Argentina and Brazil from 2007 without dollar

Argentina and Brazil from 2007 without dollar

BUENOS AIRES, 13 December 2006 - Argentina and Brazil plan to use the U.S. dollar from middle 2007 no longer as a mediator currency for its trade exchange. The import-export-traffic between the largest Mercosur-partners is supposed to be completed then directly over the local currencies - Argentinian pesos and Brazilian actually -. The last details are supposed to be cleared in the headquarters bank conference taking place on Friday of the Mercosur-countries, is named it out of Argentinian government circle.

Secretary of Commerce Felisa Miceli (photo) and its Brazilian colleague Guido Mantega had brought in August the project into the rolling. The trade exchanges amounts to presently annual 15 billions of U.S. dollar (U$S). The direct statement in peso or actually the reduction of the transaction costs would have after expert statement as a consequence, but would have also a higher demand after the local coins as a consequence.

The headquarters banks of both countries have worked for some time already at the compensation mechanisms, that should enable the direct statement of the bilateral trade currents. Parallel in addition the responsibles prepare also the arrangement of a peso-actually-market for future-option.

original text is in german:
http://www.argentinienaktuell.com/newsDetail.php?newsId=1387

Foreign Ministers of Mercosur nations meet
Friday, December 15, 2006 (Brasilia):
http://www.ndtv.com/morenews/showmorestory.asp?slug=Foreign+Ministers+of+Mercosur+nations+meet&id=97958

Five Profit Bonanzas from a Dollar Decline (by Martin Weiss)
http://www.moneyandmarkets.com/press.asp?rls_id=616&cat_id=6