TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsG20 vows to calibrate pace of interest rate hikes, avoid spillovers
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
President Joko “Jokowi“ Widodo (center) speaks during the G20 leaders summit in Nusa Dua, Bali on November 15, 2022.
(AFP/Dita Alangkara)
Leaders of the Group of 20 (G2) major economies said on Wednesday their central banks will continue to calibrate the pace of monetary policy tightening, while being mindful of the need to limit "cross-country spillovers."
In a leaders' declaration, the G20 members also reaffirmed their commitment to avoid excessive exchange-rate volatility while recognizing that "many currencies have moved significantly" this year.
"G20 central banks ... are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner," the statement said.
The central banks will also be mindful of the need to limit spillovers, it added in a nod to concern among emerging economies over the impact aggressive U.S. rate hikes could have on their markets.
"Central bank independence is crucial to achieving these goals and buttressing monetary policy credibility," it said.
