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El Salvador analyses using the SUCRE in trade with Venezuela

Monday, Oct 6th 2014.-The Ministry of Economy discusses the possibility that  El Salvador will join the Unitary System Regional Payments (SUCRE) with which would make commercial transactions (exports and imports) through that system, which uses a virtual currency of the same name and it is used by member countries of Alba.

 

The payment mechanism was introduced yesterday, to a group of exporting companies, who have been told that the system would facilitate their trade with Venezuela and four other countries that are also part of this scheme: Bolivia, Cuba, Ecuador and Nicaragua. Uruguay is still in the process of accession.

 

The central banks of each country would have to do all transactions.

 

.Eudomar Tovar, president of the Sucre Regional Monetary Council, explains that although transactions are made with Sucre, employers receive your payments in their local currency.

 

According to the deputy minister of foreign trade of the Ministry of Economy, Luz Estrella Rodríguez, to adhere to this scheme, the country would have to make a formal Sucre request and after its approval, the case will be send to the Legislative Assembly for ratification.

 

Meanwhile, the president and executive director of the Corporation of Exporters of El Salvador (Coexport), Pablo Duran and Silvia Cuellar, said they are just getting to know this system, but it could definitely improve the agility of trade with Venezuela, with which, the country has a partial scope agreement that does not take advantage as a whole.

 

Cuellar said that although Venezuela demands many Salvadorans products, they ca not be easily exported, because the lack of dollars in that country makes good opportunities to be lost.

 

According to its statistics, from January to August this year they exported a total of $ 6.08 million to Venezuela, representing; only 0.2% of the market share of its sales abroad.

 

In relation to import trade, Venezuela has sold to the country a total of $ 217 million in products, most of them related to the heading of fuels and lubricants.

 

Cuellar said, however, that are still analyzing the advantages and disadvantages.

 

The Sucre was established in 2010 in Venezuela and private enterprises are the one that uses it more.

Source: www.elsalvador.com

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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

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