Brazil to drop the dollar
Brazil will start to use its own currency in bilateral commercial transactions with Argentina, rather than trading in US dollars, according to China View.
The new system which will come into place from August, will mean that an exchange rate will be established between the real and the peso, applied by banks in the respective countries.
It is thought the move could benefit businesses, such as those dealing with property in either country, by saving costs in transactions.
Argentina is the second-largest trading partner of Brazil, after the USA, according to the report in China View.
Inflation within Brazil is expected to rise by 4.44 per cent, reports Dow Jones, an increase of 0.02 per cent on previous estimates.
Dow Jones also announced that the estimated year-end debt to gross domestic product has been kept at 41.6 per cent for 2008.
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