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Emerging Markets central banks begin to stir

Weekly investor research

02 September 2013

Central banks in Emerging Markets (EM) began to stir over the past week. Brazil and Indonesia both launched currency swap facilities and raised rates, while India put in place facilities aimed at easing US Dollar access for state oil importers. However, in our view, Emerging Markets are far from firing their bazookas, partly because they see no need and partly perhaps, because they are biding their time for maximum effectiveness. Last week also saw Argentina’s long-running battle with a small group of holdout investors from 2001 suddenly take a meaningful step forward due to legal developments in New York and the government’s response in Buenos Aires. We review the main developments and put them into context.

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