Bolsonaro reiterates plans of single currency between Brazil and Argentina

On Friday June 7, President Jair Bolsonaro reiterated that Brazil and Argentina could create a single currency, but stressed that there is no deadline for implementing the idea, which foresees creating a monetary union for the whole of South America in the future.

– Nossa despedida da Argentina e o sonho do peso/real. pic.twitter.com/aRes0tUYCx

— Jair M. Bolsonaro (@jairbolsonaro) June 7, 2019

Bolsonaro first mentioned this plan the day before during a visit to Argentina. On Friday, the president said that the single currency could serve as a safety net against threats of ‘socialist adventures’ advancing in the region.  According to Bolsonaro, this proposal has existed since 2011 and recently Brazil’s Economic Minister Paulo Guedes and the Argentinian government have both shown an interest in re-studying the issue.

In a note, the Central Bank informed this morning that there are no projects or studies in progress for a monetary union between Brazil and Argentina. On Twitter, Brazil’s President of the Chamber of Deputies, Rodrigo Maia, criticized the idea of ​​the possible new currency.

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