G7 countries to continue tightening monetary policy

The Group of Seven economic powers are determined to keep markets open, a draft G7 finance chief's communique said in the face of moves from some countries to impose export controls on scarce agriculture commodities, Report informs referring to Reuters.

"We are committed to keeping markets open and enhancing the resilience of agricultural and energy markets in line with climate and environmental goals," said the communique that is to be finalized before the meeting ends on May 20.

It added that G7 central banks were closely monitoring the impact of price pressures on inflation expectations and would continue to calibrate the pace of monetary policy tightening according to economic data and in a clearly communicated way.