President of Brazil Luis Inacio Lula Da Silva clarified the scope and reach of the common currency that Brazil and Argentina are studying to issue in Latam. Lula Da Silva clarified that he believed this currency would be used to settle cross-border payments between the two countries and also countries from BRICS and Mercosur.
Lula Clarifies Latam Common Currency Intention
Luis Inacio Lula Da Silva, president of Brazil, has clarified the facts surrounding the intention that Argentina and Brazil have of creating a Latam common currency, that would be later extended to all of Latam. Upon his arrival in Buenos Aires for the CELAC summit of chiefs of state, Lula explained that the discussion would circle around the launch of a currency for multilateral settlements