The Indian government on Thursday said competitive devaluation of currency is a major threat to the stability of the global economy. The statement was made in the release announcing Finance Minister Arun Jaitley’s departure to Ankara in Turkey for a meeting of G-20 Finance Ministers and central bank governors.
“The recent devaluation of major currencies followed by currency depreciations in a large number of Asian emerging markets raises the risk of competitive devaluations. Competitive currency devaluations, at a time when global demand is sluggish, is a major threat to stability in the global economy,” the Ministry release said.