Sucre for Safer LatAm Transactions
- Submitted by: manso
- 08 / 01 / 2011
By: Estela McCollin. 31 de julio de 2011, 00:11Caracas, Jul 30 (Prensa Latina) The Unitary System for Regional Compensation Payments (SUCRE) is a realiable choice for economic transactions among Latin American countries, says Banco Central de Venezuela (BCV).
BCV Sr. Vice President and President of the Sucre Regional Monetary Council, Eudomar Tovar, said in a meeting with Mexican businessmen: "we are promoting the integrationist significance of the Sucre at these meetings."
"They are venues for Venezuelan and Latin American business circles and institutions to learn about this alternative as a reliable choice for economic transactions among our countries," he added.
A BCV press release says Tovar explained at the meeting the benefits of operating with the currency: it facilitates import/export operations, helps paying with a local currency and reduces transaction costs and exchange risks.
The sucre started to operate officially from January 2010 with a Cuba-Venezuela deal and it has been used since in more than 100 transactions this year, says the press note.