G20 agrees to curb competitive currency devaluation

Posted On Sunday, 17 February 2013 14:25 Published by eProp@News
Rate this item
(0 votes)

Finance Ministers and central bankers of the Group of 20 (G20) on Saturday pledged not to target exchange rates or devalue currencies for the purpose of making them more competitive.

G20 members would "refrain from competitive devaluation" and "resist all forms of protectionism and keep our markets open," said the communique after the G20 finance meeting.

It noted that monetary policy should be directed toward domestic price stability and support economic recovery.

"We commit to monitor and minimize the negative spillovers on other countries of policies implemented for domestic purposes," said the six-page document.

The communique also stressed the urgency to establish ambitious reforms and coordinated policies to achieve sustainable and balanced growth.

Russian Finance Minister Anton Siluanov said G20 finance ministers agreed that "steps of the Japanese government were so far within the common understanding of monetary policy," adding it was "an internal affair of the country."

Meanwhile, he warned against "any competitive devaluation of currencies."

"A change in the currency policy of one country will affect its trade partners. Then economic competition will be replaced with competition of currencies," Siluanov said.

Most Popular

Tshwane Regional Mall Grand Opening date set

Aug 31, 2019
24th October 2019, the long-awaited day earmarked for the grand opening of Tshwane…

Attacq Ltd and Tricolt break ground on Ellipse Waterfall

Aug 30, 2019
 13 2
Today Attacq Ltd the JSE listed REIT developing Waterfall City, and Waterfall Logistics…

Eris Property Group appoints successive CEO Barend de Loor

Aug 30, 2019
Eris Property Group has appointed a new Chief Executive Officer (CEO). Barend de Loor…

Redefine Properties appoints Daisy Naidoo as independent non-executive director

Aug 30, 2019
Redefine Properties appoints Daisy Naidoo as independent non-executive director.

Founder Marc Wainer retires from Redefine Properties

Aug 31, 2019
JSE listed diversified real estate investment trust Redefine Properties today announced…

Please publish modules in offcanvas position.