Nicaragua: NO to Single Regional Compensation System

Nicaraguan businesses say they will continue to manage their business operations in dollars because they are not prepared to use the Sucre.

Tuesday, March 5, 2013

"There aren't any business (signed up to) to the Superior Council of Private Enterprise" (COSEP), the most important business association in Nicaragua, who have, at this time, the possibility of using the mechanism of Single Regional Compensation System (sucre)", said the head of the organization, Joseph Adam Aguerri.

"Nicaragua yesterday made its first operation with the sucre, selling 500 metric tons of red beans to Venezuela for 25 million sucres (about $31.2 million)", noted an article in Eleconomista.net.

According to Aguerri Cosep companies have made dollar transactions for the last few years and that this mechanism will remain the same.

Alberto Guevara, president of the Central Bank of Nicaragua (BCN), said the country will have better opportunities from now on, by trading using the sucre.



More on this topic

Nicaraguan Exporters Reluctant Over Sucre

October 2012

The industry is concerned about the currency that is defined by reference to trade with Venezuela through the Unitary System for Compensation of Regional Payments (known as SUCRE).

The Superior Council of Private Enterprise (COSEP), warned that if Albalinisa, which concentrates all exports to Venezuela, decides to use the cordoba in parity with the the sucre, there would be an economic loss because of the need to change from dollars to cordobas.

Businessmen Hope for Continuity at Central Bank

February 2012

Business leaders are hoping that the Central Bank of Nicaragua will continue to maintain its independence from the central government after the departure of Antenor Rosales.

COSEP president, Jose Adan Aguerri regretted the resignation of Antenor Rosales as head of the Central Bank and hopes that the Government aspires to appoint officials who are not "puppets".

Nicaragua to Adopt SUCRE

March 2010

The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.

Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.

“SUCRE, (Regional Unique Compensation System), was created in 2009 by ALBA, the Bolivarian Alternative to the Americas.

Alba To Implement Sucre for Payments

January 2010

A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").

The announcement was made by Venezuelan president Hugo Chávez.

"Sucre is a common accounting unit, not a physical currency. It was adopted by Alba member countries in 2009 for exchanging products, freeing them from using the U.S. dollar", reported Epa.

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