Russia’s Kudrin Says ‘Too Early’ for World Currency Decision

Photographer: Alexander Zemlianichenko Jr/Bloomberg

Russia's deputy finance minister Dmitry Pankin, seen here, said, “From the point of view of any economic process or an investment project, it’s impossible to work in a situation when the exchange rate jumps 20 percent in four months.” Close

Russia's deputy finance minister Dmitry Pankin, seen here, said, “From the point of... Read More

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Photographer: Alexander Zemlianichenko Jr/Bloomberg

Russia's deputy finance minister Dmitry Pankin, seen here, said, “From the point of view of any economic process or an investment project, it’s impossible to work in a situation when the exchange rate jumps 20 percent in four months.”

Russian Finance Minister Alexei Kudrin said it’s premature for the world’s financial leaders to agree on a currency accord.

“In my view it’s too early to make a decision regarding currency exchange rates,” Kudrin told reporters in Washington. “Such measures aren’t yet sufficiently formulated.”

The BRIC countries are united in opposing U.S. efforts to weaken or eliminate mechanisms to control currency fluctuations, Russia’s Finance Ministry earlier said.

To contact the reporters on this story: Paul Abelsky in Washington at pabelsky@bloomberg.net;

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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