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Latin American leaders discuss adopting new regional currency

Member states of the Bolivarian Alliance for the Peoples of America debate replacing the US dollar as a medium of exchange

LATIN American leaders vowed “another way is possible” as they gathered in Nicaragua today to discuss the development of a new regional currency for international trade.

Foreign ministers of the member countries of the Bolivarian Alliance for the Peoples of America (Alba) met in Managua to discuss a range of political and socioeconomic issues affecting the region.

Alba was founded in 2004 by Cuba and Venezuela as a progressive alternative to the United States-driven Free Trade Agreement of the Americas (FTAA). 

The Bolivarian Alliance includes Venezuela, Cuba, Bolivia, Nicaragua, Dominica, Saint Vincent and the Grenadines, Antigua and Barbuda, Saint Lucia, Saint Kitts and Nevis, Grenada and Suriname.

One of the items on the agenda is the Sistema Unico de Compensacion Regional (Sucre) – a regional currency aimed at replacing the US dollar as a medium of exchange. 

Developed by late Venezuelan President Hugo Chavez, the Sucre was first used as a virtual currency in transactions between Venezuela and Ecuador in 2010, however the Alba countries are hoping that it will develop into a hard currency.

Today’s Alba meeting came as the US increases pressure on the region imposing sanctions and threatening regime change in Venezuela and Nicaragua. 

Its 50-year economic blockade of Cuba continues despite being an overwhelming vote at the United Nations last week of 189-2 condemning the US embargo.

Delegates also discussed the Solidarity and Complementarity Programmes and Projects, which will be developed by the Banco del Alba, which has previously contributed to literacy programmes for the member states.

The meeting aims to develop plans that will contribute to justice, peace and wellbeing in the region and the world.


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