Harper shares BoC's concern about Canadian dollar strength

Fri Oct 16, 2009 12:44pm EDT
 
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TORONTO (Reuters) - Prime Minister Stephen Harper said on Friday that he shares the Bank of Canada's concern about the strong Canadian dollar because of the risk it poses to domestic economic recovery.

The Canadian dollar, which is approaching parity, has gained more than 5 percent in the past three weeks, and more than 25 percent since it hit a four-year low in March.

Bank of Canada Governor Mark Carney and other central bank officials have recently highlighted the currency strength as a risk to the Canadian economy, which is heavily dependent on exports.

"Governor Carney has been very clear about his concerns on the dollar and the possible effects it could have in terms of slowing recovery. And I think he's been clear on that and I share his concerns," said Harper.

The prime minister also noted the global economic recovery remains fragile.

(Reporting by Andrea Hopkins; Writing by Ka Yan Ng; Editing by Jeffrey Hodgson)

 
<p>Prime Minister Stephen Harper announces improvements to port facilities during a visit to Vancouver, British Columbia October 13, 2009. REUTERS/Andy Clark</p>