October 13, 2018 / 5:55 AM / 9 months ago

IMF members pledge to avoid competitive currency devaluations: IMFC communique

FILE PHOTO: A participant attends plenary session at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, 12 October 2018. REUTERS/Johannes P. Christo

NUSA DUA, Indonesia (Reuters) - The International Monetary Fund’s steering committee said on Saturday the group’s members pledged to refrain from competitive currency devaluations and not target exchange rates to gain an advantage.

The members also recognized the need to continue to step up dialogue on trade and improve the World Trade Organization, the International Monetary and Financial Committee (IMFC) said in a communique.

“We acknowledge that free, fair, and mutually beneficial goods and services trade and investment are key engines for growth and job creation,” the communique said.

Reporting by Leika Kihara; Editing by Shri Navaratnam

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