Brazil’s Proposed Universal Latin American Currency ‘Not Realistic,’ Analysts Say

Brazilian President Luiz Inácio Lula da Silva speaks during the inauguration ceremony of the new Banco do Brasil President Tarciana Medeiros in Brasilia, Brazil, on Jan. 16, 2023. Adriano Machado/Reuters

The idea of a single Latin American currency resurfaced after more than a decade on Jan. 23, when Brazilian President Luiz Inácio Lula da Silva announced the initiative at a bilateral conference in Buenos Aires, Argentina.

The Brazilian president—commonly known as Lula—pitched the idea as a means for Argentina and Brazil to end their dependency on the U.S. dollar.