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Ekonomické zprávy
24.11.2021

There is a possibility that the currency crisis will manifest itself not only in Turkey - Mark Mobius

Investor Mark Mobius said that given the possibility of raising interest rates in the United States, the currency crisis could spread to countries other than Turkey.

In the event of an increase in interest rates in the United States, countries that have debts in dollars will be under attack, Mobius added.

On the eve of the Turkish lira collapsed by about 15%, reaching a record low, the reason for which were the statements of President Erdogan, who again defended the reduction of the rate of the Central Bank of Turkey, despite the increased inflationary pressure in the country.

Mobius did not name the countries that may face a currency crisis, but added that the crisis could force these countries to switch to borrowing in their local currencies.

According to the latest Nomura analysis, the countries most at risk of a currency crisis are Egypt, Romania, Turkey and Sri Lanka. "In general, the prospect of normalizing the Fed's policy against the backdrop of a difficult economic situation in China will be a negative factor for emerging markets," Nomura said in a report.

Meanwhile, Mobius noted that an increase in rates should not lead to a "big collapse" in the markets, as companies with high incomes and good profitability will still succeed in the conditions of higher interest rates.

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