Chavez’s Anti-Dollar Currency to Debut at $1.25, Nacional Says

Jan. 15 -- A regional currency for trade between members of the Alba trade bloc, led by Venezuelan President Hugo Chavez, will first be used this week for a shipment of rice from Venezuela to Cuba, daily El Nacional reported.

Each sucre, as the currency is known, will be worth $1.25, the Caracas-based newspaper said, citing Venezuelan Finance Minister Ali Rodriguez. The accounting unit meant to reduce dependency on the dollar in commercial transactions will not circulate as cash.

Alba was created as an alternative to the U.S.-backed Free Trade Area of the Americas. It is made up of nine countries including Bolivia, Ecuador, Cuba and Nicaragua.