Paulson may get African heat on dollar policy

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Washington, Nov 13: Treasury Secretary Henry Paulson heads to Africa this week to spotlight countries the Bush administration sees following sound economic practices but may find heat reflected back over US currency policy.

The US Treasury chief leaves Washington on Tuesday afternoon against a backdrop of mounting global concern over the dollar’s plummeting value that has Paulson on the defensive over the greenback’s status as the world’s reserve currency. Paulson, who arrives in Tanzania late on Wednesday and will move on to a weekend meeting of Group of 20 finance officials in South Africa, said last Friday the US economy’s strength will “shine through” current market turmoil eventually.

While those clouds roil, though, fellow finance chiefs indicate they will give Paulson an earful about the impact on their economies from the dollar’s long slide that pushes up the relative value of their currencies and dampens exports.