Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Arabia wary of 'currency war'  Join our daily free Newsletter

MENAFN - Arab News - 27/01/2013

No. of Ratings : 0
Add to Mixx!


 


Finance Minister Ibrahim Al-Assaf
(MENAFN - Arab News) Devaluation of currency by certain countries to make them more competitive in the global market has raised fears of a "currency war" - a move that Saudi Arabia says would have a negative impact on the world economy.

"This is not a healthy trend for world economy and trade exchange between countries," said Finance Minister Ibrahim Al-Assaf when asked about the currency war. "Saudi riyal is directly linked with US dollar," the minister said, adding the change in exchange rates would have a direct impact on the competitiveness of Saudi exports as well as on its imports.

Speaking to Al-Arabiya TV channel at the World Economic Forum in Davos, Al-Assaf said the issue would be discussed either at the upcoming G20 meeting in Moscow next month or in the next meeting in the US.

The currency war surfaced after the Bank of Japan announced plans to make open-ended asset purchases in an effort to re-inflate the Japanese economy, which recently slipped into recession.

Jens Weidmann, president of Germany's central bank, criticized the BoJ for caving under pressure from newly elected Prime Minister Shinzo Abe.

Weidmann warned that the bank risks losing its independence, which could lead to a "politicization of exchange rates."

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help