BRAZIL AND URUGUAY SHIFT FROM GREENBACK TO NATIONAL CURRENCIES IN THEIR TRADE
YEREVAN, December 2. /ARKA/. As from Monday December 1, Brazil and
Uruguay are making and collecting bilateral trade payments in local
currencies based on the agreement signed on November 2 by the heads
of the countries’ central banks Alexandre Tombini (Brazil) and Alberto
Graña (Uruguay).
The idea is to strengthen inter-regional trade, RIA Novosti reports.
According to Professor Carlos Francisco Teixeira da Silva from
Federal University of Rio de Janeiro, it is a step forward and the
best opportunity for South American countries to get rid of old
US-imposed economic mechanisms.
If successful, this practice will be used also by Paraguay, Bolivia
and Venezuela, da Silva said. -0–
Disclaimer: This article was contributed and translated into English by Kajoyan Gevork. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2014/12/02/brazil-and-uruguay-shift-from-greenback-to-national-currencies-in-th/