Wednesday, 29 January 2014 - 12:13
IMF says no panic in emerging markets
The International Monetary Fund said yesterday, that there was no panic in emerging markets even as countries like India, Turkey and Argentina were facing sharp capital outflows and currency pressures.
Director of the IMF's Monetary and Capital Markets Department Jose Vinals, said that this is not like May, and that this is not a panic situation.
He called the turbulence in emerging economies "a combination of idio-syn-cratic factors" across the countries affected, unlike the broad-based capital outflows earlier this year that was sparked by the expected tightening of US monetary policy by the Federal Reserve.