Venezuela trims US dollars for imports; prompts Sucre
Central bank says over 300 companies use Sucre
US sales for regular imports collapsed (File photo)
VÍCTOR SALMERÓN | EL UNIVERSAL
Friday January 18, 2013 03:27 PM
In 2012, the Venezuelan Foreign Exchange Administration Commission (Cadivi) implemented a strategy to stimulate the Unified System for Regional Compensation (Sucre) as a mechanism to import and cut down the sale of US dollars for import via both regular operations and the Latin America Integration Association (Aladi).
Sucre is a common account unit worth USD 1.24, used by Member States of the Bolivarian Alliance for the Peoples of Our America (Alba); it allows Venezuelan enterprises to pay in bolivars imports from Cuba, Nicaragua, Bolivia, and Ecuador.
According to Cadivi's data, Sucre's overall operations in 2012 amounted to USD 2.75 billion, 478% above the figure recorded a year earlier.
In the meantime, regular operations via Cadivi accounted for USD 18.17 billion, 7% below those recorded in 2011. Moreover, bond sales under Aladi went down 4.5%.
In late 2012, BCV's President Nelson Merentes asserted that "300 enterprises operated under Sucre by the end of 2012, 99% of which belong to the private sector."
Translated by Jhean Cabrera
Eleven years have elapsed since the Santa Rita "hacienda", or rural estate, in the Obispo municipality of Barinas state (in southwest Venezuela), was first invaded.
2. Amid debris
2. Amid debris