UPDATE 1-G20 chair Russia backs G7 statement on forex

Wed Feb 13, 2013 3:07am EST
 
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* Russia cbank calls for balanced growth

* Opposes protectionism, currency devaluations

* One-sided actions "counterproductive" - Ulyukayev

By Katya Golubkova

MOSCOW, Feb 13 (Reuters) - The central bank of Russia, host of this week's meeting of Group of 20 finance officials in Moscow, urged joint action to achieve balanced global growth and called on nations not to resort to trade protectionism and currency devaluations.

First Deputy Chairman Alexei Ulyukayev also said he supported the statement issued by the Group of Seven rich nations on Tuesday reaffirming their collective commitment to market determined exchange rates.

"We share this view," Ulyukayev told reporters on the fringes of a conference on Wednesday.

"We have said more than once that, in a modern, globally interconnected world, one-sided actions are counterproductive.

"Measures to stimulate domestic demand and boost domestic competitiveness by lowering the exchange rate of the national currency can, of course, give a temporary boost - but no more than temporary."   Continued...