Mexico’s leader refuses to join in Brazil-Argentina joint cu...| MENAFN.COM

Tuesday, 07 February 2023 11:06 GMT

Mexico’s leader refuses to join in Brazil-Argentina joint currency


(MENAFN) Mexican leader Andres Manuel Lopez Obrador stated on Tuesday that his nation is not going to participate in the joint currency project prepared by Brazil and Argentina.

While giving a speech at his morning press meeting, Lopez Obrador declined preparations by the administrations of Brazil and Argentina to launch a currency named the “sur” (south) in an attempt to lower the commercial leverage the US dollar has across the region.

"We wouldn't agree to that," he asserted, while underlining the necessity for a US dollar-backed local currency.

"For many reasons, we have to continue to keep the dollar as a benchmark," he continued.

The envisioned currency was talked about throughout Brazilian Leader Luiz Inacio Lula da Silva’s visit to Argentina in advance of the 7th summit of the Community of Latin American and Caribbean States (CELAC) in Buenos Aires.

“If it depended on me, we would have external commerce always in the same currency of the other countries so we wouldn’t have to depend on the dollar,” Lula added to Monday’s press meeting in Buenos Aires.

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