Egyptian Finance Minister Youssef Boutros-Ghali, who chairs the International Monetary and Financial Committee, also said that Brazil's proposals for a tax on capital inflows were unlikely to be effective.

"We should not be fixated on currencies. Although they are important and they do impact very significantly and very quickly on various financial flows, they should be seen as the symptom of a deeper disagreement," he said on the sidelines of the meeting of G20 finance ministers and central bankers in St Andrews, Scotland.

Boutros-Ghali said he did not expect major breakthroughs at the summit, which gathers the world's major developed and developing countries in one forum.

"The climate issue is on the table, though it was not discussed yesterday night. But I don't think anyone expects a major breakthrough. This is not a breakthrough meeting," he said.