The Gaucho was the name of a currency intended to be used by Argentina

Argentina

Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...

 and Brazil

Brazil

Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...

 in the context of the Argentina-Brazil Integration and Economics Cooperation Program or PICE (Spanish: Programa de Integración y Cooperación Económica Argentina-Brasil) to make interregional payments. It was named after the gaucho

Gaucho

Gaucho is a term commonly used to describe residents of the South American pampas, chacos, or Patagonian grasslands, found principally in parts of Argentina, Uruguay, Southern Chile, and Southern Brazil...

s typical of both Argentina and Southern Brazil.

Declaration

On 17 July 1987, in the city of Viedma (Río Negro

Río Negro Province

Río Negro is a province of Argentina, located at the northern edge of Patagonia. Neighboring provinces are from the south clockwise Chubut, Neuquén, Mendoza, La Pampa and Buenos Aires. To the east lies the Atlantic Ocean.Its capital is Viedma...

, Argentina), President Raúl Alfonsín

Raúl Alfonsín

Raúl Ricardo Alfonsín was an Argentine lawyer, politician and statesman, who served as the President of Argentina from December 10, 1983, to July 8, 1989. Alfonsín was the first democratically-elected president of Argentina following the military government known as the National Reorganization...

 of Argentina and President José Sarney

José Sarney

José Sarney de Araújo Costa is a Brazilian lawyer, writer and politician. He served as president of Brazil from 15 March 1985 to 15 March 1990....

of Brazil signed Protocol Number 20 which stated the following:

Considering:

The importance of ensuring the strengthening of the financial and monetary relationships between the Argentine Republic and the Republic of Brazil, and at the same time contributing to ensure the stability of commercial ties and qualitative and quantitative expansion of trade, in a dynamic and balanced way;

The influence of third-party currencies whose degree of availability escapes the decision-making capacity of both countries over the level of bilateral trade;

The Latin American objective of creating a currency unit to enable regional payments;

The necessity of initiating a process to create such a common currency unit;

The convenience of making progress with the current system of reciprocal financing established in Protocol Number 6 for the achieving of the objective of an entire and durable monetary integration;

They Decide:

1. To create a common currency unit named “Gaucho”, expressing its value in terms determined by agreement by the Central Banks of both countries. The Central Banks will issue and back the new currency with a reserve fund;
2. To create for such objective an Argentina-Brazil Reserve Fund administered by both Central Banks;
3. To determine that the results of the bilateral clearing performed each quarter should be paid with the common currency unit up to an issuing limit initially agreed at 200 million units;
4. To determine that each Central Bank opens accounts in its books aimed to register the movements of the Reserve Fund;
5. To determine that the Central Banks establish, before 30 October 1987, an interbank agreement for the implementation of the Argentine-Brazilian currency unit (Gaucho).

Viedma, 17 July 1987