G-20 pact on forex, current account elusive, says Pranab

G-20 pact on forex, current account elusive, says Pranab
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First Published: Fri, Oct 22 2010. 12 46 PM IST
Updated: Fri, Oct 22 2010. 12 46 PM IST
Gyeongju, South Korea: Agreement on managing currencies and adopting current account targets among group of 20 nations remain elusive, finance minister Pranab Mukherjee said on Friday.
”I’m not sure whether this meeting can arrive at an agreement on this issue. It is difficult at this point in time, but we are still trying to negotiate,” Mukherjee told reporters when asked about the status talks on currencies and current account targeting by G-20 central bank and finance chiefs in South Korea.
A senior G-20 official put the chances for an agreement on current account targeting at even.
Many policymakers have dismissed the US proposals that would see countries agreeing to limit their current account surpluses or deficits to a set percentage of gross domestic product.
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First Published: Fri, Oct 22 2010. 12 46 PM IST