April 2, 2013 / 5:39 PM / in 4 years

Forex controls inhibiting global growth: Bank of Canada's Murray

A sign framed by maple leaves is pictured in front of the Bank of Canada building in Ottawa July 17, 2012. REUTERS/Chris Wattie

OTTAWA (Reuters) - Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday.

“There is a sense that, as indicated by the reserves that have been accumulated and the capital controls - there certainly has been resistance on certain fronts,” Murray said in a presentation in Washington that was webcast.

He continued: “And again, I don’t mean to point the finger just at China - but there is a form of inhibition, something that’s at play, if not subverting, certainly inhibiting, delaying the adjustment process, not facilitating as it might this needed rotation of demand globally that could certainly put us all on a growth path.”

Reporting by Louise Egan and Randall Palmer in Ottawa; Editing by Jeffrey Hodgson

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