Clipping of news on Brazilian Culture, Law and Citizenship
27/05/2014
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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From July, Brazilians living in Argentina may receive pensions in Argentine pesos , without the need to convert the benefits of home exchange . The possibility was approved by the National ( CMN ) Monetary Council, which also allow Argentines living in Brazil receive benefits in real .
With the decision , the CMN extended the Payment System in Local Currency ( SML ) to send and receive pensions . Created in September 2008 , the system allows movement between real and weights are compensated directly between the central banks of the two countries , without going through the foreign exchange market .
Under the agreement , the National Social Security Institute ( INSS ) and the National Social Security Administration , equivalent agency in Argentina , transfer among themselves the resources to be transferred to beneficiaries . According to the Central Bank , similar agreements with the other Mercosur countries are being prepared . Since 2006 , an agreement allows the cumulative count of working time between MERCOSUR countries to receive pensions.
So far, only exports and imports of goods and services and expenses associated with these transactions were covered by SML . According to the Central Bank , the use of the payment mechanism in local currency has more than tripled in recent years , from $ 50 million per month in 2009 to U.S. $ 170 million monthly in 2012 and 2013 . Currently , 7 % of Brazilian exports Argentina to circulate through the system .
Highest body of Brazilian economic policy , the CMN is composed of the Ministers of Finance, Guido Mantega , and Planning , Miriam Belchior , and president of the Central Bank , Alexandre Tombini . The monthly meeting of the board took place last Friday ( 23 ) , but the votes were just released today ( 26 ) .
Source : Brazil Agency
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This article was translated by an automatic translation system, and was therefore not reviewed by people.