No country can ensure that not devalue its currency: Rousseff

Tuesday, 1 February 2011 00:03 - - {{hitsCtrl.values.hits}}

BUENOS AIRES, (Reuters) - The president of Brazil, Dilma Rousseff, said no country can ensure that not devalue its currency, in remarks published by Argentine media.

Brazil and Argentina are suffering, like most emerging countries, the consequences of the devaluation policy practiced by the two largest economies, Brazil’s president said in a morning interview with the Argentine Clarín, La Nación and Página 12.

“In this world no one can say that (it will not devalue its currency),” said the president of the largest economy in Latin America.

Rousseff added: “In recent times we have managed to keep the dollar within a range of fluctuation. In other words, we have not had any melting as stated there. Swayed at all times between 1.6 and 1.7 (per U.S. dollar ). “

The Brazilian real closed on Friday BRBY 1.683 / 1.685 per dollar on the interbank market.

Rousseff said that Brazil’s position against the G-20 should be to react to the policies of devaluation always led the world with complicated situations.

“Competitive devaluations that led to several economic crises and political disputes (...) is not good for any emergency. Especially the United States, which holds the currency is a store of value, you should consider this,” he said.

Moreover, the president said no antitrust policy should be accepted or inappropriate competition mechanisms are not based on transparent practices.

Rousseff will meet on Monday in Buenos Aires with his counterpart in Argentina, Cristina Fernandez, in her first international tour and is expected to sign bilateral agreements among which the construction of a multipurpose nuclear reactor.

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