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–