G20 to refrain from competitive devaluation
Quotes

G20 to refrain from competitive devaluation

Last Updated: Sunday, February 17, 2013, 09:40
 
 Comment 0
 
G20 to refrain from competitive devaluation
Moscow: 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.

IANS



First Published: Sunday, February 17, 2013, 09:40


Comments


comments powered by Disqus
Google I/O 2014
Google I/O 2014
Maker Faire @ White House
Maker Faire @ White House
Amazon unveils 3D `Fire` smartphone
Amazon unveils 3D `Fire` smartphone
RIL`s 40th AGM
RIL`s 40th AGM
Samsung Galaxy Tab S
Samsung Galaxy Tab S

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved