Brazil and Paraguay near local currency payment system
Cross-border system could account for 5% of all trade between the countries; importers and exporters can use own currencies
The central banks of Brazil and Paraguay have taken a step towards greater financial integration by striking an agreement that will allow the two nations to trade via a local currency payment system (SML).
Importers and exporters will be able to make and receive payments in their own currencies, avoiding a situation where both parties are forced to exchange to/from US dollars before completing a transaction.
The agreement will be implemented and the arrangements operational later this year or
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