Brazil’s left-wing leader Lula da Silva has proposed creating a pan-Latin American currency, in order to “be freed of the dollar.”

A founder of Brazil’s Workers’ Party, Lula served as president for two terms, from 2003 to 2011. He is now the leading candidate as Brazil’s October 2022 presidential elections approach.

If he returns to the presidency, “We are going to create a currency in Latin America, because we can’t keep depending on the dollar,” Lula said in a speech at a rally on May 2.

He revealed that the currency would be called the Sur, which means “South” in Spanish.

Lula explained that countries in Latin America could still keep their sovereign domestic currency, but they could use the Sur to do bilateral trade with each other, instead of having to exchange for US dollars.

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