Business

G20 to refrain from competitive devaluation

Moscow, Feb 17 (IANS/RIA Novosti): The Group of 20 finance chiefs pledged Saturday to refrain from competitive devaluation and targeting exchange rates for competitive purposes.

"We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes, will resist all forms of protectionism and keep our markets open," said a communique issued after two-day talks of G20 finance ministers and central bankers held here.

The G20 finance chiefs also reaffirmed their commitment "to cooperate for achieving a lasting reduction in global imbalances" and "to move more rapidly toward mores market-determined exchange rate systems and exchange rate flexibility".

"We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," the communique said.

Earlier this week G7 countries vowed not to use fiscal and monetary policies to influence national currencies' exchange rates.

The G20 finance chiefs also praised EU, US and Japan's efforts to reduce global economy risks.

The Group of Twenty (G20) brings together developed and emerging economies that together account for approximately 90 percent of the global economy.

Leave a Comment

Title : G20 to refrain from competitive devaluation


 
 
 
 

 
You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.


Security Validation

Enter the characters in the image