Forex News

Brazil working on payment solution for exports to Argentina, says minister

2023.05.02 13:07


© Reuters. FILE PHOTO: Brazilian Finance Minister Fernando Haddad smiles before a ministerial meeting to celebrate the first 100 days of Brazil’s President Luiz Inacio Lula da Silva government at the Planalto Palace in Brasilia, Brazil April 10, 2023. REUTERS/Ueslei

BRASILIA (Reuters) – Brazilian Finance Minister Fernando Haddad said on Tuesday that the country is working on a solution to ensure that Brazilian exporters are paid for sales to Argentina, which is currently facing a severe economic crisis and a shortage of U.S. dollars.

Haddad emphasized that Brazil does not want to lose its export market share to Argentina, where over 200 Brazilian companies are not exporting or not receiving payments due to the lack of foreign currency, he told journalists.

Argentina is Brazil’s third largest trading partner after China and the United States.

“We are trying to find a mediated solution,” he said, adding that it “necessarily” involves the granting of collaterals by Argentina, which are being currently studied.

Haddad will take part in a meeting between Brazilian President Luiz Inacio Lula da Silva and Argentine Alberto Fernandez later on Tuesday.

In January, the two countries announced their intention to advance discussions on a common South American currency to be used in clearing houses to execute trade payments between the two countries, helping in part to trim reliance on the dollar.

Brazil also decided to recently simplify procedures of the local currency payment system (SML), an infrastructure that brings together the central banks of Brazil, Argentina, Paraguay and Uruguay.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,083.48 0.96%
ethereum
Ethereum (ETH) $ 3,435.56 3.99%
tether
Tether (USDT) $ 0.99745 0.17%
solana
Solana (SOL) $ 240.00 2.36%
bnb
BNB (BNB) $ 639.64 0.90%
xrp
XRP (XRP) $ 1.43 7.74%
dogecoin
Dogecoin (DOGE) $ 0.406072 1.04%
usd-coin
USDC (USDC) $ 0.997006 0.24%
cardano
Cardano (ADA) $ 0.987437 2.48%
staked-ether
Lido Staked Ether (STETH) $ 3,434.21 3.88%
avalanche-2
Avalanche (AVAX) $ 42.26 7.98%
tron
TRON (TRX) $ 0.197783 2.90%
the-open-network
Toncoin (TON) $ 6.06 0.07%
stellar
Stellar (XLM) $ 0.509861 8.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 3.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,082.63 4.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,071.47 0.82%
polkadot
Polkadot (DOT) $ 8.38 0.42%
chainlink
Chainlink (LINK) $ 17.97 8.66%
weth
WETH (WETH) $ 3,446.30 4.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 501.97 0.34%
sui
Sui (SUI) $ 3.20 2.32%
pepe
Pepe (PEPE) $ 0.000019 1.56%
near
NEAR Protocol (NEAR) $ 6.58 4.19%
leo-token
LEO Token (LEO) $ 8.24 3.70%
litecoin
Litecoin (LTC) $ 94.03 0.61%
uniswap
Uniswap (UNI) $ 11.63 12.95%
aptos
Aptos (APT) $ 12.12 3.18%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,641.67 4.68%
internet-computer
Internet Computer (ICP) $ 11.69 10.76%
usds
USDS (USDS) $ 1.01 0.57%
hedera-hashgraph
Hedera (HBAR) $ 0.136084 2.57%
crypto-com-chain
Cronos (CRO) $ 0.182662 0.25%
ethereum-classic
Ethereum Classic (ETC) $ 30.62 11.21%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567985 6.87%
render-token
Render (RENDER) $ 7.71 4.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
bittensor
Bittensor (TAO) $ 510.79 2.84%
kaspa
Kaspa (KAS) $ 0.149445 0.91%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 2.16%
arbitrum
Arbitrum (ARB) $ 0.905406 11.70%
dai
Dai (DAI) $ 0.997224 0.23%
whitebit
WhiteBIT Coin (WBT) $ 23.92 1.16%
celestia
Celestia (TIA) $ 7.88 3.45%
bonk
Bonk (BONK) $ 0.000045 0.65%
vechain
VeChain (VET) $ 0.04153 4.10%
filecoin
Filecoin (FIL) $ 5.53 3.85%
blockstack
Stacks (STX) $ 2.16 12.52%
dogwifcoin
dogwifhat (WIF) $ 3.21 4.56%
okb
OKB (OKB) $ 53.47 1.26%