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Global "devaluation contest" creates problems-Kudrin

Published 03/14/2009, 02:31 PM
Updated 03/14/2009, 02:32 PM

HORSHAM, England, March 14 (Reuters) - The global "devaluation contest" creates problems and the International Monetary Fund (IMF) remains the main tool to guarantee forex stability, Finance Minister Alexei Kudrin said on Saturday.

Russia devalued its rouble currency by one quarter in response to capital flight and falling prices for oil, its main export commodity.

"I would call it a devaluation contest... Devaluation in one country leads to inevitable devaluations in other countries and creates problems," Kudrin told reporters after the meeting of G20 finance ministers south of London. (Reporting by Gleb Bryanski)

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