Currencies
Brazil, Argentina Eye Common Unit for Trade, Not a Single Currency, Minister Says
- Brazil’s Finance Minister Haddad details plan in Buenos Aires
- Announcement of a common currency sparked controversy
Luiz Inacio Lula da Silva, Brazil's president, left, and Alberto Fernandez, Argentina's president, sign a document during a news conference at the Casa Rosada in Buenos Aires, Argentina, on Monday, Jan. 23, 2023.
Photographer: Anita Pouchard Serra/BloombergThis article is for subscribers only.
Brazil and Argentina are planning to launch a common unit of account to promote their bilateral trade rather than a single currency to replace the real and the peso, according to Brazilian Finance Minister Fernando Haddad.
Haddad’s comments on Monday seek to dispel controversy after the presidents of Brazil and Argentina published an op-ed saying they were renewing discussions about a common currency for financial and commercial transactions.