According to the Financial Times, Brazil and Argentina are in early talks to create a common currency.

In the coming week, South America’s two biggest economies are set to announce the start of preparatory work on a common currency. The authorities’ initial efforts will be focused on analyzing the possibilities of a new means of payment. The common currency called the "sur" ("south" in Spanish) is expected to pave the way for boosting mutual trade and reducing reliance on the US dollar.

The states will soon begin to study "the parameters needed for a common currency," Argentina's Economy Minister Sergio Massa noted. Later on, other Latin American nations will be invited to join the project.

Notably, in July 2022, some currency strategists predicted that excessive inflation rates would cause a massive devaluation of Brazil and Argentina's national currencies.