Monetary policy should be conducted for domestic reasons - BOE's King

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February 26, 2013 6:28 PM EST

Central banks should conduct monetary policy for domestic reasons and if they follow this rule then global economic growth will accelerate, Bank of England Governor Mervyn King said on Tuesday.

Group of Seven countries were in agreement that no country should intervene in foreign exchange or have a specific target for their currency, but that if a country is pursuing policies to boost the domestic economy this could cause the country's currency to fall, King said after giving a speech in Tokyo.

(Reporting by Stanley White; Editing by Kim Coghill)

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