The Attorney General advised the Central Bank of Ecuador (BCE) that it’s conducting research for ‘some’ transactions made by the Regional Clearance Unitary System (SUCRE). For being in preliminary investigation stage, so far details are unknown of the number of cases studied and no anomalies have been found.
In 2012, the banks of Pichincha, Pacifico and Territorial, recorded the highest number of transactions, so these three banks accounted for 69% of transactions under this mechanism.
Central authorities alerted the Superintendency of Banks and the prosecution of any “unusual transactions” conducted under this mechanism. The Sucre has become a tool to facilitate trade by providing alternative means of payment that reduces transaction costs and generate some benefits for Ecuadorian exporters.
As of 4 April this year, Ecuador made 1,332 exports to Venezuela, using the Sucre. According to statistics from the Central Bank of Ecuador (BCE), these transactions totalled $ 601 million, and until this month the system does not record imports from Venezuela: Transactions and transfers totalled zero. In the official report of the Ministry of Planning and Finance and Central Bank of Venezuela (ECB) indicated that imports of their country is perceived in exchange items that do not require certificate of production or underproduction. The report noted that half of Venezuela’s imports this year are processed consumer goods.
In 2012, the most exported products were vegetables, tuna, frozen fish, disposable diapers, sanitary material, ceramic, milk, caramel, vegetable fats and oils, chocolate, tires and appliances. But also got other less common items such as boards, cables, wires, condiments and stones from Cayambe and Tungurahua.
According to experts, the value of the Venezuelan currency in the unofficial market (26 bolivars and more per dollar) promote these exports become a profitable business, it would come to receive up to three times the money invested after selling the goods.