Mexico rejects the idea of ​​a common Latin American currency – 01/24/2023 – Market

The president of Mexico, Andrés Manuel López Obrador, announced this Tuesday (24) that his country rejects joining the idea of ​​creating a common currency in Latin America for commercial transactions, similar to the proposal made by Brazil and Argentina.

“We wouldn’t agree. We have many reasons to continue keeping the dollar as a reference,” said the head of state at a press conference.

López Obrador was questioned about the announcement made by Brazil and Argentina on Monday (23) that they will explore the possibility of developing a commercial exchange mechanism in which a “common currency” is used, thus reducing dependence on the dollar.

The common currency is not a single currency — Brazil and Argentina would stick with the real and the peso, respectively.

The head of the Mexican Executive said he was unaware of the details of the initiative proposed after a meeting between the presidents of Brazil, Luiz Inácio Lula da Silva, and Argentina, Alberto Fernández.

Lula explained that the goal is for ministers from both countries to make proposals for commercial transactions between the two nations to be carried out using a common currency.