Brasília – The Local Currency Payment System (SML) established between the Central Bank of Brazil and the Central Bank of the Argentine Republic (BCRA) should start today (02). The president of the Central Bank of Brazil, Henrique Meirelles, will be in Buenos Aires, Argentina, to attend the opening ceremony.
According to Resolution #3,608, “the SML is a computerized system through which transfers of funds pertaining to revenues from Brazilian exports to Argentina and to the payment of Brazilian imports from Argentina, in reals [Brazilian currency] and Argentine pesos, respectively.”
The resolution provides that it will be up to the Central Bank of Brazil to consolidate, on a daily basis, the figures concerning payments and receipts processed under the SML with the Central Bank of the Argentine Republic. The Brazilian bank should then calculate the equivalent value in United States dollars and the net value to be transferred by the indebted central bank.
*Translated by Gabriel Pomerancblum
