BUENOS AIRES, Jan 24 ― Brazil and Argentina are in early talks to establish a shared unit of value for bilateral trade to reduce reliance on the US dollar, Brazilian President...
BUENOS AIRES, Jan 24 ― Brazil and Argentina are in early talks to establish a shared unit of value for bilateral trade to reduce reliance on the US dollar, Brazilian President Luiz Inacio Lula da Silva said yesterday, though the move is not aimed at replacing existing currencies.
Argentina's economy is suffering from a series of challenges, including a lack of dollars, with the government battling to replenish foreign currency reserves while also grappling with an inflation rate of nearly 100 per cent last year. Fernandez said that he and Lula also discussed the possibility of shipping gas from Argentina's Vaca Muerta shale formation to its neighbour.
Brazil's government would offer guarantees to banks that helped provide financing, while Argentina, a major grains exporter, would have to provide collateral via hard assets like grains, gas or oil.
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