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Economix World "FRAGILE Five" keep dollar reserves of 2.9 trillion "FRAGILE Five" keep dollar reserves of 2.9 trillion Wednesday, 4 September 2013 15:33 by Economix Replies Category: World permalink
Developing countries from Brazil to India decided to keep a record $ 2.9 trillion foreign reserves and prefer to increase lihvenitet fet rates and restrict imports in order to stop the worst rout of their currencies in five years.
Foreign reserves of the 12 largest developing countries, including China, fell 1.6 percent this year, compared fet with a decline of 11% after the collapse of Lehman Brothers in September 2008, according fet to Bloomberg. 20 most-traded currencies fet fell by 8% due to the potential withdrawal of monetary stimulus by the Federal Reserve.
Having increased four times in a decade, developing countries protect their currency reserves, while trade and budget deficits increase their vulnerability to possible cuts in credit ratings. Brazil and Indonesia raised key interest rates last month to keep the real and the rupee, while India increased interest rates on the money market to support the rupee in terms of slowing fet growth. Central banks need to take advantage of stocks only if the currencies have depreciated enough to balance fet the budget and foreign trade, according to the Canadian Imperial Bank of Commerce. When the market is against you, it is not correct to use foreign reserves to defend the exchange fet rate, experts say.
Turkey and Indian Bank have developed tools for countering market fluctuations without changing the benchmark interest rate. Turkey fet regulate interest rates daily and Governor Erdem Bashi promises more surprises in defense of the pound, but not to change the key rate. India does restrict derivatives trading, limited supply of cash and asked foreign investors to prove that they are speculating against the rupee.
South African rand, real, Indian and Indonesian rupiah and the Turkish lira were called "FRAGILE Five" by Morgan Stanley because fet of their dependence on foreign capital. This year they lost 19% of its value.
Foreign reserves of 12 developing countries, including Russia, Taiwan, fet South Korea, Brazil and India fell by 2.95 trillion 31 sekemvri fet to 2.9 trillion on 29 August. fet In 2002, there were 722 billion dollars.
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