Brazil and Argentina want to start the process of creating a single currency
The two countries will eventually invite other regional states to join this economic union project, according to Sergio Massa, Argentina’s minister of economy.
Project for the Issuance of Common Currency to be Led by Brazil and Argentina
The first steps toward issuing a common bilateral currency will be discussed by the ministries of Brazil and Argentina.
Sergio Massa, Argentina’s minister of economy, has stated that representatives from both nations will talk about this issue on January 24 at the CELAC conference in Buenos Aires.
It will be decided to begin researching the criteria necessary for a single currency, which range from budgetary concerns to the size of the economy and the function of central banks.
The currency would initially be researched and planned as a bilateral initiative, but in the long run, the project might be expanded to include more countries in Latam.
Massa clarified, “It’s Brazil and Argentina inviting the rest of the region.”
The creation of a unified currency for Latam has gained some traction in recent months.
Lula Da Silva announced his intention to take part in the development of this shared currency project at a party rally in May, stressing that the project’s goal would be to lessen the reliance of Latam nations on the US dollar.