IMF members promises to refrain competitive currency devaluations - IMFC communique

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 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 recognised 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. 

(With inputs from agencies.)