Daily Management Review

Venezuelan authorities support idea of creating regional currency


Creation of a regional currency is being discussed, as previously reported by the presidents of Brazil and Argentina, and Nicolas Maduro of Venezuela has voiced support for the notion.

"Venezuela is prepared, and we support the plan to establish a currency for Latin America and the Caribbean. Liberation, unification, and independence for Latin America and the Caribbean!" the politician remarked during a protest against the embargo and sanctions in Caracas.

Speaking to reporters in Buenos Aires on Monday, Brazilian President Luiz InĂ¡cio Lula da Silva said discussions with Argentina on proposals to establish a single regional currency, which have been revived since he took office, are intended to lessen the region's reliance on the dollar and facilitate trade.

"The objective to develop a South American currency in the long term to promote trade and regional productive integration, as well as increase resilience to international shocks," reads a joint statement from the two nations following the discussions.

source: reuters.com