(From left) World Health Organization Director-General Tedros Adhanom Ghebreyesus, European Commission President Ursula von der Leyen, US President Joe Biden, Indonesian President Joko Widodo, Australian Prime Minister Anthony Albanese, Organisation for Economic Co-operation and Development Secretary-General Mathias Cormann and Italian Prime Minister Giorgia Meloni attend a mangrove planting event at the Tahura Ngurah Rai Mangrove Forest Park as part of the G20 Leaders' Summit in Bali, Indonesia, Nov 16 2022. (MAST IRHAM / POOL PHOTO VIA AP)

NUSA DUA, Indonesia - Leaders of the Group of 20 (G20) major economies said on Wednesday their central banks will continue to calibrate the pace of monetary policy tightening, while being mindful of the need to limit "cross-country spillovers."

In a leaders' declaration, the G20 members also reaffirmed their commitment to avoid excessive exchange-rate volatility while recognizing that "many currencies have moved significantly" this year.

The central banks will also be mindful of the need to limit spillovers, it added in a nod to concern among emerging economies over the impact aggressive US rate hikes could have on their markets

"G20 central banks ... are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner," the statement said.

The central banks will also be mindful of the need to limit spillovers, it added in a nod to concern among emerging economies over the impact aggressive US rate hikes could have on their markets.

READ MORE: APEC: CE to lead 20-member delegation to promote HK

"Central bank independence is crucial to achieving these goals and buttressing monetary policy credibility," it said.