Brazil, Argentina drop dollar for bilateral trade
by admin on September 8, 2008
Brazil and Argentina are ready to stop using U.S. dollars to trade goods between them
Brazil’s president tells the Buenos Aires-based Clarin newspaper that exports and imports between the two nations will be bought and sold in local currency — reals and pesos.
President Luiz Inacio Lula da Silva did not say when the measure would take effect.
Silva says the move will boost bilateral trade, which reached $US17.6 billion so far this year through July.
During that time, Brazil sold more to Argentina than it bought, building a US$3 billion trade surplus.
Silva and Argentine President Cristina Fernandez plan to sign the deal in Brasilia on Monday. It was first proposed two years ago.
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