September 29, 2010 / 11:56 AM / in 7 years

Turkey FinMin warns against competitive devaluations

ISTANBUL, Sept 29 (Reuters) - If the world saw a trend of countries using currency movements to remain competitive it would be highly damaging, Turkey’s Finance Minister Mehmet Simsek said on Wednesday.

“A trend of that sort would be very damaging,” he said, in an answer to a question on state currency intervention by some countries.

“One has to be sensitive to excessive movements in currencies. It would be unfortunate if two years after the crisis the world tended towards more countries trying to create competitiveness through their currencies.”

Reporting by Alexandra Hudson

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