Brazil for MERCOSUR domestic currency trade

Brazil: Brazil will propose at the MERCOSUR Summit Friday in Asuncion, Paraguay, to enhance transactions in national currencies instead of the US dollar and/or Euro.

Bruno Bath, Foreign Ministry director for the Southern Common Market (MERCOSUR), told Agencia Brasil that the above includes enhancing the system to Uruguay and Paraguay.

The diplomat added that the new system, to be introduced as the users gain confidence, will help prevent hard currency shortage, especially amid the current world crisis.

Proposals for on going talks of MERCOSUR Central Bank executives include ending Common External Double Taxation to help cement customs unity and establishing new regulations to brace Customs.

Brasilia, Prensa Latina