EBRD: EMs must reduce foreign currency exposure

Emerging European and Asian economies must take urgent steps to reduce their dependency on foreign currency lending to avoid the full force of a financial crisis in future, warned the European Bank for Reconstruction and Development (EBRD).

In a report released last Monday (November 2), the EBRD said that, while these regions generally avoided the currency collapse and systemic banking problems seen during the recent crisis, foreign currency borrowing has been a "recurring source of

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