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| Dominica's Foreign Affairs Minister Vince Henderson. (File photo) | |
CARACAS, Venezuela, December 1, 2008 - Dominica will not be adopting the common currency which other members of the Bolivarian Alternative of the Americas (ALBA) are working towards.
Representatives of ALBA member countries - Bolivia, Honduras, Nicaragua, Cuba and Dominica - as well as Ecuador have agreed to the proposal to create the Sucre and will meet this month to approve the technical details. But Dominica, which is already part of another common currency union - the Organisation of Eastern Caribbean States (OECS) which uses the EC dollar -, has made it clear it will not be changing its currency.
Foreign Affairs Minister Vince Henderson said that was declared at last week's third Extraordinary ALBA Summit.
During that meeting, it was also agreed that a compensation fund, made up with contributions from member countries, would be developed as a backup for development investments.
The Sucre, chosen in honour of South American independence hero Antonio José de Sucre, translated into English, stands for Unified Regional Compensation System.
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