What is the common currency about?
The Economy Minister, Sergio Massa, confirmed to the Financial Times that the common currency project between Argentina and Brazil will advance this week. As indicated by the English newspaper, the two countries will announce the preparatory work within the framework of the CELAC summit.
The initial focus will be on how a new currency, which Brazil suggests calling the “sur” (south), could boost regional trade and reduce reliance on the US dollar, officials told the Financial Times. At first it would run parallel with the Brazilian real and the Argentine peso.
Brazil’s Finance Minister Fernando Haddad told reporters that he is trying to “boost trade, which is falling a lot”. A common currency for financial and commercial transactions is one of the ideas being considered.
“We are analyzing many possibilities”Hadad said. “Something that allows us to increase trade because Argentina is one of the countries that buys manufacturing from Brazil and our exports here are falling”
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