(MENAFN- Saudi Press Agency) U.S. Treasury Secretary Jacob Lew said Friday the surge in the U.S. dollar reflects the gains made by the economy and is a good development for the country.
'A strong dollar is good for America, it reflects a strong U.S. economy,' Lew said in a speech to students and businessmen at Miami Dade College.
U.S. exporters have begun complaining that the dollar, which has gained about 20 percent against major currencies this year, is starting to undermine their competitiveness with rivals overseas.
But Lew said the U.S. economy can handle the dollar's negative impact on exports. 'Overall, right now the U.S. economy is doing well and you are seeing demand strong. [It is] looking like it's going to stay strong,' he said.
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