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Alba Coordinator Philbert Aaron has categorically stated that Dominica is not one of the ALBA Member States which will use the Single Regional Payment Compensation System (SUCRE) currency.
The recently held Seventh Summit of the ALBA over the weekend saw member states approving the decision to implement a single currency for transactions amongst them.
ALBA’s member states are Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent and Antigua and Barbuda.
Antigua and Barbuda, Dominica and St Vincent and the Grenadines are a part of the Eastern Caribbean Currency Union (ECCU). Contrary to media reports that the SUCRE currency could pose a problem for these three Caribbean countries, Dr. Aaron clarified that this is not so.
Dr. Aaron, who was also present at the ALBA Summit, said our country’s position to remain using the Eastern Caribbean dollar was reaffirmed at the event. “So it will have no effect on us ... we have volunteered to be observers as the Prime minister has said... it will not be a currency of any kind for us. We will not be using the SUCRE currency,” the ALBA Coordinator stated.
"The SUCRE will have actually no impact on us, of course because Dominica I think for more than 25 years has been a signatory that bind us to a common currency that goes for the rest of the Eastern Caribbean. Actually St. Vincent and the Grenadines and Antigua and Barbuda which are also recent members of ALBA have re-stated that position, but that is a position which was made clear [and] communicated first by Dominica which is the first member of the OECS to join ALBA," Dr. Aaron explained in an exclusive interview with DNO.
Nonetheless, he recognised the significance of such a currency for the ALBA, adding “it shows that ALBA is growing as an organisation; ALBA is serious about getting economic independence for the Member States that includes Dominica, but Dominica being a member to the ECCU already Dominica will not, not at all be party to the SUCRE.”
The implementation of the SUCRE will reflect ALBA’s economic independence for the region. He said trade is being done with the use of the United States dollar, which is not a currency for any of the ALBA members.
According to Dr. Aaron, it is possible to be a member of a bloc and not partake in the use of the currency. “That is the case for example of England which still to my understanding uses the English pound although it is part of the European Union so there is no contradiction there,” he added.
The implementation of the SUCRE currency will take effect in January 2010. So far, five ALBA Member States have signed to use the SUCRE, Dr. Aaron noted.
Alba Coordinator Philbert Aaron has categorically stated that Dominica is not one of the ALBA Member States which will use the Single Regional Payment Compensation System (SUCRE) currency.
The recently held Seventh Summit of the ALBA over the weekend saw member states approving the decision to implement a single currency for transactions amongst them.
ALBA’s member states are Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent and Antigua and Barbuda.
Antigua and Barbuda, Dominica and St Vincent and the Grenadines are a part of the Eastern Caribbean Currency Union (ECCU). Contrary to media reports that the SUCRE currency could pose a problem for these three Caribbean countries, Dr. Aaron clarified that this is not so.
Dr. Aaron, who was also present at the ALBA Summit, said our country’s position to remain using the Eastern Caribbean dollar was reaffirmed at the event. “So it will have no effect on us ... we have volunteered to be observers as the Prime minister has said... it will not be a currency of any kind for us. We will not be using the SUCRE currency,” the ALBA Coordinator stated.
"The SUCRE will have actually no impact on us, of course because Dominica I think for more than 25 years has been a signatory that bind us to a common currency that goes for the rest of the Eastern Caribbean. Actually St. Vincent and the Grenadines and Antigua and Barbuda which are also recent members of ALBA have re-stated that position, but that is a position which was made clear [and] communicated first by Dominica which is the first member of the OECS to join ALBA," Dr. Aaron explained in an exclusive interview with DNO.
Nonetheless, he recognised the significance of such a currency for the ALBA, adding “it shows that ALBA is growing as an organisation; ALBA is serious about getting economic independence for the Member States that includes Dominica, but Dominica being a member to the ECCU already Dominica will not, not at all be party to the SUCRE.”
The implementation of the SUCRE will reflect ALBA’s economic independence for the region. He said trade is being done with the use of the United States dollar, which is not a currency for any of the ALBA members.
According to Dr. Aaron, it is possible to be a member of a bloc and not partake in the use of the currency. “That is the case for example of England which still to my understanding uses the English pound although it is part of the European Union so there is no contradiction there,” he added.
The implementation of the SUCRE currency will take effect in January 2010. So far, five ALBA Member States have signed to use the SUCRE, Dr. Aaron noted.