The two neighbors will this week announce the start of preparatory work for the creation of a common currency, the Financial Times reported yesterday. The project, which will be discussed at a summit in Buenos Aires, aims to build a currency that can boost regional trade and reduce dependence on the US dollar, the newspaper said, citing officials from both countries. Brazil has suggested that this currency be called the “sur” (the south), to potentially be extended to other Latin American countries. “There will be (…) a decision to start studying the necessary parameters for a common currency, which includes issues ranging from budgetary issues to the weight of the economy (of each country) through the role of banks power plants,” said the Argentine Minister of Economy, quoted by the Financial Times. The idea had already been broached in 2019 by politicians in both countries before being rejected by Brazil’s central bank at the time.
The two neighbors will this week announce the start of preparatory work for the creation of a common currency, the Financial Times reported yesterday. The project, which will be discussed during a summit in Buenos Aires, aims to build a currency that can stimulate regional trade and reduce dependence on the US dollar, the newspaper said, citing…