iPhone | iPad
Android
Huawei
Emissions from electronic cigarettes also typically contain nicotine and other toxic substances that are harmful also to second-hand smokers
KT APPDOWNLOAD
Turkey learned least lessons from Lehman crisis
Emerging markets need to build deep financial markets in their own country, says Sergei Guriev.
london - Russia has done the most to protect itself from global turbulence, says executive
"For the emerging markets, the main lesson is that you need to build deep and meaningful financial markets in your own country," the EBRD's chief economist Sergei Guriev told Reuters.
"Otherwise, because of problems in some other country, you may have an external financing shock and you will have a crisis."
It echoes warnings from the likes of the Bank for International Settlements and IMF about countries stacking up too much dollar-denominated debt when the global rush to slash interest rates made it look ultra-cheap.
Now, however, the dollar is rising and countries are having to use more of their reserves to pay the money back. One such country is Turkey, which has seen its currency slump.
"[Turkey has] a high level of dollar debt, a lack of independent decision making by the central bank, a lack of inflation targeting which results in wiping out euro-denominated financial markets, shorting the duration of lira financial instruments and reinforcing this burden of indebtedness," Guriev said. - Reuters
More news from
Stations will come to life as audiences are captivated with daily performances by 20 talented musicians from the UAE and across the world
Rajasthan Minister of Industry and Commerce Rajyavardhan Rathor leads Dubai international investors’ roadshow; meets UAE Minister of State for Foreign Trade
Castro, 63, is the third coach to depart the club since Ronaldo's groundbreaking arrival in early 2023
High interest rates have boosted lenders’ bottomlines
Lower interest rates expected to boost consumption
More than 200 of the injured were in critical condition, with injuries mostly reported to the face, hands and stomach
Crespo felt two-time Asian winners Al Ain were unlucky not to take all three points against Al Sadd