Finance chiefs from G7 countries on Wednesday reaffirmed their view that excessive exchange rate fluctuations can have a negative impact on economic stability.
A joint statement issued after the Washington meeting said they would “coordinate closely on future steps to reduce Iran's ability to acquire, produce and transfer weapons in support of destabilizing regional activities.” Stated.
Finance ministers and central bank governors of the world's major industrialized democracies, including Japan, Germany and the United States, spoke over the weekend of Iran's attack on Israel in retaliation for the April 1 attack on its embassy compound in Damascus. He condemned the unprecedented attack.
The ministers and governors met on the sidelines of the spring meetings of the International Monetary Fund and the World Bank.
The two leaders announced the group's 2017 exchange rate, with the Japanese yen and many other currencies plummeting against the US dollar on the back of strong growth in the world's largest economy and waning expectations for interest rate cuts from the Federal Reserve. We reaffirmed our commitment to In the near future.
In Italy in May 2017, the G7 members reaffirmed their “commitment to market-determined exchange rates” and agreed to “consult closely on their actions in foreign exchange markets.”
They also recognized at the time that “excessive volatility and disorderly movements in exchange rates can have an adverse impact on economic and financial stability.”
Wednesday's meeting, once again chaired by Italy, which holds this year's G7 Presidency, was dominated by geopolitical risks to the global economic outlook, mainly Russia's continued war with Ukraine and escalating tensions in the Middle East.
The seven countries and the European Union said they would continue to help Ukraine meet its urgent short-term financial needs.
To ensure Russia pays for the damage it has caused Ukraine, G7 countries said they will continue to explore “all possible avenues” to utilize frozen Russian sovereign assets to assist the war-torn country. .
They proposed reaching a conclusion by the group's summit in June on how best to use the assets in line with their respective legal systems and international law.
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