Latin America abandons the dollar

The global economy rules igry09-09-2008 Latin America abandons the dollar Brazil and Argentina abandon U.S. dollar in bilateral trade. In the global economy - it is a trifle. On the other hand, is a demonstration of consistency and solidarity among Latin American countries in their struggle for independence from the United States. Rejection of the U.S. dollar in bilateral trade has recently declared to the Presidents of the two countries signed the relevant documents. Reportedly, the Central Bank of Brazil and Argentina will test a new system of clearings in the Brazilian real and Argentine peso to the end of September. According to Finance Minister Guido Mantega Brazil, the entrepreneurs of Brazil and Argentina will be able to conclude the first export contracts in the national currency of their country with effect from 3 October this year. The new measure was another impetus for regional integration of South American states. It is expected that the exclusion of the U.S. dollar of foreign trade between Brazil and Argentina will increase turnover and significantly simplify the trade, because it eliminates the need to purchase dollars in contracts and excludes the related loss on exchange rate differences. Overestimate this particular measure is not: trade between Argentina and Brazil itself in the global market is small - less than $ 15 billion a year.