Joint currency step from Brazil and Argentina

It was stated that Brazil and Argentina have started to prepare for the transition to a common currency.

According to the report of the Financial Times (FT), Brazil and Argentina have begun preparations to adopt a common currency. In the news, it was noted that the leaders of the two countries will make a statement this week on the start of preparations.

According to the FT’s report, which is based on the authorities, it was stated that Brazil proposed the name “sur” (south) for the new currency and that the common currency will be discussed at a hill to be held in Buenos Aires this week. With the joint new currency, the two countries are said to aim to boost regional trade and reduce reliance on the US dollar.

“The decision will be taken to examine the necessary parameters such as the financial stakes and the role of central banks to create a common currency,” Argentina Finance Minister Sergio Massa told the Financial Times. used the terms.

In the report, which stated that the initiative, which started as a bilateral project at the beginning, will later be expanded to invite other Latin American countries, it is stated that an official announcement is expected during the visit of Brazilian State Leader Luiz Inacio Lula da Silva to Argentina, which will start on Sunday night.

For the first time, Brazil and Argentina brought up the proposal to create a common currency in 2019. No progress was made after the Central Bank of Brazil objected to this proposal.