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We use this compensation system where you pay in national currency to your respective exporters and in that way the international currency isn’t needed: Ecuadorian President Rafael Correa.

July 08, 2010 (Hamsayeh.Net) - Latin American leaders President Hugo Chavez of Venezuela and President Rafael Correa of Ecuador have for the first time in the region’s history traded a deal between the two ALBA countries using a new currency called the sucre instead of the US dollar.

In this deal Venezuela purchased 15000 tons of rice from Ecuador at the cost of 1.89 million sucres with an exchange rate of 1.25 sucres to one US dollar.

ALBA members are a group of Latin American and Caribbean nations set to transform the region’s geopolitical and economical landscape by implementing alternative trading and policies outside United States interferences. One of the key features of the alternative trading involves a new regional currency - the sucre - which would allow all the members to trade goods and services without any need to use the dollar.

According to Ecuadorian President Rafael Correa the use of sucre is a very simple concept. ‘Instead of using a currency from outside of the region to trade in goods and services, we use this compensation system where you pay in national currency to your respective exporters and in that way the international currency isn’t needed,’ explained Correa during a meeting with his Venezuelan counterpart.

Hugo Chavez also welcomed the first transaction within the ALBA framework saying, ‘the implementation of the Sucre democratizes the economy in our countries, it allows us to advance towards freeing ourselves from the dollar, decoupling ourselves from the international hegemonic system.’

Hugo Chavez and Rafael Correa carried out regions first trade deal using a new currency called the sucre instead of other currencies.

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