G7 leaders' statement reaffirms commitment to G7 exchange rates

The G7 leaders have pledged to maintain existing exchange rate commitments and encourage oil-importing countries to establish sufficient oil reserve systems to stabilize energy markets.

A ​joint statement issued ‌by the ​leaders of the G7 group of ‌the world's richest nations, meeting in France, pledged to stick to existing G7 ‌exchange rate commitments, amid financial ‌market turbulence linked to volatile oil prices.

"In order to strengthen crisis management and ⁠mitigate ​the impact ⁠of crises, which could contribute to ⁠stabilizing energy markets, we encourage oil-importing countries ​to establish sufficient and effective oil ⁠reserve systems aligned with the International Energy ⁠Agency (IEA) ​90-day stockpiling requirement while avoiding pro-cyclical effects," said the statement.

"We ⁠also reaffirm our existing G7 exchange ⁠rate commitments," ⁠it added.