G20 leaders to minimise impact of FED’s raising interest rates

G20 leaders in Indonesia. Pic/AP

G20 finance leaders have agreed on realising a well calibrated, well planned, well communicated normalisation in the monetary policy to minimise the impacts of the US Federal Reserve's raising interest rates. The consensus was made during the second day of the G20 Finance Ministers and Central Bank Governors meeting in Jakarta, Indonesia, the host country.

Bank Indonesia's Governor Perry Warjiyo said that developed countries should ensure that the normalisation policy only poses minimum impact to the global financial market, and that it did not pose any spillover effect to developing countries. "This is an urgently important thing to do, so that the global economy can return to a long-term growth and the scar caused by the Covid-19 pandemic can be healed faster," Warjiyo said. The Federal Reserve recently said that the central bank would have to raise interest rates up "more aggressively."

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