Emerging Markets Capital Flows Monitor (Mar. 2025)

Outflows from EM capital markets have eased in recent weeks as the US dollar has faltered. But a period of sustained inflows looks unlikely as President Trump presses ahead with tariff policies that we think will result in renewed dollar strength. Most EMs are well placed to deal with capital outflows, but some (e.g. Argentina and Egypt) are still at risk of sharp currency depreciations.

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