BRICS ‘Wary’ of IMF Rules on Currency Curbs, S. Africa Says
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Brazil, Russia, India, China and South Africa are “wary” about rules proposed by the International Monetary Fund on when controls can be used to curb short-term foreign-capital inflows, South African Trade Minister Rob Davies said.
While the IMF has agreed that limited use of controls may be appropriate, members of the so-called BRICS group, which met in China last week, are concerned that any restrictions may be to their “disadvantage,” Davies told reporters today in Pretoria.