The Brazilian Minister of Finance, Fernando Haddad, said this Monday (23) that there will not be a “single currency” between Brazil and Argentina.
The minister pointed out that studies will be carried out to assess the possibility of a common currency between the two countries aimed at financial and commercial transactions.
The objective is to reduce dependence on the dollar, informed news media Estadão.
Haddad also said that the plan is not the same as that defended by former Economy Minister Paulo Guedes.
“We received from our president an order not to adopt an idea that was from the previous government, which was not carried out, of the single currency. My predecessor, Paulo Guedes, was very much in favor of a single currency between Brazil and Argentina. That’s not what we’re talking about. This generated enormous confusion, including in the Brazilian and international press,” said Haddad.
“This is not Minister Paulo Guedes’ idea of a single currency; it is a question of moving forward with the planned instruments that did not work satisfactorily, neither payment in local currency nor the CCRs [Reciprocal Payments and Credits Agreement] today guarantee that we can advance in trade in the way the presidents intend,” he added.
Haddad’s statement was made to businessmen in Buenos Aires. He was accompanied by the Minister of Economy of Argentina, Sergio Massa.
The Argentine minister reinforced that the common currency will not eliminate the currency of each country.
With information from Gazeta do Povo