On June 5 , in the context of the Money and Banking Conferences organized by the Central Bank of Argentina (“BCRA”), a bilateral system of payments in local currencies (“SML”) was agreed between Argentina and Uruguay through which persons (individuals or corporations) residing in/resident of both countries can make payments and collections in their respective currencies.
Thus, the SML will facilitate transactions between the two countries. The Central Bank, through a statement, explained that the bilateral agreement will mainly benefit small and medium enterprises, which will be benefited by the use of local currencies. The adoption of the SML will be voluntary for both exporters and importers in Argentina and Uruguay. Likewise, the company said in its statement that the agreement will enable an advance to be made in the dollarization of regional trade and in the economic integration between the countries of Mercosur.
To conclude, we highlight that Argentina already has a “SML” bilateral agreement with Brazil, in force since 2008.
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