IMF managing director Georgieva said the global economy has held up better-than-expected amid the energy shock from the Iran war, supported by drawdowns in oil and gas inventories and increased non‑Gulf energy supply.

A source close to Iran's negotiating team said on the 25th (local time) that Iran wants Pakistan to convey its position and negotiating terms on the Strait of Hormuz to the United States. The source said Iran met Pakistan Army chief Munir on the 24th and set out those positions. Iran's conditions include US compliance with an Islamabad memorandum of understanding and implementation of its clause five, which concerns arrangements for Iranian management of the Strait of Hormuz. Pakistan is seeking to pass those conditions to the US, the source added.

Jacobs, head of markets at the Reserve Bank of Australia, said the move to abundant reserves entails shifting from a system in which the central bank sets reserve quantities to one in which the banking system determines them.