Brazil and Argentina to discuss common currency - Reuters

BUENOS AIRES, Jan 22 (Reuters) - Brazil and Argentina purpose for greater economical integration, including the improvement of a communal currency, Brazilian President Luiz Inacio Lula da Silva and Argentine person Alberto Fernandez said successful a associated nonfiction they penned.

"We mean to flooded the barriers to our exchanges, simplify and modernize the rules and promote the usage of section currencies," says the substance published connected the Argentine website Perfil.

"We besides decided to beforehand discussions connected a communal South American currency that tin beryllium utilized for some fiscal and commercialized flows, reducing costs operations and our outer vulnerability," the nonfiction said.

Earlier successful the day, the Financial Times reported the neighboring nations volition denote this week that they are starting preparatory enactment connected a communal currency.

The plan, acceptable to beryllium discussed astatine a acme successful Buenos Aires this week, volition absorption connected however a caller currency which Brazil suggests calling the "sur" (south) could boost determination commercialized and trim reliance connected the U.S. dollar, FT reported citing officials.

“There volition be . . . a determination to commencement studying the parameters needed for a communal currency, which includes everything from fiscal issues to the size of the system and the relation of cardinal banks,” Argentina’s system curate Sergio Massa told the Financial Times.

Politicians from some countries person discussed the thought already successful 2019, but met with pushback from Brazil's cardinal slope astatine the time.

Initially starting arsenic a bilateral project, the inaugural would aboriginal beryllium extended to invitation different Latin American nations, the study said, adding that an authoritative announcement was expected during Brazilian President Luiz Inacio Lula da Silva’s sojourn to Argentina that starts connected Sunday night.

Reporting by Lisandra Paraguassu; Additional reporting by Jyoti Narayan successful Bengaluru; Editing by Tomasz Janowski and Diane Craft

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