Ecuador, Venezuela Have 82 Transactions with Sucre

Quito,  (Prensa Latina) The chairman of the Central Bank of Ecuador, Diego Borja, announced Tuesday that Ecuador and Venezuela have 82 ongoing transactions through the Unified System for Regional Compensation (Sucre) used as virtual currency for commercial exchanges.

The 82 transactions represent $94 million USD, 50 million in exports and 44 million in imports, of which Ecuador has a favourable balance equivalent to $6 million USD.

“Ecuador has important advances regarding Sucre, in fact, Ecuador is exporting more than it imports from Venezuela, Borja said in the resort of Salinas, where the 9th Venezuela-Ecuador Presidential Meeting is taking place.

Borja said that during the meeting, Ecuador will raise with Venezuela the need for transaction procedures to become easier for that country because “there are still some operational problems.”

The request for speeding up the procedures is due to the fact that Venezuelan companies must seek multiple authorizations, he said and “the idea is to speed up the exchange through the virtual currency.”

Borja said that this initiative will allow the participation in international trade of people who previously did not export or benefit from the huge Venezuelan market.

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