The United States Federal Reserve wednesday raised interest rates again at the end of its Federal Open Market Committee (FOMC) meeting, raising concerns of increased turmoil in emerging markets (EMs).
Specifically, the Fed increased the target for the bank’s benchmark rate by 0.25 per cent, to a range of two-2.25 per cent.
This clearly means that policy makers in Nigeria and other emerging economies would come under intense pressure as they seek measures in the coming days to retain exiting foreign portfolio investors.
Stock markets as well as currencies in EMs such as Argentina, Turkey, South Africa, Brazil, Mexico, Egypt, South Korea, Philippines and China, have plunged heavily in the past few weeks.
THISDAY, September 27, 2018
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