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• 01 / 26 / 2010

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The Bolivarian Alliance for the Peoples of Our America (ALBA) confirmed Monday that this month it will make the first operation with the Unique System for Regional Equalization (SUCRE, an account compensation system to become a regional currency.

 When opening a meeting of ALBA's Economic Council, Venezuela's former Economy and Finance Minister Ali Rodriguez said that first operation confirms the good course of the process.

Rodriguez, who recently assumed as power minister, compared the meeting with last details of a house being painted, with several technical problems already solved.

SUCRE indicates good steps for the creation of a regional currency are been made, in record time if compared to the process for the creation of the Euro.

Having a system and then a currency like Sucre will speed up processes for trade integration and promotion of productive activities and good and services, he pointed out.

According to the official, the good course of the process indicates it will end with the creation of a unique system, with possibilities to have an ALBA Bank, a sign that Latin America goes for its reintegration.

The first operations with Sucre will be Venezuelan rice shipments to Cuba, and Bolivian textile exports, according to Venezuelan President Hugo Chavez.

Source: PL