Sucre

Sucre

Sucre is the name of Latin American currency, 1 Sucre = 100 points.

Ecuadorian currency Sucre

Chinese full name: Sucre

Currency value: 1, 5, 10, 20, 50 cents and 1, 5, 10, 20, 50, 100, 500, 1000, 5000, 10000, 50000 Sucre

The founding of Sucre

Leaders of nine Latin American countries agreed in the Bolivian city of Cochabamba on the 16th to create a regional currency "Sucre", thus gradually reducing the use of the US dollar. The nine member states of the left-wing alliance "Bolivarian union of American States", conceived by Venezuelan President Hugo Chavez, are meeting in Bolivia. At the meeting, they vowed to promote the use of new currencies to replace the US dollar for intra regional trade.

"This document has been approved," said Bolivian President Morales, who presided over the summit The new currency "Sucre" will be introduced in the form of non paper money.

The move echoes the European Union's previous move to introduce the European monetary unit. The European monetary unit (EMU), the predecessor of the euro, aims to maintain the exchange rate stability among member states before their currencies are abolished.

The creation of the new currency was supported in April. Its name comes from Sucre, who fought for independence from Spain with the Venezuelan hero Bolivar in the early 19th century and later became the first president of Bolivia. The nine members of the League of Bolivarian American states are Venezuela, Bolivia, Cuba, Ecuador, Nicaraguan, Honduras, Dominica, Saint Vincent and Antigua and Barbuda.

The alliance also called for a new institution to replace the world bank's Center for international investment dispute settlement. The center arbitrates international contract disputes and investigates a series of disputes involving member countries of the "Bolivarian union of American States" and Western energy companies. Most of the members of the union of Bolivarian American States have withdrawn from the centre. Ecuador just announced its withdrawal in July.

Bolivia plans to nationalize a power distributor owned by the Spanish power network company, Bolivian media reported on the 16th. This is the latest in a series of nationalizations in Venezuela, Ecuador and Bolivia.