INTERNATIONAL: Central Banks of Brazil and Uruguay Sign Agreement for Payments in Local Currencies

Thursday November 13 2014

The central banks of Brazil and Uruguay have signed a convention for the establishment of the Local Currency Payment System (SML) to facilitate and promote trade in goods and services between the two countries. The SML will allow importers and exporters Brazilians and Uruguayans making payments and receipts in their respective currencies, eliminating the exchange contract.

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