Bloomberg News

Brazil’s Mantega Says ’War of Currencies’ Ongoing, Euro Reports

October 15, 2011

Oct. 15 (Bloomberg) -- The expansive monetary policies of some industrial nations help keep the value their currencies low, creating problems for the economies of countries including Brazil in a “war of currencies,” Euro magazine said, citing Brazil’s Finance Minister Guido Mantega.

Some countries are devaluating their currencies to increase competitiveness of their export industries in light of weak national demand, Mantega said in the interview, calling such behavior “manipulation” and “unfair practices in international trade.”

Mantega said he has turned to the World Trade Organization for help on the matter, without being more specific.

The Brazilian economy will grow at more than 5 percent per year on average in both 2012 and 2013, provided the crisis does not worsen, Mantega is cited as saying.

--Editor: Kim McLaughlin

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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