VHeadline News Editor Patrick J. O'Donoghue reports: Venezuela and Cuba made history today by launching the new trading currency adopted by the Bolivarian Alliance for the Americas (ALBA). 360 metric tonnes of rice was sold to Cuba for 108,000 sucres. The sucre has been fixed at the rate of US$1.25.

The first deal was between the Venezuelan Socialist rice joint venture and the Cuban Food Commerce company.

The decision to adopt a currency that was not the dollar was reached in November 2008 at the third ALBA summit.

ALBA countries spent last year working out and finalizing the technological platform enabling transactions and other important details agreed at the last ALBA meeting before Christmas. The 360 tonnes of rice is the first of a cargo of 8,000 tonnes.

Present at today's historic exchange overseen by the Banco de ALBA were Venezuelan Planning & Finances Minister, Jorge Giordani, Banco Central de Venezuela (BCV) president, Nelson Merentes and Venezuela representative to the Sucre regional monetary council, Jesus Faria.

Merentes said the first trading operation in the new currency is a step forward in the unstoppable integration of South American peoples headed by ALBA countries.

Patrick J. O'Donoghue
news.editor@vheadline.com