BELEK, Turkey (Reuters) — The weak Canadian dollar offers an opportunity for exporters but also makes it harder for companies to buy machinery to upgrade their operations, new Finance Minister Bill Morneau said on Sunday.
The currency, hit hard by a slump in the price of crude oil over the last 18 months, is trading at around $1.33 to the greenback, or 75.18 U.S. cents, a near 11-year low.
"In a situation like we're in right now, where the currency is lower than it was a year ago, it presents opportunities for exporters ... and presents challenges for people as they purchase their equipment," Morneau told a news conference on the margins of the Group of 20 summit being held in Turkey.
"But I'm confident that Canadian firms will be able to react effectively to the change in currency," he added.
The new Liberal government — which formally took power earlier this month after winning the Oct. 19 election — has no intention of intervening in currency markets, he said.