Brazil, Argentina abandon US dollar

[Jesus Jones]

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange.

The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars.

On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).
Press TV - Brazil, Argentina abandon US dollar

[Jet Gorgon]

Shutting out their currency rates from the rest of the world, not only the US. Take a look at Brazil's stock market over the past few days.

[Boon Mee]

Suits the sh*t outa me! The exchange rate down here is the only thing positive for us Gringos. Was 1.5 Reals to the dollar a few weeks ago and now it's like 2.4!

Cerveza is definitely cheaper...