Brazil, Paraguay to facilitate local currency payments
Brazil and Paraguay were due to launch on Monday a local currency payment system that allows individuals and companies in the two countries to make and receive payments in their respective currencies.
The central banks in the two countries signed the agreement on July 30, said the Brazilian monetary authority in a press release.
The local currency payments can be made for a wide range of areas, including export and import of goods and services, and related services such as freight and insurance payments, and also payments related to social security and pensions, according to the release.
The Brazilian central bank noted that the new system will make bilateral transfers cheaper and more efficient and be especially beneficial for trade-focused SMEs in the two countries.
Brazil already has local currency payments systems with Argentina and Uruguay.
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