Latin American Countries Launch Single Currency to Escape Dominance of US Dollar

The leaders of Latin American countries agreed to create a single currency called "Sur", which was called for by Brazil and Argentina.

The bloc of the future union of Latin America, which stands behind this currency, constitutes about 5% of the global GDP, while the euro bloc, which is the largest global monetary union, represents about 14% of the global GDP when measured in dollars.

Brazil and Argentina have announced their intention to create a single currency for each country.

The two countries have invited the rest of Latin America to join them.

And the Venezuelan government led by Nicolás Maduro has already confirmed that it is getting on the bandwagon.

The Spanish newspaper "The Economista" said that the single Latin currency will be used for foreign trade only, and each country will maintain its own monetary policy and currency.

During the election campaign, the incumbent Brazilian President, Lula da Silva, promised to create "a common currency for Latin America, and said that Latin America should not depend on the US dollar,"