BCE exposes Sucre failures

Roberto Aspiazu

Quite apart from the payment deficit, which this year would reach 2,000 million dollars, the Regional Clearance Unitary System (SUCRE) running from Venezuela has other flaws that concern exporters using this virtual currency.

This system allowed Ecuadorian sales to that nation overcome the $ 219 million to $ 834 million in the last year. However, users are not very happy. Therefore, the Central Bank of Ecuador (BCE) issued an office, on March 18, to the Committee of Foreign Trade (Comex) and the Foreign Ministry. Meanwhile the Ecuadorean Business Committee (CEE) showed the difficulties that local users registered in their transactions with the Sucre.

The document indicates that in recent months, the Administration Commission (Cadivi), which manages the transfers within the Sucre, has been increasing within the paperwork, thereby affecting exports. Referring to a delay of 150 days or more to grant an authorization exchange, causing a delay in the settlement of payments that the Central Bank of Venezuela (BCV) must do.

Given this scenario, Roberto Aspiazu, executive director of the CEE indicated that “most Ecuadorian banks accredited to operate with the Sucre, prefer not to take risks, thus refraining from making transactions.” He added: “However, due to delays, other banks (private) are reluctant to support sales transactions to Venezuela,” explained Aspiazu.