Brazil and Argentina are considering creating a common currency

Brazil and Argentina are expected to announce this week that they are working on a preliminary plan to create a common currency.

Argentinian Economy Minister Sergio Massa said that the two largest economies in Latin America will take “a decision to start studying the criteria necessary to create a common currency, including everything from monetary issues to the size of the economy and the role of central banks”.

Bloomberg news agency reported that discussions on this matter were met in the past with skepticism from some circles in the financial sector.

When former Brazilian President Jair Bolsonaro put forward this idea in 2019, economists said that the two countries should first undertake radical reforms.

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