechos Reservados ® Consejo Monetario Regional - 2016

    • ABOUT US +
    • SUCRE +
    • FUND RESERVES +
    • PAÍSES MIEMBROS +