G20 Finance Ministers likely to endorse market determination of exchange rates - Russian Finance Minister

The Finance Ministers and central bank heads of the G20 countries will endorse market determination of exchange rates in a communique after meeting in Moscow, Russian Finance Minister Anton Siluanov told reporters on Thursday.

 "I have no doubt that in the final communique the G20 Finance Ministers will express their opinion in favor of keeping the market determination of exchange rates," he said.

Siluanov expressed confidence that the subject of exchange rate regulation "would definitely be raised" at meetings between the G20 Finance Ministers and central bank chiefs.

"I think our colleagues from Japan will express their opinions. We will listen and discuss their assessment of the situation," he said.

Siluanov said that "there shouldn't be competition in the exchange rate sphere for the creation of more favorable conditions for their economies." There should be competition between economies, not between exchange rates, he clarified.

"I think that the issue will be discussed. The G20 has always opined that exchange rates be determined in light of market conditions, without administrative intervention," Siluanov said. He noted that Russia also drives a floating exchange rate, and the Russian Central Bank rarely intervenes in the situation on the forex market.

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