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Argentina and Brazil intend to create a common currency, which is planned to be called sur (“south” in Portuguese and Spanish), writes the Financial Times.
The new currency will replace the current monetary units of Argentina and Brazil - Peso and Real, as well as, according to the authors of the project, will help stimulate mutual trade and reduce dependence on the dollar.
Argentine Economy Minister Sergio Massa announced that a special team is ready to start studying the parameters needed to create a single currency.
Brazil and Argentina are the largest countries in Latin America by area and the largest economies in the region. It is assumed that if the transition to a single currency for these two countries is successful, other neighboring countries will be invited to join this currency system.