g20 members

This was said in an interview with journalists after the G20 meeting by the Russian Finance Minister Anton Siluanov on Monday, February 9,

According to him, as quoted by RIA Novosti, the topic of excessive strengthening of currencies was raised by a number of speakers. “They said that currency wars are not going to benefit any of the economies”, – he said.

At the same time, according to Siluanov, the parties recognized that currency changes may be related to the objective situation: for example, to a reduction in the current account as a result of decreasing income from commodities – which is happening in Russia or in other oil-producing countries.

“And there are cases where countries are trying to artificially change exchange rates in order to gain a competitive advantage. In this regard, we all agreed that this is wrong, this is unacceptable, as it was also stated in the previous meetings of Finance Ministers of G20,” – said the head of the Russian Finance Ministry.

The topic of the so-called “currency wars” appears on the agenda of G20 not the first time. This issue was extensively discussed after the crisis in 2008-2009, when some countries were accused of artificial weakening of their national currencies in order to increase the competitiveness of their exports. Later, however, the topic has almost disappeared from the documents of G20.

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