Argentine Economy Minister Carlos Fernandez and his Brazilian counterpart Guido Mantega yesterday announced the agreement after holding a meeting regarding the creation of the Banco del Sur regional bank.
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According to the provided information, both countries greed to swap USD 1.5 billion worth of their currencies in order to boost reserves. The deal is repayable in three years.
Fernandez told the currency swap is a "precautionary mechanism to strengthen reserves."
Argentine government signed a USD 10.2 billion currency swap with the People's Republic of China in April
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