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Cape Town - Finance Minister Pravin Gordhan said on Thursday the world was heading towards a "currency war" unless developed nations gave ground in negotiations at the Group of 20 (G20).
"Unless the G20 takes on the responsibility of getting major players to sit around the table to find a spirit of cooperation and generosity and give-and-take - which is what is going to be required to find a structural solution to the problem on a global basis - we are heading for what Mr Ortega, the Finance Minister of Brazil, correctly called a currency war," Gordhan said.
He was speaking in a presentation to parliament's joint meeting of finance committees.
He also said that data released since July point to slower economic growth in SA in the second half of the year.
Appreciation of the exchange rate due to capital inflows into emerging markets was reducing competitiveness and posed a risk to growth.
"Unless the G20 takes on the responsibility of getting major players to sit around the table to find a spirit of cooperation and generosity and give-and-take - which is what is going to be required to find a structural solution to the problem on a global basis - we are heading for what Mr Ortega, the Finance Minister of Brazil, correctly called a currency war," Gordhan said.
He was speaking in a presentation to parliament's joint meeting of finance committees.
He also said that data released since July point to slower economic growth in SA in the second half of the year.
Appreciation of the exchange rate due to capital inflows into emerging markets was reducing competitiveness and posed a risk to growth.
