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Emerging Market Central Banks Mostly Hiked This Year

Central banks across emerging markets raised borrowing costs this year, with Brazil and Russia the major economies with the biggest interest rate increases. Brazil is predicted to continue that trend in 2022, but policy makers in Moscow may be less aggressive, with a hike early in the year followed by easing later in 2022. Such a move wouldn’t be unprecedented: Turkey increased rates by 200 basis points in March, only to reverse course in September and end the year with the key rate 300 basis points lower than at the start of 2021.

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