Russia's Kudrin calls for global currency regulation

Thu Jan 28, 2010 11:33am EST
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DAVOS, Switzerland (Reuters) - Global currency regulation rather than capital controls will help emerging economies through the crisis, Russian Finance Minister Alexei Kudrin said on Thursday. "The 1998 (Russian crisis) had shown that capital controls are not very efficient during the crisis. Shadow exchange is growing and the outflows persist. Our strategy now is a more responsible macroeconomic policy," he said.

"In this global crisis we also felt the need for regulation of global reserve currencies," he added.

(Writing by Gleb Bryanski, Editing by Lin Noueihed)