Skip to main content

What explains the scale of recent EM currency falls?

The extent of the falls in EM currencies seen since April have generally been closely correlated with the degree of countries’ external vulnerabilities. On almost all measures, Turkey and Argentina stand out. Arguably, the Brazilian real has fallen further than its external position suggests it should have, while the Ukrainian hryvnia has held up better than might have been expected.

Become a client to read more

This is premium content that requires an active Capital Economics subscription to view.

Already have an account?

You may already have access to this premium content as part of a paid subscription.

Sign in to read the content in full or get details of how you can access it

Register for free

Sign up for a free account to gain:

  • Unlock additional content
  • Register for Capital Economics events
  • Receive email updates and economist-curated newsletters
  • Request a free trial of our services


Get access