Decree 6.374, published in Brazil on February 19, established a payment system in local currency for commercial transactions among Brazil, Argentina, Uruguay and Paraguay.
The idea is to increase trade in Mercosul.
New system's rules will be defined through bilateral agreements signed up by countries' central banks. Until there, the US Dollar will still be currency for all trade.
To read Decree 6.374, click here (in Portuguese)
Tuesday, February 19, 2008
Trade in local currency
