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In a rare act of defiance against the global hegemony of the U.S. dollar, the Peruvian apparel exporters are considering switching to its own currency, the sol, and the Argentinian peso, as the primary instrument of transaction.
The suggestion was originally issued by the Exporter’s Association (ADEX), which plans to present a paper on the topic on April 8, at the X Foro Textil Exportador conference. Pedro Gamio, chairman of ADEX’s Committee on Garments, said the substitution of the sol and the peso for the U.S. dollar might be a way to stimulate growth in the local textile and apparel industries, as well as strengthen regional ties.
While considered by many to be full of promise as a garment exporter...